The global market for parking management solutions is expected to reach an overall market valuation worth US$614.59 bn by the end of 2025. This growth of the global market is projected to be achieved with the help of an impressive CAGR of 9.3% over the course of the given forecast period of 2017 to 2025.
In terms of geographical regions, the global market for parking management solutions has been dominated by North America in the recent years, with the U.S. being the base to a large group of players in the market. Use of advanced parking kiosks is one of the popular trends observed in the parking areas across Europe. These kiosks are projected to aid the private garage operators as well as municipalities to keep a track of every infringement in parking and offer a solid comparison against the actual issued citations.
Increasing Number of Vehicles to Raise Demand for More Parking Spaces
The increasing demand for smooth movement of traffic to monitor the constant traffic congestions and other issues related to transportation is one of the chief driving factors for the growth of the global market for parking management solutions across urban cities. Ever increasing populations and the consequent rise in the number of vehicles are also important factor in spurring the development of the global market in the coming years of the forecast period.
The number of vehicles across the globe is on a constant rise and is subsequently leading to issues related to scarcity of parking areas. This has led to rise in demand for smart and efficient parking systems. Advanced parking management systems that are presently in use not only offer a high degree of convenience to drivers, but also helps in easing up the business functions and other operations at the parking areas.
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The other advantages of the parking management solutions include cut down in the overall cost of hardware and connectivity and rise in the revenue profits of the owners of the parking sites.
Cost Sensitivity Associated with Parking Operators to Pose Problems for Market Growth
However, there are some factors that might negatively impact the overall growth of the market and may stop it from it reaching its full potential. One of the key restraining factors for the growth of the global market is the cost sensitivity of the operators of parking spaces who administer these sites for their owners. Nonetheless, parking management solutions offer ample opportunities of growth for the companies operating in the regional economies as well as in the smart cities across the globe. In addition to this, increased concerns about pollution, security, and connectivity are also projected to drive the growth of the market.