Selbyville, Delaware, Nov. 08, 2021 (GLOBE NEWSWIRE) --
The parking management market revenue is anticipated to record a valuation of USD 6 billion by 2027, according to the most recent study by Global Market Insights Inc.
The regional government’s support to manage the growing traffic menace in the cities and the need for having a designated parking sites are supporting the growth of the parking management systems. For instance, the Tamil Nadu government is working on the development of a smart parking management system in its capital city, Chennai to overcome the parking issues in the city. The project is expected to be completed in the coming five years. Further, the regional governments are focusing on the Public Private Partnerships (PPP) for the development of the smart parking management solutions.
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The growing number of the vehicles including autonomous vehicles in the country is propelling the growth of parking management solutions. In addition, the presence of various parking management solution providers coupled with the government support is boosting the parking management market growth in the country. For instance, in 2016, the Germany government initiated a project on the parking management system in partnership with Siemens. The project that is currently in the testing phase is aimed at resolving the parking issues in Berlin.
Some major findings of the parking management market report are:
The parking management market will witness growth owing to the integration of IoT & AI technologies into the system. It helps in obtaining data analytics, system monitoring & real-time information tracking of parking space parameters.
The technological upgrades in video surveillance cameras including motion-detection, thermal imaging, and license plate recognition & audio alter will propel the industry growth.
The growing investments of government authorities in accelerating smart city projects will fuel the parking management market growth. Parking management are key components in smart cities projects to remove congestion and increase the effectiveness of the traffic flow.
The increasing penetration of smartphones across the globe will support the parking management system growth. The mobile application linked with the system allows customers to remotely book the parking spot, check availability, and make contact-less digital payment.
The security functionality offered by the system will boost the demand in the industry. The parking access control software allows only authorized customers to enter the premises, reducing the possibility of car theft, vandalism of property, vehicle damage, tailgating, and assault.
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Partial chapters of report table of contents (TOC):
Chapter 3 Parking Management Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Component suppliers
3.2.3.2 Research & development
3.2.3.3 Distribution channel
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.2 Component suppliers
3.3.3 Manufacturers
3.3.4 Technology/software providers
3.3.5 System integrators
3.3.6 Service providers
3.3.7 Government agencies
3.3.8 Financial authorities
3.3.9 Vendor matrix
3.3.9.1 Raw material suppliers
3.3.9.2 Component suppliers
3.3.9.3 Manufacturers
3.3.9.4 Technology/software providers
3.3.9.5 System integrators
3.3.9.6 Service providers
3.3.9.7 Government agencies
3.3.9.8 Financial authorities
3.4 Technology & innovation landscape
3.4.1 Autonomous vehicle technologies
3.4.2 IoT and connected cars
3.4.3 Cloud computing and IoT
3.4.4 RFID
3.4.5 Wi-Fi connectivity
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 High adoption of wireless technologies in transportation industry
3.6.1.2 Rise in autonomous vehicles in the North America and Europe
3.6.1.3 Rapidly growing urbanization and rising smart city projects in Asia Pacific and Middle East
3.6.1.4 Expansion of transportation industry in MEA and Latin America
3.6.2 Industry pitfalls & challenges
3.6.2.1 High development cost
3.6.2.2 Lack of skilled workforce
3.7 Growth potential analysis
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
3.9.1 Political
3.9.2 Economical
3.9.3 Social
3.9.4 Technological
3.9.5 Environmental
3.9.6 Legal
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
