Global Market Size of Parking Management – 10 Year Market Forecast

ICT

Parking Management Market Size Forecast 2022-2029

During the forecast period, the global parking management market is expected to grow at a compound annual growth rate (CAGR) of 9%, from USD 5.22 billion in 2022 to USD 9.32 billion in 2029. By optimizing vacant parking spaces, parking management solutions help to increase overall revenue. Simultaneously, they play a critical role in lowering overall operational and capital expenditures (OPEX and CAPEX) (CAPEX).

Frequently Asked Questions(FAQ)

• What is Global Market Database

• The global market database is a cloud-based market research and intelligence tool that provides up-to-date market information about 600+ markets including the parking management sector.
• Why do we need parking management?

• Owners can ensure authorized entry and exit of vehicles with a management system, reducing the risk of cars being stolen, damaged, or vandalized.
• How big is the parking industry?

• The parking industry generates more than $20 billion in revenue each.
• What are the types of parking?

• There are 3 types of parking, parallel, angel, perpendicular.
• What are the components of smart parking?

• The system is divided into three sections: the on-field network, the cloud platform, and the user side platform.

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