Parking Management Market Scrutinized In The New Analysis

The Parking Management Market is estimated to reach USD 6.3 billion by 2028, at a CAGR of 7.4% from 2023 to 2028. The market growth can be attributed to several factors, such as the increasing traffic congestion and adoption of smart technologies, such as big data, cloud, and the Internet of Things (IoT). Other factors supporting the market growth include the proliferation of smartphones, followed by the increasing vehicle sales rate. During the forecast period, introducing autonomous vehicles is expected to provide a wholesome opportunity for brisk growth of the parking management market. However, system integration issues may restrict the overall market growth.