The advanced parking management system market size is predicted to reach USD 1114.5 million by 2027, exhibiting a CAGR of 5.44% during the forecast period. The penetration of smartphones along with the convenience of mobile applications to assist drivers to navigate parking spaces will be a vital factor in boosting the advanced parking management system growth during the forecast period. The surge in traffic congestion and scarcity of parking spaces will spur opportunities for the market in the forthcoming years, states Fortune Business Insights in a report, titled “Advanced Parking Management System Market Size, Share & Industry Analysis, By Parking Site Type (On-Road and Off-Road), By Application Type (Commercial and Government), and Regional Forecasts, 2020-2027” the market size was USD 1445.1 million in 2019.

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The Report Lists the Key Companies Operating in the Market:

Conduent, Inc.
Streetline
Park Mobile, LLC.
Robert Bosch GmbH
SKIDATA AG
SWARCO
Amano Corporation
T2 Systems
Spot Hero
INRIX
NU Park
FlashParking
TIBA Parking Systems
Chetu Inc.
Neptune Automatic Pvt Ltd
Market Driver:

Introduction of Innovative Mobile Apps to Brighten Sales Possibilities

The penetration of smartphones has led to the development of innovative mobile applications and improvement in connected solutions related to the parking management system. The growing utilization of smartphones to write parking tickets, check for parking compliance, and navigate routes will significantly aid the growth of the market. The rising use of smartphones by customers and parking operators for cashless transactions will effectively drive the market in the forthcoming years. The parking management application uses various features of smartphones such as the camera, Near Field Communication (NFC), and GPS to find vacant parking spaces within the customer’s surrounding area.

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Regional Analysis:

Rising Emphasis to Reduce Traffic congestion will Support Growth in Europe

The market in Europe stood at USD 591.7 million and is likely to remain dominant during the forecast period. The growth in the region is attributed to various initiatives taken by the European Government to implement parking management systems. The rising focus towards reduced traffic congestion and appropriate use of parking spaces will have a tremendous impact on the market in Europe during the forecast period. The increasing investment in parking systems by eminent companies will foster growth in the region. Moreover, the combination of advanced driver assistance systems to improve car safety in vehicles will enable healthy growth of the market in the foreseeable future. The booming automotive industry will influence the healthy growth of the market in Europe.

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Key Development:

October 2018: Neptune, a leader in providing innovative parking solutions announced the launch of Smart Parking Solution in India to enhance driving experience via automation and digitization

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