The parking management market is poised to grow at more than 12% CAGR through 2027. Due to the coronavirus pandemic, reliance on digital methods for safety purposes has increased owing to which there has been a rise in the demand for automation in management systems. The parking management systems have incorporated AI and loT technologies which help in determining data analytics, information tracking and system monitoring in the parking spaces for effective vehicle management.

The rising demand to manage the alarming traffic rate in cities aligned with the increasing requirement for proper parking sites is complementing the surge in the demand for parking management systems. In addition, with the technological upgradation in video surveillance cameras like thermal imaging, motion-detection, audio alter and license plate recognition due to rising vehicles worldwide, the global parking management industry growth is touted to soar to new heights by 2027.

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It is important to note that the increasing support by various governments for the development of smart cities will also lead to the expansion of the parking management market. The increasing number of vehicles and lack of designated parking spaces create chaos on roads. To ease out the congestion on roads and to accelerate the effectiveness of traffic flow, different state as well as central governments are taking up strategic measures to improvise the parking plan in building new cities.

In a recent example, the Tamil Nadu government announced building a smart parking management system to curb the parking challenges faced by citizens of Chennai. Along with this, the regional governments are emphasizing on Public Private Partnerships (PPP) for the smart parking management solutions.

The widespread use of smartphones throughout the globe will also assist in easing out the traffic issues. The availability of smartphones with almost every individual will offer handy access to use them for operating the digital parking software by allowing customers to check availability, book the parking spots in advance, and make contact-less payments.

Surging automobile sales along with the rise in the usage of autonomous vehicles in diverse economies is augmenting the demand for parking management solutions. The parking management solution providers are teaming up with the government to accelerate the establishment of smooth parking sites. For instance, the Germany government initiated a parking management project in partnership with Siemens. The project is still undergoing test runs to curb the parking issues in Berlin.

The global parking management market is highly consolidated and boasts of the presence of leading companies namely Skidata parking systems, IBM parking lot, Amano parking systems, Kapsch TrafficCom AG, Tiba Parking. The market vendors are looking forward to engage in organic marketing strategies like product offerings, business overview, latest innovations, thereby transforming the structure of parking management systems market.  

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Some Point from Table of Contents:

Chapter 6   Parking Management Market, By Parking Site

6.1    Parking management industry share, parking site, 2020 & 2027

6.2    On-street parking

6.2.1    Market estimates and forecast, 2017 - 2027

6.3    Off-street parking

6.3.1    Market estimates and forecast, 2017 - 2027

Chapter 7   Parking Management Market, By Application

7.1    Parking management market share, application, 2020 & 2027

7.2    Government

7.2.1    Market estimates and forecast, 2017 - 2027

7.3    Commercial

7.3.1    Market estimates and forecast, 2017 - 2027

7.4    Transport transit

7.4.1    Market estimates and forecast, 2017 - 2027

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