The parking management solutions market is expected to grow by USD 3.42 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Parking Management Solutions Market 2020-2024 (Graphic: Business Wire)
The number of automobiles in cities is rapidly outpacing the supply of available parking spots. Hence, parking is a pressing issue in urban development. This has led several countries to adopt a smart parking solution, in a bid to address the problem. Smart parking solutions use embedded sensors in the ground and mounted cameras on light poles and building structures to determine an available spot. The collected data is directed wirelessly to a gateway and conveyed to a central cloud-based smart parking platform and analyzed against the data from other sensors to create a real-time parking map, which is then used by the driver as a map on his/her mobile device. This helps the driver in instantly finding an available spot. The map also helps parking control officers by directing them to exactly where there has been a parking violation. As the implementation of smart parking projects increases, the demand for parking management solutions are also expected to increase, thus leading to the growth of the market.
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As per Technavio, the emergence of automatic valet parking will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Parking Management Solutions Market: Emergence of Automatic Valet Parking
With the advent of automatic valet parking (AVP), several companies are coming up with various solutions for driverless parking. In September 2018, one of the first automated valet parking projects was piloted by Daimler and Bosch in China. The two companies developed the world’s first infrastructure-based solution for driverless parking. Moreover, AVP saves time, effort, and space in the parking area by eliminating the need for opening doors inside the lot, thereby enabling close side-by-side parking. It also eliminates human error in the parking process, thereby avoiding scuffs and scratches, which will drive the growth of the parking management solutions market.
“Factors such as the technological advances in the automotive industry, the growing use of LPWAN technologies, and the increasing number of vehicles on road will have a significant impact on the growth of the parking management solutions market value during the forecast period,” says a senior analyst at Technavio.
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Parking Management Solutions Market: Segmentation Analysis
This market research report segments the parking management solutions market by type (off-street parking and on-street parking) product (revenue management, security and surveillance, access control, reservation management, and others), and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the parking management solutions market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increase in the requirement of traffic management arising from the drastic increase in the number of vehicles in Canada and the US.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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