The latest report from Marketsandmarkets, a market research agency, says the global parking management market is expected to grow from $3 billion 390 million to $5 billion 150 million over the next five years (2018-2023 years). The main factor in the rising demand for parking management markets is the increase in car sales and the market for seamless transportation. Demand. Marketsandmarkets analysts pointed out that the main constraint of the market is the complexity of system integration.
The report stresses that parking access and revenue management solutions will occupy the largest share of the market in the forecast period. The solution is mainly to help car park operators to manage vehicles in and out, and to control the actual situation of operation more comprehensively.
As a result of large-scale investment in the implementation of parking management solutions to meet the increasing demand for driver and passenger convenience, the North American market is expected to maintain the largest market size in the forecast period. The researchers report that GDP in the region is far ahead of the rest of the world. The United States and Canada are known for providing world-class civic services. These countries are embracing smart city technology. Meanwhile, a growing population, increased vehicle sales and changes in parking management regulations are expected to drive the growth of the parking management market in North America.