Parking Management Market: Market Segments: By Component (Solution and Services); By Parking site (Off-street Parking and On-street Parking); By Deployment Type (On-premises and Cloud); By Application (Transport Transit, Commercial and Government); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
Parking management systems help people find parking spaces easily and provide the appropriate instructions to make the whole process seamless, minimize frustration and enhance the experience of visitors. Parking management services include traveler information systems, real-time vehicle monitoring, video surveillance, real-time parking warnings, and convenient choices for payment.
Parking Management Market is expected to project a notable CAGR of 7.5% in 2030.
Parking Management Market to surpass USD 58.9 billion by 2030 from USD 32.6 billion in 2019 at a CAGR of 7.5% throughout the forecast period, i.e., 2020-30. The demand for parking management is expected to flourish in the coming years since many governments in developing countries are attracting foreign direct investment (FDI) to optimize traffic congestion and increase parking operations
Parking Management Market: Segments
Off-street Parking segment to grow with the highest CAGR during 2020-30
Parking Management Market is segmented by parking site as on-street and off-street parking. The greater market share in 2019 was accounted by On-Street Parking segment. On-street parking management is required to accomplish targets using a variety of methods, including spaces where parking is permitted and prohibited by designing parking spaces and facilities and signage, restricting access to certain classes, enforcing a time limit, charging fees to enforce compliance with all agreements, and measuring progress.
Parking Management Market: Market Dynamics
Increasing Need of Traffic Management and Fuel Saving
With parking operators operating their entire infrastructure on a hyper-scale public cloud, it allows them the opportunity to scale up when and when needed, in addition to access to new technology and an enhanced degree of mobility in a full pay-as-you-go model. The Parking Index and Parking turnover is also high and rising with positive growth rates as a result of off-street parking. As developers end up constructing additional spaces in compliance with legislation about the size and amount of parking spaces, some parking spaces remain unused.
Security Concerns and Complexity in System Integration
Different hardware sensors, real-time messaging systems, traffic control software, wireless and wired telephone systems, computer servers, and application interfaces are part of parking management. The diversity and variability in the hardware infrastructure and software systems for parking management is immense. In order to enforce the definition of dynamic priced parking, the collection and analysis of parking data from various systems is also important.
Parking Management Market: Key Players
• Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
• Bond Traffic Solutions
• FlashParking, Inc.
• TIBA Parking
• Infocomm Group LLC
• Passport Inc.
• Nex Valet LLC
• Amano McGann
• SAP SE
• Q-Free ASA
• Parkmobile USA Inc.
• Siemens AG
Parking Management Market: Regions
Parking Management Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Parking Management Market in North America held the largest market share of XX.X% in the year 2018 and as constitutes of developed economies, such as the US and Canada. Large IT companies and rapid technological developments, such as digitalization in the US and Canada, are driving market growth in this area. Those countries’ well-established economies allow the region to invest heavily in leading solutions and services for parking management. Several parking infrastructure schemes in the city are currently underway. Over the next six years, Asia Pacific is projected to emerge as the fastest-growing regional market. Growing government spending on building smart cities can be attributed to the development of this regional sector. Over the next six years, Asia Pacific is projected to emerge as the fastest-growing regional market. The growth of this regional market can be attributed to increased government expenditure on smart city development.
Parking Management Market report also contains analysis on:
Parking Management Market Segments:
o Access Control
o Security & Surveillance
o Revenue Management
o Parking Reservation Management
o Valet Parking Management
o Consulting Services
o System Integration & Deployment
o Support & Maintenance
By Parking site:
• Off-street Parking
• On-street Parking
By Deployment Model:
• Transport Transit
• Parking Management Market Dynamics
• Parking Management Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
FAQs on Parking Management Market
· Which segment is anticipated to hold the largest market share?
· At what CAGR is the market anticipated to grow between 2020 and 2030?
· Who are the key players in the Parking Management Market?
· What could be the challenging factors in the growth of Parking Management Market?
· What are the growth drivers for the Parking Management Market?