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 showcase lucrative growth trends through 2027.
 

Increasing product demand coupled with introduction of smart parking solutions are majorly driving global parking management market growth. Growing awareness regarding the benefits of using parking management systems is further favoring the industry outlook.
 

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Booming transport sector is propelling the number of on-road vehicles, thereby boosting the need for effective parking systems to accommodate the rising number of automobile and prevent traffic. This is in turn augmenting the industry scope.
 

Moreover, prominent players are adopting profitable strategies to augment their consumer reach and enhance their market position, adding traction to the overall market size. Major companies are also focusing on product development and innovation, thereby positively swaying the industry trends.
 

For the record, parking management includes policies and programs that improve the efficiency of parking resources.
 

Based on parking site, global parking management industry space is segmented into on street, and off street. Considering service range, the business space is categorized into consulting, maintenance, and training. Speaking of solution, the marketplace is divided into parking analytics, security & surveillance, parking access control, revenue management, and parking reservation.
 

Among these, the revenue management segment is anticipated to garner notable returns by 2027, owing to increasing digitalization. While the parking reservation segment is expected to expand at a strong growth rate over the analysis period, as it enhances the website by assisting customers reserve car parking spaces, pay online, and access additional services.
 

Moving on to the application ambit, the market is bifurcated into commercial, transport transit, and government. As cited in the report, the transport segment is slated to amass significant revenues over the assessment period, on account of increasing government investments for building better public transport infrastructure.
 

Leading players profiled in worldwide parking management industry space are Parkmobile LLC, ParkAlto, OmniPark, IPS Group, Infocomm Group LLC, Indigo Group, Flowbird Group, FlashParking, Conduent Inc., Bond Traffic Solutions LLC, APCOA Parking AG, Amanco Inc., Urbiotica, TIBA Parking Systems, T2 Systems Inc., Swarco, Streetline Inc., SpotHero, Smart Parking Ltd., Skidata GmbH, Siemens AG, Robert Bosch GmbH, Q-Free ASA, and Passport Labs Inc.