The global parking management market size is expected to reach USD 8,438.4 million by 2024 according to a new study by Grand View Research, Inc. The increased public sector funding and constructive government initiatives are presumed to strengthen the global parking management industry growth. The market is anticipated to experience a surge in the demand for parking management solutionsin the commercial and government application segments and is expected to propelthe industry growth.
The emergence of smart parking systems helps inefficiently addressing the traffic woes and parking-related issues. The system helps in minimizing fuel usage and consequently reducesautomobile emissions. The industry is expected to gain tractiondue to thedevelopment of systems with sophisticated features such as handicapped parking, auto-payment options, and voice guidance enabled through mobile phone applications.
An increasing number of vehicles is impacting the availability of parking lots and is consequently fueling the demand for implementing parking management solutions across the globe. The systems help in making the cities cleaner, greener, and compact. The growing smartphone penetration will benefit the industry by increasing its reach. These parking mobile applications are expected to offer local businesses an opportunity to attract their most potential customers and provide them with the best offers for customers looking for parking.
Full Research Report On Parking Management Market Analysis: www.grandviewresearch.com/industry-analysis/parking-management-market
Further key findings from the study suggest:
Browse More Reports Of This Category By Grand View Research At: www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the global parking management market on the basis of application, parking site, component, solution, and region:
Parking Management Application Outlook (Revenue, USD Million, 2014 – 2024)
Parking Management Parking Site Outlook (Revenue, USD Million, 2014 – 2024)
Parking Management Component Outlook (Revenue, USD Million, 2014 – 2024)
Parking ManagementSolution Outlook (Revenue, USD Million, 2014 – 2024)
Parking Management Regional Outlook (Revenue, USD Million, 2014 – 2024)
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1-415-349-0058, Toll Free: 1-888-202-9519Address:28 2nd Street, Suite 3036 City: San FranciscoState: CaliforniaCountry: United StatesWebsite: www.grandviewresearch.com/industry-analysis/parking-management-market