Parking Management Market Size, Trends & Analysis - Forecasts to 2026 By Type of Offering (Solutions [Parking Guidance Solution, Parking Reservation Management, Parking Permit Management, Parking Enforcement Management, Parking Access and Revenue Control (PARC), Parking Security and Surveillance, and Parking Analytics] and Services [Professional and Managed Services]), By Type of Parking Site (Off-street Parking and On-street Parking), By Type of Deployment (Cloud and On-premises), By Type of Region (NA [North America], Europe, APAC [Asia Pacific], MEA [the Middle East & Africa], and CSA [Central & South America]), End-User Landscape, Vendor Landscape, Company Market Share Analysis & Competitor Analysis
Parking management refers to the strategies used to park vehicles in an organized and efficient way. It is subjected to electronic monitoring and management systems. Parking management systems are needed in places where there is maximum footfall such as industries, shopping malls, educational institutions, and various other public places. The purpose of the parking management systems is to reduce traffic congestion. Countries in APAC like China, India, and Vietnam have the maximum cities that have the highest traffic congestion. Traffic congestion leads to air pollution and noise pollution respectively. The advantages of a parking management system are to provide real-time parking analysis such as slot count, open slot layout, reserved parking, electronic pay and park systems, and many other applications.
According to the report issued by Global Market Estimates Research & Consultants, the parking management market is implied to portray a significant rise of 7.4% during the forecast period (2020-2026).
System integration complexity is the primary drawback of the market whereas, demand for optimization of vacant car spaces, increase in motorization, and technological advancements are the drivers emphasizing the global market. Some of the technological advancements include the inclusion of IoT, wireless parking sensors, and e-payments. Additionally, the popularity of smart vehicles is also creating opportunities for the development of the market. Since the COVID-19 pandemic, the global market has been seeing a significant boost due to the inclusion of contactless payment and parking systems. The parking management market is projected to see an explicable endowment in the succeeding years.
Solutions and services are the types of offerings in the global market where parking guidance solutions, parking analytics, parking permit management, parking reservation management, and parking enforcement management, are the types of solutions and professional and managed services are the divisions of services respectively. In the solutions segment, parking access & revenue control (PARC) is estimated to dominate in the forecast period. PARC manages the entry and exit of the motor vehicles with a combination of hardware and software solutions. An increase in traffic congestion in influential cities is one of the most critical factors to contemplate concerned with the increase in the global market.
Based on the type of parking site, off-street parking and on-street parking is the market categorization of the global market. Off-street parking is estimated to grow upwards in the forecast period. Off-street parking sites are the places where vehicles can be parked except streets. The off-street parking sites include garages and parking lots. An increase in sales and manufacturing in the automotive industry will portray as one of the prominent features to impact the revenue of the global market.
Based on the deployment, cloud and on-premises are the classifications of the Parking Management market. Cloud technology is predicted to grow upwardly in this market. Cloud technology assists in better business operations and cost minimization of parking management solutions. Demand for affordable access to the internet and the availability of mobile applications that enable easier navigation towards open parking sites are of the prominent thrusters influencing the global parking management market.
Based on the geographical analysis, the Asia Pacific region is regarded to encourage breakneck momentum during the forecast period. An increase in awareness for parking solutions and management and the arrival of digitization dominant are propellors of the market. An increase in designing and implementation of strategies towards building smart cities is one of the major game-changing factors aiding the growth of the market
GROUP Indigo, Amano, Siemens, Bosch Group, Conduent, APCOA PARKING, Precise ParkLink, SWARCO, SKIDATA, T2 Systems, FlashParking, Passport Labs, Flowbird Group, ParkMobile, SpotHero, Get My Parking, INRIX, IPS Group, Smart Parking, Chetu, TIBA Parking Systems, Q-Free, Streetline, ParkOffice, Urbiotica, and CivicSmart, and other industries are the dominant players in the global parking management market.
Please note: This is not an exhaustive list of companies profiled in the report.
In April 2020, SWARCO launched an application PARCO for its German citizens. PARCO has data access about parking for nearly 1,200 cities in Austria, Germany, and Switzerland along with additionally preparing to develop its services.
In January 2020, Swedish parking operator XPERT Parkering was procured by APCOA PARKING Sweden AB. This executive ran approximately 40,000 parking reservations with a geographic focus on Skåne, Sweden.
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The Global Parking Management Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Parking Management Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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