Managed Service Segment to Dominate Europe Parking Management Market during 2021–2028

  According to a new market research study on “Europe Parking Management Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Parking Site, Solution, Services, and Deployment” is expected to reach US$ 15,997.10 million by 2028 from US$ 8,923.28 million in 2021. The market is estimated to grow at a CAGR of 3.8% from 2021 to 2028. The report provides trends prevailing in the Europe parking management market along with the drivers and restraints pertaining to the market growth. Increase in adoption of smart technologies in parking management is the major factor driving the growth of the Europe parking management market. However, issues associated with the limited knowledge among the consumers in developing countries hinder the growth of Europe parking management market.

The Europe parking management market is segmented on basis of various parameters such as parking sites, solutions, services, deployment type, and country. The different types of parking sites include on-street parking and off-street parking. The off-street segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. On basis of solutions, the Europe parking management market is categorized as parking guidance solutions, parking reservation solution, parking security & surveillance solutions and others. The others segment dominated the market in 2020 and parking guidance solutions segment is expected to be the fastest growing during the forecast period. The services segment in parking management market is bifurcated as professional service and managed service. The managed services segment dominated the market in 2020 and professional service segment is expected to be the fastest growing during the forecast period. On-premises deployment and cloud-based deployment are the two types of deployment type segments. The on-premises deployment segment dominated the market in 2020 and cloud based deployment segment is expected to be the fastest growing during the forecast period. Based on country, the parking management market is classified into UK, Germany, France, Russia, and Italy.

The impact of COVID-19 differed from country to country across the European region as selected countries witnessed an increase in the number of recorded cases and subsequently attracted strict as well as more extended lockdown periods or social isolation. However, Western European countries such as Germany, France, Russia, and the UK have seen a comparatively modest decrease in their growth activities because of the robust healthcare system. To protect its citizens from the COVID-19 virus, the European government has made tremendous investments in incorporating technologies in its healthcare systems to help identify signs of the virus. For instance, during the COVID pandemic, The Belgian Parking Federation (FBS), which collaborated with companies that are operating on- and off-street parking lots in Belgium, is very concerned about the crisis caused by the coronavirus in the country. It fully supports the measures taken at the various levels of power to decrease the spread of the coronavirus. Therefore, the overcrowding of public transport (PT) stations and vehicles signifies a high-level risk of contamination; hence governments and local authorities employed restriction measures to limit the use of parking spaces. The main priority has been to guarantee the safety and protection of staff and infrastructures.

Amano Corporation.; Flowbird Group; GROUP Indigo; PASSPORT LABS, INC.; Robert Bosch GmbH; and Siemens AG among the leading companies in the Europe parking management market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Passport has enabled parking payments to be paid directly through the Uconnect infotainment system in Chrysler, Dodge, Jeep, and Ram cars, thanks to a partnership with Xevo, a leader in connected-car technologies and innovative user experiences.

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