According to a new report, published by KBV research, The Global Parking Management Market size is expected to reach $7.8 billion by 2028, rising at a market growth of 10.9% CAGR during the forecast period.
The Solution segment is leading the Global Parking Management Market by Offering in 2021, thereby, achieving a market value of $5.04 billion by 2028. It is due to the high demand because it helps in determining the correct pricing for all parking areas by supplying a perspective of the price rates. These solutions also assist facility providers in comparing their prices to those of their competitors, allowing them to increase their revenue.
The Commercial segment has shown growth rate of 11.1% during (2022 - 2028). This is because of several things, including making the most of the space that is already there, improving security and vehicle protection, and generating more money. For many businesses, commercial parking management is crucial since it improves the customer experience by saving customers time and energy when looking for available parking spaces.
The On-premise segment acquired maximum revenue share in the Global Parking Management Market by Deployment Mode in 2021, thereby, achieving a market value of $5.38 billion by 2028, Due to its many advantages, which include better accessibility, increased security, and a decreased likelihood of downtime. Data does not depart the organization's grounds, giving organizations better control over it and better data protection. Particularly when it comes to compliance-related difficulties, the on-premise deployment may offer a definite advantage.
The On-Street segment is showcasing a CAGR of 12.5% during (2022 - 2028). It lessens the obstructionist and disorganized parking on the streets, creating more inviting public areas, improved conditions for walking and bicycling, and easier access to bus stops and train stations. Additionally, on-street parking locations lessen the saturation of on-street parking and the urgency of expenditures in parking supply.
The North America market dominated the Global Parking Management Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.64 billion by 2028. The Europe market is estimated to witness a CAGR of 10.2% during (2022 - 2028). Additionally, The Asia Pacific market would experience a CAGR of 11.8% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/parking-management-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 3M Company, IBM Corporation, Cubic Corporation, Siemens AG, Kapsch TrafficCom AG, Robert Bosch GmbH, Conduent, Incorporated, T2 Systems, Inc., SWARCO AG, and Amano Corporation.
By Offering
By Application
By Deployment Mode
By Geography
Companies Profiled
Unique Offerings 
