Increasing Number of Vehicles Driving the Demand for Parking Management Market During Forecast Period 2019–2026

Mon, 06 May 2019 3:54

Parking management indicates the free parking spots available at parking site in a real time. The parking management system constitutes the access control, security system and statistical information. In the last few years, adoption of internet of things (IoT) in parking management and development of smart city projects has become a prominent trend in the parking management market. Internet of things (IoT) enabled parking management provides Internet connected meters, gates, and handhelds.

Market Segmentation

The global parking management market is segmented by component, solution, deployment, and parking sites.

On the basis of components, the market is segmented into software and services. The service segment is expected to hold the largest market share of the market owing to the growing need for parking management consulting for designing and deployment of solutions.

On the basis of solution, the market is segmented as Parking Guidance, Reservation Management, Permit, Enforcement, access control, Security & Surveillance. The Parking Access and Revenue Control (PARC) solution is expected to hold largest market share. The solution helps parking operators to manage in and out of vehicles in parking facilities and empowers them to take full control over the parking revenue.

On the basis of deployment, the market is segmented into On-Premises, Cloud. The cloud-based solutions are cost effective and easily scalable as per business requirements. Cloud-based solutions facilitate organizations with scalability and the ease of accessibility of organizational content, regardless of employees’ location, thereby helping with business continuity. Cloud-based solutions are widely adopted in the developing countries.

The off-street parking is expected to hold a larger market size during the forecast period, owing to huge investments made by authorities in multi-level parking, and by the private sector in its parking facilities. The off-street parking involves proper designing and construction to provide a safe and secure vehicle parking experience for drivers. Moreover, it focuses on ensuring security, pre-booking of parking spots, and parking fee management. All the modern public infrastructure is coming with advanced off-street parking facilities.

Regional Insights

On the basis of region, the parking management market is segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).

North America holds the largest share of the global market followed by Europe. the reason being the increased focus on innovations, research and development and parking technology by advanced economies such as US and Canada.

Europe is a prominent region for the parking management market, owing to rising production of vehicles and rising concern about safety and security of the vehicles in this region.

Asia Pacific is one of the highest growing regions in the parking management market during the forecast period, this is mainly because, shortage of parking places and traffic problems.

Parking management market in LAMEA have shown substantial growth, due to rising concerns for safe and obstacle free streets.

Competitive Landscape

Some of the key players in the global parking management market are Conduent, Amano Corporation, Q-Free ASA, Indigo Park Service, Chetu,  Streetline, SWARCO, T2 Systems, SKIDATA, Flowbird Group, INRIX , Flashparking , Parkmobile , Passport, SpotHero, TIBA Parking Systems, Urbiotica, Smart Parking, SAP, Siemens, APCOA, Bosch Mobility Solutions, GET MY PARKING, Nester, and NuPark.

TIBA Parking system launched a ParkBlue; a service and application to enable cloud-based management of parking garages, frictionless physical access to parking garages on any PARCS system and a mobile application, as well as an SDK to facilitate reservation, navigation and payment for parking.

FlashParking announced the launch of the MP200, A Bluetooth EMV chip enabled device, the next generation of secure valet transactions.

Get My Parking has announced the partnership with the APCOA, Europe largest parking operator to revolutionize parking in thirteen countries. This partnership leads to digital customer solutions for connecting parking with consumer mobility.

By Component

  • Software
  • Services

By Solution

  • Parking Guidance
  • Reservation Management
  • Permit
  • Enforcement
  • access control
  • Security & Surveillance

By Deployment Type

  • On-Premises
  • Cloud

By Parking Site

  • Off-street Parking
  • On-street Parking

By Region

  • North America
  • Europe
  • Asia Pacific
  • LAMEA