DUBLIN, May 27, 2022 /PRNewswire/ — The “Parking Management Market by Solution, by Service, by Deployment, by Parking Site, by Off-Street Parking Site, by Application, by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The global parking management market size is expected to reach USD 10.14 billion by 2030, expanding at a CAGR of 11.1% from 2022 to 2030.
Growing demand for smart parking sensors, increasing need for parking spaces, and favorable government initiatives are some of the factors contributing to the market growth. Smart technologies are experiencing tremendous growth in the parking management system, including parking guidance systems, automated parking, and parking reservation systems.
In addition to these technologies, the demand for security and safety of parked vehicles is also increasing rapidly among vehicle owners, which is propelling the procurement of a parking surveillance system. This will create a substantial market space for parking management companies to grow over the years.
Several car park mobile applications have included the feature to reserve a vehicle park space and make payments through mobile wallets. It allows users to save meaningful time spent searching for vacant spaces and provides parking enforcement options, such as adding remote parking spaces and providing parking information to users.
For instance, in December 2021, T2 Systems, a parking management solutions provider, implemented T2Mobile Pay, a browser-based parking solution, in Houston City Center, so that the visitors could pay for parking quickly and easily on their mobile phones using this solution. This solution will increase mobile payment adoption and customer satisfaction. These features are anticipated to further increase the demand for parking management solutions over the forecast period.
The increasing availability of integrated automated solutions and advancements in wireless technology are anticipated to…
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