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