Parking Management Market Growth, Forecast up to 2024

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Parking Management Market Research Report, 2018
2024
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Key Insights from Parking Management Market

• The parking management market is characterized
  into on-street and off-street market. The
  on-street market is expected to grow at a fast
  pace due to the rapid adoption by government
  authorities across the globe.
• The on-street parking solutions have allowed the
  government authorities to legitimately generate
  revenues through public properties. The
  off-street parking management services have been
  increasingly implemented by large commercial
  establishments to provide their customers with
  ample parking spaces.
• The growing adoption of smartphones is also
  propelling the growth of the parking management
  market. The parking management application uses
  the standard features of smartphones including
  the built-in camera, GPS, and Near Field
  Communication (NFC) to identify vacant parking
  spaces within the drivers vicinity.

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Continued...

• The increasing adoption of pay per use parking
  model and the growing number of smart city
  initiatives across the globe also propel the
  demand for the parking management system. As the
  number of vehicles in urban cities is growing, it
  also gives rise to the requirement for efficient
  parking management systems.
• The parking management market is characterized
  into on-street and off-street market. The
  on-street market is expected to grow at a fast
  pace due to the rapid adoption by government
  authorities across the globe. The on-street
  parking solutions have allowed the government
  authorities to legitimately generate revenues
  through public properties.
• The parking management solutions have wide
  applications in the government, transportation,
  and commercial space. The government sector
  market holds a major share in the parking
  management market. It is attributed to the
  growing number of smart cities projects in
  developed regions. The smart parking facilities
  help the local authorities implement parking
  tariffs and deter or encourage drivers from
  parking in specific locations.

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Major Companies in Parking Management Market

• Conduent
• Indigo Park Services
• Amano
• Swarco
• Q-Free
• Streetline
• T2 Systems
• Skidata
• Siemens, Urbiotica, ParkMobile

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Regional Insights in Parking Management Market

• The North America parking management market is
  expected to hold the largest market share over
  the forecast timeframe. According to the
  Organisation Internationale des Constructeurs
  d'Automobiles (OICA), over 25 million vehicles
  were sold in the region in 2017. The commercial
  establishments and government agencies, such as
  town centers and airports, have invested highly
  in developing efficient parking management
  systems. In addition, the increasing adoption of
  parking assistance features in advanced driver
  assistance systems has also nurtured the growth
  of the market.
• The Asia Pacific parking management market will
  register a significant growth over the projected
  time period. The governments in the region are
  introducing new guidelines to promote the
  development of modern parking facilities.

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