Rising number of cars on the road worldwide is driving demand for a better parking management system. Traffic congestion, accidents, and environmental hazards are all on the rise globally, necessitating the development of effective and versatile parking management solutions.
Cloud-native parking management systems are predicted to be in high demand as a result of the COVID-19 pandemic. Parking companies that operate their entire infrastructure on a public hyper-scale cloud gain the ability to scale up as required and access new technology with improved agility in a complete pay-as-you-go mode. The Parking Management Market is assumed to grow at the rate of 9.96% CAGR by 2026.
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Parking Management Market, By Parking Site
Off-street
On-street
Garage
Lot
Parking Management Market, By Application
Commercial
Government
Transport Transit
Parking Management Market, By Service
System Integration & Deployment
Support & Maintenance
Consulting Services
Parking Management Market, By Solution
Revenue Management
Parking Reservation Management
Valet Parking Management
Access Control
Security & Surveillance
Others
Parking Management Market, By Geography
North America
Europe
Asia-Pacific
Rest of the World

Based on Parking Site market is segmented into on-street and off-street. The off-street segment is further considered into garage and lot parking. Factors like improved penetration of mobile applications, enhanced ticketing and payment solutions for parking guidance, and the introduction of assistive systems are strengthening the off-street segment's development. Both short- and long-term users use off-street parking systems.

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