A leading provider of market research and competitive intelligence has unveiled that the global demand for parking management systems is expected to soar, reaching a market value of US$ 5.6 billion by 2024. Anticipated to maintain this growth trajectory, the Parking Management System Market is forecasted to grow at a Compound Annual Growth Rate.
Traffic congestion and parking are closely interrelated. Looking for appropriate parking space generally leads to unwanted delays and therefore results in increased congestion. Increasing parking issues are resolved with the assistance of effective parking management systems and services.
Key Takeaways from the Market Study
· The global parking management system market is estimated at US$ 5.6 billion in 2024.
· Worldwide demand for parking management systems is forecasted to reach a valuation of US$ 12.16 billion by the end of 2034.
· The market is projected to increase at 8.1% CAGR from 2024 to 2034.
· East Asia is forecasted to account for a 38.4% share of the global market by 2034.
Increasing Number of Vehicles in North America Stimulating Adoption of Parking Management Systems
North America is projected to account for a 29.1% share of the global market by 2034. The increasing number of vehicles is projected to stimulate demand for parking management systems. In addition, the growing adoption of smartphones helps in finding parking spaces while ensuring convenience for users.
Key Market Players
Leading manufacturers of parking management systems are 3M Company, Tyco Security Products, TCS International Inc., Complus Data Innovations, Inc., Integrapark, LLC, Amano Corporation, TransCore LP, Passport Parking, LLC, Vodafone Group PLC, Siemens AG, and Affiliated Computer Services.
Smart City Initiatives Drive Parking Management System Market Growth in East Asia and North America
According to a recent analysis by Fact.MR, East Asia is anticipated to capture a significant 38.4% share of the global market by 2034. The region’s surge is attributed to the proliferation of smart city projects addressing transit, utilities, and infrastructure needs, alongside a concerted effort to enhance citizen services.
