Parking Management Market Overview: —
The global parking management market can expect to touch an impressive valuation of approx. USD 7 Billion by 2023, ventures Market Research Future (MRFR). It could also achieve a CAGR of 12% during the forecast period (2017-2023), adds MRFR.
Overcrowding of vehicles is generally the outcome of poor parking management, which leads to traffic congestion. Other ill-effects also include air and noise pollution. Growing concerns regarding these issues have given rise to the use of smartphones, cloud software and global positioning system (GPS) to develop easy way-finding mobile applications that offer real-time data. This data helps the drivers navigate the closest vacant parking area. Soaring demand for real-time data for finding an available carpark space is touted to have a lucrative effect on the parking management market. The rising adoption of parking management systems at airports, shopping complexes, and corporate campuses could also benefit the Parking Management Market in the coming years.
Technological advancements including Internet of Things (IoT), wireless parking sensors and e-payments are expected to enhance consumer experience, in addition to elevating the adoption rate of carpark management solutions in the next few years. Additionally, technological innovations in sensors could reduce the size and enhance the accuracy level of the sensors, which will make them more efficient, compatible, and cost-effective. Mounting demand for electric cars is prompting city authorities to install charging stations.
The surge in smartphone penetration, as well as the availability of mobile applications for assisting drivers to look for carpark spaces, are projected to stimulate market growth. Citing a reference, on December 2018, ParkMobile, LLC had launched an app called ParkColumbus app which had a payment option for paying using a smartphone at parking meters. The best part of the app is that it is compatible with both iPhone and Android devices.
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Major Key Players:
Some of the players that are currently dominating the worldwide parking management market include Kapsch TrafficCom AG (Austria), T2 Systems, Inc. (U.S.), SWARCO AG (Austria), Siemens AG (Germany), INRIX, Inc. (U.S.), INDIGO (France), AMANO Corporation (Japan), Cubic Corporation (U.S.), SKIDATA AG (Austria), XEROX Corporation (U.S.), among others.
The global parking management market can be segmented with respect to component, parking site type, solution, and vertical.
• The types of components mentioned in the report are software and service. Software-based segments are parking information systems and parking payment systems. Services types are deployment and customization as well as support and maintenance.
• Depending on the parking site, the segments include off-street parking and on-street parking.
• Solution-wise, the market is considered for parking fee & revenue management, parking guidance & slot management, valet parking management, parking fee & revenue management, access control, security & surveillance, and others.
• In terms of vertical, the market caters to BFSI, recreation, healthcare, corporate & commercial parks, hospitality, academia, retail, transportation, government, among others.
The regional study of the global parking management market has been conducted in the primary regions of North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW).
There is a high possibility of North America gaining the top spot in the worldwide parking management market in the years ahead. Surge in the number of automobiles in Canada and the United States (U.S.) has given way to the need for curbing issues like traffic congestion. This works in favor of the market in the region. Growing adoption of mobile devices, as well as the introduction of mobile apps in the U.S., is expected to elevate the market position in North America. Besides, use of cloud-based carpark management solutions has risen significantly in the past couple of years, which is also boosting market demand in the region.
Asia Pacific is estimated to witness the fastest growth in the global parking management market. The regional market growth is in response to the increasing government spending on development of smart cities. To illustrate, in 2015, the Indian government had spent close to USD 1.2 billion for developing smart cities. Apart from this, a number of vendors in the region are striving to develop and provide smart solutions for carpark management. For instance, Huawei Technologies Co. Ltd. had developed a smart parking network in China in 2017, which enabled drivers to find, book, and pay using a smartphone app.
Rising production of vehicles in Europe has resulted in parking concerns such as strong demand for security and safety for motor vehicles. This factor will aid in market expansion in the region. Increasing number of car thefts, predominantly in Germany has boosted market growth in the entire region. The parking management systems in Italy are used in numerous sectors such as automotive, hospitality, and healthcare. In addition, surging concern for safety, connectivity, and security, coupled with the rising focus on reduction in fuel pollution and seamless traffic flow, help elevate the market position in the region.
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Parking Site Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
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List of Tables
Table 1 Parking Management Market, By Component
Table 2 Parking Management Market, By Parking Site Type
List of Figures
Figure 1 Research Type
Figure 2 Parking Management Market, By Component (%)
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