The global parking management market is still at a nascent state. Presently, the adoption of smart parking management systems is growing, as these systems are very effective. With the growing level of disposable incomes around the world, consumers are increasingly buying cars equipped with more equipment and more luxuries. Furthermore, the population is witnessing a mass migration to the cities due to the better job opportunities present there. This has led to traffic congestion issues.
Often, the infrastructures of cities do not allow expansion. Even though governing bodies in cities do have plans to expand roads for better management of traffic, these are often long-term plans. Hence, to curb the growing issue of traffic management in busy areas such as cities, efficient parking management systems can help. The issue of growing traffic in cities is projected to drive the global parking management market substantially in the coming few years.
Rising Adoption of Smart Parking Solutions to Fuel Global Parking Management Market
The growing instance of traffic congestion and other transportation-related issues has led to in the rising problem of insufficient availability of parking space. This is driving the demand for efficient and smart parking management systems. The advanced parking management systems available today offer high level of confidence to the drivers through automating and simplifying the business operations and other functionalities at the site of parking.
The growing adoption of smart parking solutions by municipalities around the world will drive the global parking management market. Government and municipalities are two major application areas in terms of adoption of smart parking systems. Operations of these two sectors are mainly focused on permit management for public facility, parking enforcement, and transit-based as well and institutional parking. Earlier, these sectors managed their parking lots using meters; however, this scenario is changing with the growing adoption of smart parking systems.
Technological Advancement to Propel Global Parking Management Market
Players in the global market are bundling car-oriented services such as maintenance and repair with smart parking. This trend is projected to benefit companies in the global parking management market in the long run. Players in the global parking management market will also benefit from the increasing incorporation of technological developments.
Some of the prominent players operating in the global parking management market are Amano Corporation, Energy Development Corporation, Parkopedia, Data Ticket, Data Ticket, HCL Technologies, Siemens AG, 3M Company, Vodafone Group, IntegraPark, and Netpark.
Many of these companies are involved in research and development of smart parking management systems. According to solution, the global parking management market is divided into access control solutions, parking fee and revenue management solutions, slot management solutions, parking guidance, valet parking management solutions, parking enforcement and permit management solutions, and parking reservation management solutions. Some of the techniques used to access control of parking managements are biometrics, license plate recognition, ID management, and automatic vehicle identification.
Geography-wise, the global parking management market is segmented into Latin America, APAC, Europe, and North America. In the coming few years, APAC and Latin America are projected to drive the smart parking management systems market. These are emerging regions that are witnessing a growing number of traffic congestion issues. Hence, there is growing demand for smart parking management solutions in these regional markets.
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