The Insight Partners

Accentuating Development of Contactless Parking System Growth Opportunities for Oil Conditioning Monitoring Market during 2021–2028

NEW YORK, UNITED STATES, March 16, 2022 /EINPresswire.com/ -- As per the latest The Insight Partners research report "Parking Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Parking Site, Solution, Services, and Deployment," the market is projected to reach US$ 45,125.82 million by 2028 from US$ 31,723.67 million in 2020; it is expected to grow at a CAGR of 4.93% during the forecast period of 2021 to 2028.

Strategic Insights

Report Coverage              Details

Market Size Value in       US$ 32,221.73 Million in 2021

Market Size Value by     US$ 45,125.82 Million by 2028

Growth rate       CAGR of 4.9% from 2021-2028

Forecast Period 2021-2028

Base Year            2021

No. of Pages      177

No. Tables           109

No. of Charts & Figures 87

Historical data available Yes

Segments covered          Parking Site, Solutions, Services, Deployment

Regional scope  North America; Europe; Asia Pacific; Latin America; MEA

Country scope   US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage              Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Smart parking systems require compatibility among their core hardware devices and software applications. Currently, there are hundreds of companies providing equipment or services to the intelligent parking industry, making it uncertain to the extent to which software and hardware standards are shared across distinct equipment vendors, coupled with the blends of equipment years that make the existing facility unpredictable quite often. All hardware devices need to be compatible with all software services. Thus, the organizations working on smart parking systems need to combine and develop a standard to eliminate compatibility issues, thereby removing a barrier in the development of the smart parking systems market to a great extent.

Apart from the technological complexities, higher prices of the systems and services are also limiting several cities and municipalities in developing countries to adopt the systems. Attributing to the fact that the adoption of various parking management systems is still niche, the developers and service providers are integrating different technologies to attract customers. The integration of advanced technologies and software is increasing the upfront cost of the systems. The future of parking management systems is anticipated to be prominent with lowering of prices of the final products. This factor is expected to substantially increase the procurement of such technologies, which would help the cities and municipalities in developing countries to optimize their parking spaces in the coming years.

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Europe led the global parking management market in 2020. The strong economic background of European nations, especially in the western region, along with high disposable income, has resulted in a large number of registered vehicles per household per capita among European countries. Thus, the increase in the number of registered vehicles, coupled with the limited availability of parking space, has resulted in the adoption of effective parking management policies across the European Union and other European countries. Moreover, the continuous surge in the number of registered vehicles has also boosted the demand for efficient parking management practices, especially in urban areas and metro cities in Germany, Russia, France, the UK, Spain, Italy, and the Netherlands, among other European countries. However, the lockdown imposed due to the COVID-19 outbreak has had a severe impact on the parking management market in Europe. The reduced demand for parking management solutions can be attributed to a sharp reduction in traffic congestion and decreased car sales, among other factors. 

Rising Adoption of Smart Technologies to Propel Parking Management Market Growth

Smart technologies optimize vacant space and provide real-time parking space information; hence, they are increasingly being adopted in parking management. This facilitates the drivers in easily parking the vehicles on-street as well as off-street. For instance, German telecom operator Deutsche Telekom initiated a program to install sensors on parking spaces in downtown Hamburg, Germany. The sensors deployed by the company inform the drivers about parking spaces through smartphones. The service is primarily available on Joy App and Deutsche Telekom's Park. Similarly, Deutsche Telekom is also mounting parking sensors, which provide information related to parking space via narrowband internet of things (NB-IoT) technology.

Parking Management Market: Competitive Landscape and Key Developments

Indigo Parking Service, Streetline, Flowbird Group, Parkmobile, TIBA Parking, Smart Parking Limited, T2 Systems, Swarco, Passport Inc., and Siemens AG are among the key players that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global parking management market and its ecosystem.

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In July 2021, Passport partnered with Xevo, a leader in connected-car technologies and innovative user experiences, to enable parking payments to be paid directly through the Uconnect infotainment system in Chrysler, Dodge, Jeep, and Ram cars.

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