According to the research report titled ‘Parking Management Market Size By Type (On Street, Off Street), By Solution (Parking Analytics, Parking Access Control, Security & Surveillance, Revenue Management, Parking Reservation), By Service (Consulting, Maintenance, Training), By Application (Transport Transit, Commercial, Government), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global parking management market is anticipated to witness substantial expansion through 2027.

Report findings suggest that high adoption of wireless technologies in automotive sector, and introduction of smart parking solutions are the major growth stimulants for parking management market.

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For the unversed, parking management consists of policies and programmes that can improve the efficiency with which parking resources are used. The thriving transportation sector has increased the number of on-road vehicles, necessitating the need for efficient parking systems to accommodate the growing number of automobiles and prevent traffic, particularly in congested areas.

Growing awareness of the benefits of using parking management systems as well as increasing focus on product development & innovation have boosted the industry trends in recent years.

Based on solution terrain, revenue management segment is slated to grow at a swift rate during the analysis timeframe, owing to rapid digitalization across the world.

Meanwhile, parking reservation management segment accounted for a sizable share in worldwide parking management market in 2020 and is expected to grow at a steady rate between 2021 and 2027, owing to features of parking reservation system (PRS) like enabling customers to reserve parking spaces online, pay online, and access additional services.

In terms of application spectrum, the transportation segment is expected to reach a significant valuation by 2027, due to rising government investments in public transportation infrastructure.

Coming to competitive hierarchy, Urbiotica, TIBA Parking Systems, T2 Systems, Inc., SWARCO, Streetline, Inc., SpotHero, Inc., Smart Parking Ltd., SKIDATA GmbH, Siemens AG, Robert Bosch GmbH, Q-Free ASA, Passport Labs, Inc., ParkMobile LLC, ParkAlto, OmniPark, IPS Group, Inc., Infocomm Group LLC, Indigo Group SAS, Flowbird Group, FlashParking, Inc., Conduent, Inc., Bond Traffic Solutions, APCOA Parking AG, and AMANO Corporation are the leading players in worldwide parking management market.