With the increased parking space crises, parking management has become indispensable to the city and many public places. That is why the Parking Management Industry has increased over time in the last three years. The important global trends and forecast reflect that this industry is not going to fade any soon.
Market Growth of Parking Management
The survey conducted in 2020 stated that
- Parking management had a market value of 3527.6 million US dollars
- It is forecasted to increase by $6481.6 million US dollars by 2026
- The market value increased with the advent of cloud-based parking management that was brought out during Covid-19.
- Cloud-based parking management fits with the parking space of all size, location and other parking demands
- It makes way to access more advanced technologies and the ability to grow
- The off-street parking charges have been also raised due to Covid-19 which generates income and makes way for fair parking charges.
Advent of Digital Parking Management Software
Controlling the parking space with digital parking software and cloud-based technology would bring many pros
- It reduces the rising prices of parking resources
- It reduced the strain of parking resources being placed on the residential area
- It reduces the time spent on searching for parking space
- It saves carbon footprint, and driver’s time, and money
- By income, digital parking management is seeing a progressive growth from 2015 to till date.
Hence, this market rise and demands always expect a single system to control the whole system which is Digital parking management software. Companies with digital apps for parking systems are gaining traction and growth with a diverse range of technology ranging from cameras, sensors, apps, lighting, signage, and more. Overall, the parking management industry and software is an indispensable tool for the present-day roads and parking spaces.