Global Statistics Representing Parking Management Market Scenario
Parking management refers to various program, strategies, and policies that results into more efficient use of parking resources. Parking management helps the driver to locate the vacant parking spot through sensors installed in each parking space. Managing price and provision of parking, especially in high activity and dense locations can reduce the blockage of surrounding corridors. Major factors such as demand for concern for safety, security and connectivity and growing parking concerns due to increasing number of vehicles driving the growth of parking management.
The increasing the number of vehicles across the world impacting the availability of parking lots and therefore increasing the need of parking management system as it helps in systematic allocation and maximum utilization of space for parking. Furthermore, increasing adoption of internet of things (IoT) in parking and increasing penetration of smartphones are likely to boost the growth of parking management system over the forecast period.
Furthermore, innovations like development of electric and autonomous cars will likely to provide further opportunities for parking management market. Rising adoption of parking management system by multi-storeyed parking services, and residential & commercial sites are propelling the growth of the market.
Global parking management market was valued at USD 3030 million in 2017 and expected to grow at CAGR 8.6% over the forecast period 2019–2026.
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.
On the basis of solution, the market is segmented as Parking Guidance, Reservation Management, Permit, Enforcement, access control, Security & Surveillance.
On the basis of deployment, the market is segmented into On-Premises, Cloud
On the basis of parking sites, the market is segmented into on street parking and off-street parking.
Geographically, the global parking management market is segmented into North America, Europe, Asia Pacific, and the Latin America and the Middle East & Africa (LAMEA).
The major growth in parking management market in North America attributes to the technical advancements and early adoption of parking management in that region. Modern parking technologies such as Multi-space use meters that is more efficient than individual parking meters, State-of-the-art systems can adjust rates based on occupancy, provide motorists with information about parking availability and accept a wide variety of payment methods are driving the growth of the market in North America. Furthermore, The U.S. transportation planner have become more aware about the impact of parking on air quality and on environment. For instance, The U.S. Department of Transportation (DOT) and Environmental Protection Agency (EPA) are developing parking master plan for non-attainment areas for smog and particulate matter under the Clean Air Act as part of State Implementation Plans (SIPs).
Europe parking management market is growing due to factors like rising concern about safety and security and increasing focus on seamless traffic flow. Countries like France, UK, Germany and Italy are playing significant role in parking management system. Major key players of Europe are likely to continue expanding as they have a market share of less than 50% in their domestic markets
Asia pacific region is expected to record fastest growth in parking management system due to increasing urbanisation in developing countries and development of smart city projects which is focusing more on infrastructure and connectivity and parking management system is a key factor contributing in the smart city project.
LAMEA is expected to show a healthy growth in the parking management market rising concern about safety and security of vehicles. Recent developments in the parking and transportation market in UAE with intelligent transportation, IoT, autonomous vehicles, intelligent parking systems and big data offers significant opportunities in this region. The Department of Transport (DoT) announced in 2009 the launch of its Parking Management Programme 'Mawaqif' to tackle shortage of parking in the commercial center of Abu Dhabi Island. The launch of the parking management program made the AD parking enforcement program one of the largest in the world. It operates more than 90,000 on-street and 4,000 underground parking spaces in 51 city sectors
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.
Parking Management Market Segmentation
By Deployment Type
By Parking Site
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Our parking management market offers a comprehensive overview of prior research in parking management. Moreover, the research provides useful information for planners and professionals dealing with parking issues and what solutions might work to deal with it. Moreover, following sections are specifically covered in the report.