The parking management market is slated to observe substantial expansion by 2027 due to prevalent product demand in key regions across the globe. Moreover, the advent of smart parking solutions is also expected to boost market growth through the forecast timeline.

Parking management comprises policies and programs that can make the use of parking resources more efficient. The flourishing transport sector has bolstered the number of on-road vehicles, which has impelled the need for effective parking systems to accommodate the increasing number of automobile and prevent traffic, especially in populous areas. Subsequently, rising awareness pertaining to the benefits of using parking management systems has played a vital role in the growth of the parking management industry in recent years.

Notably, industry players are adopting profitable strategies to extend their consumer reach and improve their market standing, which has been favorable for business growth. For instance, in November 2021