Parking Management Market Size, and By Region – Global Opportunities & Forecast, 2020-2027 from MUBAZ's blog

Global Parking Management Market

The GMI Research report envisages an elevation in the Parking Management Market size over the forecast period. This is because of its assistance to reduce the management cost and certify enhanced business legerity.

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Parking Management Market Dynamics

The evolving need of traffic management and fuel saving is a foremost reason responsible for the growth of the global Parking Management Market. Traffic flocking has raised serious issues, primarily in large cities, obtusely populated, which is another driver for the market growth. U.S. drivers disburse approximately 14.5 million hours every day cling in traffic. Boston drivers squander nearly 137 million hours each year stuck in the traffic jams. The increasing obstruction on the road’s has captivated consumers towards parking management solutions. Furthermore, the accelerating penetration of smartphones has strengthened the market growth. For example, smartphones increasingly employ parking management apps depending on camera, GPS, and NFC to recognise the empty space in a nearby parking. Thus, as per the global Parking Management Market research,  the sudden surge in developing technologies has stimulated key urban areas to modify into smart cities. The increasing initiatives undertaken by government towards the smart city across the world are projected to provide opportunities for the vendors of smart parking management solutions, which can be incorporated in smart city solutions. Smart cities demand extensible, user-friendly, flexible and spacious parking systems which can be tackled by intelligent parking management systems.

The ongoing technological innovations across the country have enhanced the customer satisfaction and stimulated the car parking management solutions. For examples, e-payments make use of bank wallets and the internet have significantly contributed to the expansion of the parking management system. However, as per the global Parking Management Market analysis, the increase in e-cars also needs charging stations. E-bike requires only 1 hour for charging the stations can be implemented as parking space, responsible for the growth of the parking management market.

However, the parking management system includes several hardware and software to manage te designs and infrastructure. Thus, the incorporation of all the sensors and traffic control instruments in unified units makes it a complex function and thus, curbing the Parking Management Market Size.

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By MUBAZ
Added Nov 2 '21

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