PARKING MANAGEMENT MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Parking Management Market Analysis:

The Parking Management Market is anticipated to experience significant growth, increasing from USD 4.75 billion in 2023 to USD 7.40 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 9.26% during the forecast period (2023–2028).

The development of a smart and connected transportation environment necessitates the inclusion of parking as a crucial parameter. Consequently, the surge in smart transportation projects within the smart city concept is expected to drive demand during the forecast period.

The cloud-based platform ensures intelligent utilization of parking spaces, promoting social distancing by providing essential information such as nearby free parking spaces, enabling drivers to park safely. In addition to distance, drivers can select other filters such as price, parking time, and rating. These benefits are expected to facilitate the adoption of parking management solutions, particularly during the pandemic. Furthermore, the transition from on-premise to cloud-based solutions has been instrumental in enhancing the solutions’ robustness and ease of deployment, positively impacting demand for the solution and services offered in this market.

Moreover, advancements in connectivity and communication technology are expected to make parking management solutions more affordable and sought-after. The integration of mobile-based App support for parking solutions is expected to create new growth opportunities in the market. Additionally, the incorporation of technologies such as Artificial Intelligence (AI), machine learning, speed monitoring, image recognition, and tracking capabilities is expected to enhance the user experience in the market. For example, in May 2021, L&T Technology Services collaborated with Intel Corporation to develop a smart parking solution comprising four essential components that utilize AI’s effective capabilities. These components include a digital camera, a mobile application for the end-user interface, a digital signage module for safe and secure access, and an operator portal containing user information. The AWS cloud platform connects all these components, making them readily available and accessible.

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