Chicago, Aug. 23, 2024 (GLOBE NEWSWIRE) -- At a CAGR of 7.4%, the Parking Management Market is expected to expand from USD 5.6 billion in 2024 to USD 8.1 billion by 2029, according to a new report by MarketsandMarkets™.  The increasing population density in urban areas necessitates the provision of adequate parking facilities. This commenced with the growing number of people who shifted their residences from rural to urban areas, thus increasing demand for adequate parking space since the number of vehicles on the road rose. This trend fuels the market's need to address the increasing number of vehicle ownerships by providing sophisticated solutions to meet the demands of owners and manufacturers. Good parking discipline ensures that many available parking spaces in the cities are utilized to the maximum, hence diminishing disorderly parking drills that are common in many streets, thus enhancing the quality of life in cities.

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Parking Management Market Dynamics:

Drivers:

Rapid urbanization

Growing focus on reducing urban congestion and maximizing space use

Rise in motor vehicle sales

Proliferation of smartphones

Restraints:

System integration complexities

Regulatory hurdles

Opportunities:

Rising smart city initiatives globally

Emergence of autonomous cars

Demand for innovative parking management solutions

List of Key Companies in Parking Management Market:

Siemens (Germany)

Amano (Japan)

Group Indigo (France)

Bosch Group (Germany)

SWARCO (Austria)

SKIDATA (Austria)

Chetu (US)

IPS Group (US)

TIBA Parking Systems (Israel)

Precise Parklink (Canada)

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