Traffic congestion is an ever growing problem due to urbanization, explosive growth of vehicles, growing cost of real estate and concurrent scarcity of land especially in cities.
The global parking management market is projected to grow at a CAGR 12 % during the forecast period of 2017 and 2023.
Major Key Players:
The dominant players in Parking Management Market are AMANO Corporation (Japan), XEROX Corporation (U.S.), INRIX, Inc. (U.S.), Siemens AG (Germany), SKIDATA AG (Austria), T2 Systems, Inc. (U.S.), SWARCO AG (Austria), INDIGO (France), Cubic Corporation (U.S.), Kapsch TrafficCom AG (Austria), and others.
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Market Dynamics Drivers:
The last few decades have witnessed an explosive growth in population especially in China and India. The situation has been compounded due to rising incomes, urbanization, explosive growth of vehicles prohibitive cost of land especially in metropolitan cities, growing number of accidents and high cost of noncompliance. Moreover the vertical growth pattern of the real estate industry and the increasing stringency of traffic regulations & parking regulations by governments has provided an impetus for the market.
Technological advancements such as automation, real time monitoring, analytics, internet of things (IOT), cloud computing big data and sensor technology have warranted further growth of the market. Development of mass recreation centers such as food parks, cinema halls, and malls has resulted in point acute demand for parking. The redevelopment of older cities especially the central business areas, is anticipated to result in greater demand for the market.
- To generate a bird’s view of the global parking management report has been segmented on the basis of component, parking type, solution, applications and regions.
- On the basis of component, the market has been segmented by software, and service. The software segment is differentiated into parking information systems, and parking payment systems. The service segment is differentiated into deployment & customization, and support & maintenance
- On the basis of parking type, the market has been segmented by on street parking, and off street parking
- On the basis of solution, the market has been segmented by access control, security & surveillance, parking fee & revenue management, valet parking management, parking fee & revenue management, parking guidance & slot management, others
- On the basis of the vertical, the market has been segmented into BFSI, recreation, healthcare, corporate & commercial parks, hospitality, academia, retail, transportation, government, others
North America led by the U.S. presents the largest market opportunity in terms of share of the global parking management. Europe led Germany, France, and the U.K. accounts for the second largest market. The developed regions owing to their large urbanization and well-established infrastructure coupled with their higher real estate costs are dominating the market.
Europe is followed by Asia-Pacific led by Japan, South Korea, Singapore, and others. China and India are expected to be the fastest growing markets due to large populations and growing economy.
Gulf economies such as Abu Dhabi, Dubai, and Saudi Arabia will dominate the Middle East and Africa market owing to their high revenues, per capita income and their service led economies. The African market is expected to hold smallest market share due to lack of urbanization and poor economic conditions.
The global parking management solutions favor island economies owing to their scarcity of land. Thus service led island economies Singapore, Hong Kong and others own a disproportionate share of the market.
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- Technology investors
- Integrated device manufacturers (IDMs)
- Research/Consultancy firms
- Government agencies
- Software providers
- Cloud Service providers
- Professional Service providers
- Solution providers
- Integration service providers
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