Parking Management Market Globally Expected to Drive Growth through 2023

(IT-NEWSWIRE.COM, November 01, 2019 ) According to the new market research report "Parking Management Market by Solution (Parking Guidance, Reservation Management, Permit, Enforcement, PARC, Security and Surveillance, and Analytics), Service, Deployment Type, Parking Site (On-Street and Off-Street), and Region - Global Forecast to 2023", published by MarketsandMarkets, the parking management market is expected to grow from USD 3.39 billion in 2018 to USD 5.2 billion by 2023, at a CAGR of 8.7% during the forecast period.

The major factors expected to drive the growth of the market are the growing focus on seamless traffic flow and fuel consumption reduction, and increasing motor vehicle sales.

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Parking Access and Revenue Control (PARC) segment to account for the highest market share in the parking management market during the forecast period

The PARC solution helps parking operators manage vehicles in parking facilities. It enables them to control parking revenue by managing the payments of transient and non-transient vehicles in the parking facilities. Moreover, it assists the parking operators in collecting parking fees from commuters. The PARC segment is expected to account for the highest market share, as the parking operators are increasingly implementing the PARC solution to manage their parking facilities.

Off-street segment to hold a larger market size in the parking management market during the forecast period

Off-street parking refers to parking areas, such as parking lots, garages, and private driveways in shopping malls, commercial buildings, hotels, and residential buildings. The off-street parking includes proper designing and construction to provide a safe and secure vehicle parking experience for drivers. It helps in ensuring security, pre-booking parking spots, and parking fee management. The off-street parking segment is expected to hold a larger market size during the forecast period, owing to huge investments made by authorities in multi-level parking, and also by the private sector in its parking facilities.

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North America to hold the largest market size during the forecast period

North America is a frontrunner in terms of the adoption of advanced technologies. The region houses a large number of solution providers. Its Gross Domestic Product (GDP) growth is significant as compared to that of other regions. North America is expected to hold the largest market size during the forecast period, owing to the heavy investments in implementing parking management solutions to meet the growing need for a better driver and commuter convenience.

Major vendors in the parking management market include Conduent (US), Q-Free ASA (Norway), Indigo Park Services (France), SWARCO (Austria), FlashParking (US), ParkMobile (US), TIBA Parking Systems (US), Smart Parking (Australia), APCOA PARKING (US), and NuPark (US).

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Parking Management Market Globally Expected to Drive Growth through 2023