Global $5.4 Billion Parking Management Markets, 2020-2025: Focus on Parking Guidance, Parking Reservation Management, Parking Permit Management - ResearchAndMarkets.com
Summary
An effective and integrated parking management solution can reduce parking requirements by 20-40%, which helps in maintaining city infrastructure, reducing land consumption, increasing revenue generation for the government, and improving user convenience. By deployment type, on-premises segment to account for the largest market size during the forecast period By deployment type, the on-premises segment is expected to record the largest market size during the forecast period. These solutions are delivered on a one-time license fee and an annual service agreement, which includes a free modification or upgrade and installation of new functionalities. Off-street parking sites are highly effective in terms of vehicle holding capabilities and are generally controlled by commercial agencies. Off-street parking solutions are expected to experience a high growth rate, due to the vast investments by authorities in multi-level parking, and also by the private sector in its parking facilities By region, Asia Pacific to grow at the highest CAGR during the forecast period The Asia Pacific (APAC) market is projected to grow at the highest CAGR during the forecast period.