That Parking management systems market is projected to grow from a valuation of $4 billion in 2022 to an estimated $8.5 billion by the end of 2032 at a high-grade CAGR of 7.8%.

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Why are parking space management systems on the rise in all regions?

“Increasing number of vehicles exacerbates parking problems”

Today, the number of vehicles around the world is growing at a dizzying pace, further exacerbating the problem of parking space shortages. In addition, traffic congestion and traffic-related problems are increasing due to the limited availability of parking spaces. Therefore, the need for intelligent and efficient parking systems arises.

The available advanced parking management systems are competent enough to offer additional comfort to the vehicle drivers. These systems automate and simplify business operations and other functions involved in parking lots, making parking and traffic flow management significantly easier for both operators and vehicle owners.

Which factor is likely to influence the expansion of the Parking Management System market?

“Cost sensitivity of parking lot operators”

The cost sensitivity of parking lot operators involved in managing parking lots on behalf of parking lot owners is expected to pose challenges for the industry. Operating margins are low and the high cost of efficient and advanced parking systems acts as a barrier to growth in other markets.

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Current industry development

• Flowbird Group launched a touch-free hydroalcoholic gel dispenser in July 2020 called Park and Sanitize. It…