Parking Management Market to flourish at a CAGR of 9.9% by 2023
- by KD Market Insights
- Feb, 2021
The global Parking Management Market is forecasted to flourish at a CAGR of 9.9% during the period of 6 years i.e. 2018-2023. Currently, the sum of this market revenue is USD 3.9 Billion. The need for parking management market is getting stronger day by day due to growing vehicle density on roads along with rising disposable income of the consumer. Advancements in parking management system such as automation and another internet of things enabled system is expected to bolster the growth of the market in upcoming years.
Parking Management Market research provides an overview of the market regarding market trends, key industry drivers, competitors and the challenges faced by the market. The report is segmented on various grounds to help the company to analyze the product's performance. It is divided on the basis of parking site, automation level, by application, by solution, by component and on the basis of geographical distribution.
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The market is expected to grow during the forecast period of 6 years form 2018-2023. It aims at providing satisfaction to its end users and the continuous up gradation in their products. It provides information about market growth, leading opportunities available in the market to the product, market size, and target market and the upcoming future of the market.
The report has been segmented in various regions to analyze the demand of a particular region so that it helps the company to identify the demand from the particular region and to identify the needs of its end-users. The demand may vary from region to region and it depends on the demographical distribution of the customers. The geographical area covered in this report are North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina and Rest of Latin America), Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa).
Parking Management Market research offers a comprehensive analysis with respect to sub-markets. On the basis of the parking site market is divided as on-street and off-street. By automation level, the market is divided as partially and fully automated. Application part is split as government, commercial and transport transit. By solution market has been sub-segmented as access control Solution, security and surveillance solution, parking fee & revenue management Solution, parking reservation management solution, permit management solution, valet parking management solution, parking guidance, slot management solution, and others. By component, it is divided as software, services, and devices.
For the better consideration of the Parking Management Market, 2017 is considered as base year as it will help in analyzing the growth of the company in the next year as a comparison to the base year. 2018 is considered as the estimated year and 2018-2023 is considered as forecast period in which market will be evaluated.
The market has been examined from time to time to analyze the market carefully. The major market players have been identified and studied in advance to understand their plans and strategies so that the company can formulate these strategies according to the market requirements and market trends on that particular time frame. Hence, helping the company in advance to prepare for the unforeseen circumstances and develop the strategies in advance for the better market reach. The major players in the market are Skidata, Skyline Parking AG, Amano Corporation, Cubic Corporation, IBM Corporation, Kapsch TrafficCom, Siemens AG, Swarco Corporation, T2 Systems, CityLift, Dayang Parking Co. Ltd., Other Major & Niche Players
In the last section of the report provides competitive landscape and the information related to the new product launch, market activities, SWOT analysis of the company and the measure to help the company to wipe any losses. Porter's Five Force Analysis, Market Trends, Challenges and Opportunities available to the product in its pre-defined market have been analyzed which will impact the growth of the market. Moreover, the report will help in analyzing the contribution of every sub-segment from time to time and the market opportunities available to the entry-level players in the market.
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