Parking Management Market worth $5.4 billion by 2025
MarketsandMarkets forecasts the "Parking Management Market Size by Offering (Solutions (Parking Guidance, Parking Reservation Management, Parking Permit Management) and Services), Deployment Type, Parking Site (Off-street and On-street), and Region - Global Forecast to 2025",size to grow from USD 3.8 billion in 2020 to USD 5.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. Parking management solutions have spurred tremendous growth opportunities for technology vendors and various associated service providers. With the growing number of government initiatives toward the development of smart cities, parking management vendors taking center stage; technology providers and consultants have aggressively started simulating innovative solutions based on conceptual modules for the designing and development of urban infrastructure. Browse 216 market data Tables and 47 Figures spread through 237 Pages and in-depth TOC on "Parking Management Market by Offering (Solutions (Parking Guidance, Parking Reservation Management, Parking Permit Management) and Services), Deployment Type, Parking Site (Off-street and On-street), and Region - Global Forecast to 2025" Expanding urban agglomerations and predictions for a rapid rise in urban population over the next decade further enunciates the need for adequate parking management solutions. However, factors such as lack of high implementation costs, data security and privacy issues related to IoT devices, and disruption in logistics and supply chain of IoT devices, have posed major challenges for the parking management market, globally. The solutions segment to hold a larger market size during the forecast period Based on offering, the solutions segment of the parking management market is projected to hold a larger market size during the forecast period. The solutions segment in the parking management market comprises six major components, viz., parking guidance solution, parking reservation management, parking permit management, parking enforcement management, Parking Access and Revenue Control (PARC), parking security and surveillance, and parking analytics. The growth of this segment can be attributed to the rising adoption of advanced technologies, such as Artificial Intelligence (AI), IoT, and cloud and the increasing traffic congestion on the road due to irregular parking practices. By parking site, off-street parking segment to record a higher growth rate during the forecast period Off-street parking refers to parking facilities that are made available by parking operators in various areas, such as parking lots, garages, or private driveways in shopping malls, commercial buildings, hotels, and residential buildings. Off-street parking sites are highly effective in terms of vehicle holding capabilities and are generally controlled by commercial agencies. Off-street parking involves proper