US Parking Management Market Flourishes as Smart Parking Solutions Propel Growth - Outlook to 2028

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Jan 22, 2024, 11:45 ET

DUBLIN , Jan. 22, 2024 /PRNewswire/ -- The "US Parking Management Outlook 2028" report has been added to ResearchAndMarkets.com's offering.

The latest research publication on the US Parking Management Market highlights significant growth propelled by smart parking solutions, increased urbanization, and technological advancements. The comprehensive analysis presents an insightful overview of the current market scenario and future outlook forecasted until 2028.

The study examines the segmented market based on Parking Sites into On-street and Off-street categories and notes the dominance of the latter due to ever-expanding urban demands. The deployment segment further details preferences between On-premise and Cloud-based systems, elucidating the current inclination towards on-premise solutions for enhanced data control and security.

Geographic Expansion and Tech Adoption Define Market Dynamics

Geographical segmentation of the market reveals the North region as the market leader, with high population densities and significant economic activity necessitating advanced parking management solutions. The importance of technological infrastructure in this region is underscored, with smart parking technologies such as sensor-based systems becoming increasingly prevalent.

Key Trends by Market Segment: The report provides an in-depth look into the current traction gained by Off-street and Cloud Market models, and the factors behind the dominance of on-premise deployment.
Population Density and Urbanization: Analyzing the factors that contribute to the Northern region's market leadership, the role of urbanization and its correlation with parking demands is explored thoroughly.
Economic Activity: The integral relationship between economic activity and parking management service demands is highlighted, particularly in regions buzzing with business and tourism.
Technological Infrastructure: The infrastructure disparity across regions and its impact on the adoption of parking management solutions is emphasized.

Competitive Landscape and Innovative Disruptions

The parking management landscape in the US is characterized by both established players and emerging startups. Recent developments, such as ParkMobile's expansion and Eleven-x's new municipal smart parking installations, demonstrate innovation and growth dynamics within the industry. Additionally, the acquisition of Smarking by ParkHub reflects the industry's consolidation and drive for varied product offerings.

The future of parking management in the United States is poised for positive growth, with projections estimating a compound annual growth rate (CAGR) of approximately 6.5% from 2022 through 2028. Smart parking solutions, mobile applications, and sensor-based systems are anticipated to redefine parking convenience and efficiency, as contactless payment methods become the new standard. Alongside technology, government regulations and urban planning efforts will continue to influence the market's trajectory towards sustainable mobility.

This new publication offers a lucid and comprehensive understanding of the US Parking Management Market's current state and projections, invaluable to stakeholders and key market participants gearing up for the future of urban mobility.

A selection of companies mentioned in this report includes

FlashParking
TIBA Parking Systems
Passport Inc.
Infocomm Inc
Next Level Valet Inc.
Amano McGann
ParkMobile

For more information about this report visit https://www.researchandmarkets.com/r/tl4jrt

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