The key players in the global parking management solutions market include name such as Parkeson S.A.S., IPS Group Inc., Ventek International, J.J.Mackay Canada Limited, LocoMobi Inc., Cale Access AB, Parking BOXX, METRIC Group Ltd., Parking Inc., CivicSmart Inc., and POM Inc. The companies in the market are indulging into strategic business activities such as product development and product innovation to enhance their overall market presence. Along with that, the companies are also striving to provide integrated solutions and applications for efficient management for parking requirements. Apart from this, development of parking management solutions that are more customer friendly, cost-effective with better reliability compared to the existing management solutions are also some of the other strategies adopted by the companies to stay ahead in the global competition.
The global market for parking management solutions is expected to reach an overall market valuation worth US$614.59 bn by the end of 2025. This growth of the global market is projected to be achieved with the help of an impressive CAGR of 9.3% over the course of the given forecast period of 2017 to 2025.
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Increasing Number of Vehicles to Raise Demand for More Parking Spaces
The increasing demand for smooth movement of traffic to monitor the constant traffic congestions and other issues related to transportation is one of the chief driving factors for the growth of the global market for parking management solutions across urban cities. Ever increasing populations and the consequent rise in the number of vehicles are also important factor in spurring the development of the global market in the coming years of the forecast period.
The number of vehicles across the globe is on a constant rise and is subsequently leading to issues related to scarcity of parking areas. This has led to rise in demand for smart and efficient parking systems. Advanced parking management systems that are presently in use not only offer a high degree of convenience to drivers, but also helps in easing up the business functions and other operations at the parking areas.
The other advantages of the parking management solutions include cut down in the overall cost of hardware and connectivity and rise in the revenue profits of the owners of the parking sites.
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