The key players in the global parking management solutions market include name such as Parkeson S.A.S., IPS Group Inc., Ventek International, J.J.Mackay Canada Limited, LocoMobi Inc., Cale Access AB, Parking BOXX, METRIC Group Ltd., Parking Inc., CivicSmart Inc., and POM Inc. The companies in the market are indulging into strategic business activities such as product development and product innovation to enhance their overall market presence.
Along with that, the companies are also striving to provide integrated solutions and applications for efficient management for parking requirements. Apart from this, development of parking management solutions that are more customer friendly, cost-effective with better reliability compared to the existing management solutions are also some of the other strategies adopted by the companies to stay ahead in the global competition.
The global market for parking management solutions is expected to reach an overall market valuation worth US$614.59 bn by the end of 2025. This growth of the global market is projected to be achieved with the help of an impressive CAGR of 9.3% over the course of the given forecast period of 2017 to 2025.
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In terms of geographical regions, the global market for parking management solutions has been dominated by North America in the recent years, with the U.S. being the base to a large group of players in the market. Use of advanced parking kiosks is one of the popular trends observed in the parking areas across Europe. These kiosks are projected to aid the private garage operators as well as municipalities to keep a track of every infringement in parking and offer a solid comparison against the actual issued citations.
The increasing demand for smooth movement of traffic to monitor the constant traffic congestions and other issues related to transportation is one of the chief driving factors for the growth of the global market for parking management solutions across urban cities. Ever increasing populations and the consequent rise in the number of vehicles are also important factor in spurring the development of the global market in the coming years of the forecast period.