Vancouver, BC -- (SBWIRE) -- 05/03/2021 -- The global parking management market size reached USD 3.77 Billion in 2020 and is expected to register a CAGR of 8.1%, during the forecast period, according to latest analysis by Emergen Research. Increasing need for more effective use of parking areas is expected to drive global parking management market revenue growth during the forecast period. In addition, rising number of vehicles globally is expected to propel growth of the global parking management market revenue going ahead. Furthermore, increasing adoption of Artificial Intelligence (AI) based services is expected to boost global parking management market growth.

The study finds that how on certain account threats and challenges can act as a roadblock for the business. A thorough evaluation of the Parking Management market in the light of macro-environment such as social, political, economical as well as technological environment add granularity to the overall research. In addition, the study produces real-time data on vital aspects including sales, profits, gross margin and growth prospects to show how going forward the business will witness a substantial upswing.

Some Key Highlights From the Report
The solution segment revenue is expected to expand at a significant CAGR during the forecast period. Increasing adoption of parking management solutions by end-users is expected to boost this segment's revenue growth.
The support & maintenance segment is expected to account for higher revenue share over the forecast period due to rising partnership among parking management solution providers and support & maintenance service providers to boost the agility of parking management solutions.
Increasing demand for revenue management solutions is expected to drive revenue growth of the global parking management market to a significant extent during the forecast period.
The on-premises segment is expected to account for higher revenue share over the forecast period due to rising deployment of on-premises parking management solutions by end-users.
Increasing use of mobile applications, better payment and checking tickets solutions for parking assistance is expected to drive revenue growth of the off-street segment, which is expected to lead in terms of revenue contribution to the global parking management market during the forecast period.
Factors such as robust presence of domestic and international parking management solutions providers such as Conduent Inc., T2 Systems, Inc., IPS Group, Inc., FlashParking, Inc., and ParkMobile USA, Inc. among others in countries in North America and increasing number of vehicles in countries including the United States and Canada are expected to drive growth of the market in the region during the forecast period.
Key players in the market include Amano Corporation, Siemens AG, Conduent Inc., T2 Systems, Inc., APCOA Parking AG, IPS Group, Inc., FlashParking, Inc., Q-Free ASA, ParkMobile USA, Inc., and Cleverciti Systems GmbH

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Important Points Mentioned in the Parking Management Market Study
Manufacturing Analysis: The report initially analyzes the various segments of the market in a brief manner, which includes product types, applications, and so on. Further, the report consists of a separate section wherein an in-depth analysis of the manufacturing process has been provided which has been verified thorough primary information collected by experts of reputed industries as well as the industry analysts.

Sales and Revenue Estimation: By applying several top-down and bottom-up approaches on the previous years' sales and revenue data as well as the present market scenario, the analysts have anticipated the market growth and size in major geographies. The report further includes an all-inclusive study on the applications and end-user industries participating in the market. Furthermore, the report provides crucial data on the regulatory policies and guidelines, as well as the macro-economic factors, that determine the evolution of the market along with predictive analysis.

Demand & Supply Assessment: The report further offers key information on the manufacturing and cost analysis, consumption ration, import/export factors, and product and service distribution.

Competitiveness: The report provides crucial data based on the company profile, product portfolio, product and service cost, potential, and sales and revenue generated by the key pioneers and other leading companies.

Factors such as robust presence of international Parking Management solutions providers such as Oracle Corporation, TIBCO Software Inc., MicroStrategy Incorporated, and Cloudera, Inc. in countries in North America is expected to drive growth of the market in the region during the forecast period.

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Regional scope- North America; Europe; Asia Pacific; Central & South America; MEA

Offering Outlook (Revenue, USD Billion; 2018–2028)
Services
Solutions

Service Outlook (Revenue, USD Billion; 2018–2028)
Support & Maintenance
System Integration
Consulting

Solution Outlook (Revenue, USD Billion; 2018–2028)
Security & Surveillance
Valet Parking
Parking Reservation
Revenue Management
Access Control
Others

Deployment Outlook (Revenue, USD Billion; 2018–2028)
Cloud
On-premises

Parking Site Outlook (Revenue, USD Billion; 2018–2028)
Off-street
On-street

End-use Outlook (Revenue, USD Billion; 2018–2028)
Commercial
Transportation
Government

To offer more clarity on the current business environment researchers probe into the import and export status, supply chain management, demand and supply, consumption capability and manufacturing capacity. When assessing the size of the industry special consideration is given to the value and volume of the products and services offered on a year on year basis.

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Key questions answered in the report
What will be the market size in terms of value and volume in the next five years?
Which segment is currently leading the market?
In which region will the market find its highest growth?
Which players will take the lead in the market?
What are the key drivers and restraints of the market's growth?

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Table of content:
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2028
Chapter 3. Key Insights
Chapter 4. Parking Management Market Segmentation & Impact Analysis
4.1. Parking Management Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growing demand for growing medicinal application
4.2.2.2. Rising legalization of Parking Management
4.2.2.3. Technological advancement in product invention
4.2.3. Market restraints analysis
4.2.3.1. The complex regulatory framework for the usage of Parking Management
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Continued…