The parking management market is estimated to expand to 12% during the forecast period (2017-2023).
The market is expected to touch USD 7 billion by 2023 owing to the rapid urbanization in the metropolitan areas. Parking Management Market incorporates several policies and programs to make efficient use of parking resources.
The major players operating the market are SWARCO AG (Austria), INDIGO (France), Siemens AG (Germany), XEROX Corporation (U.S.), Cubic Corporation (U.S.), T2 Systems Inc. (U.S.), INRIX, Inc. (U.S.), AMANO Corporation (Japan), SKIDATA AG (Austria), Kapsch TrafficCom AG (Austria), and more.
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Drivers and Constraints Impacting the Market:
With the increasing number of vehicles every day, there is an intensifying problem related to the scarcity of parking space. Traffic congestion along with other transportation-related issues occur due to scarcity of parking space. Thus, the need for smart parking system is increasing. Increasing parking concern owing to the growing production of vehicles and rising focus on seamless traffic flow are the major factors driving the market. The growing concern for security, safety, and connectivity are some other factors propelling the market growth over the years. Moreover, with the increasing technological advancements and continuous developments, the market is estimated to augment during the review period.
On the flip side, cost sensitivity of parking operators who administer such sites for their owners is estimated to pose a threat to the market growth during the assessment period. Moreover, the regulatory framework followed for parking laws is outdated and is estimated to be a major hurdle to the market growth.
Parking Management Market: Segmental Analysis:
The parking management market has been segmented into parking site type, component, vertical, solution, and region.
By mode of parking site type, the global parking management market has been segmented into off-street and on-street parking. While on-street parking refers to parking of vehicles on the street, off-street parking refers to indoor and outdoor parking. Among these, the segment for off-street parking holds the largest market share due to its efficient parking capabilities.
By mode of component, the market has been segmented into software and service. The software segment is further segmented into parking information system and parking payment system. The service segment is sub-segmented into deployment and customization and support and maintenance.
By mode of solution, the market has been segmented into access control, security & surveillance, parking fee & revenue management, valet parking management, parking fee & revenue management, parking guidance & slot management, and others.
By mode of vertical, the market has been segmented into BFSI, recreation, healthcare, corporate & commercial parks, hospitality, academia, retail, transportation, government, and others.
Geographically, the parking management market spans across regions namely, North America, Asia Pacific, Europe, and Rest-of-the-World.
Among all the regions, North America is anticipated to hold the largest market share owing to the early adoption of parking management and technical advancements in this region. North America is closely followed by Europe which is anticipated to show significant growth in the coming years.
The Asia Pacific region holds a great opportunity for growth in this market owing to the presence of countries like China and India who are facing population growth problems recently. Moreover, growing investment in smart city projects is likely to contribute to the market in this region.
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The Brussels Airport Company has installed an innovative parking management system for its 5,000 non-public parking spaces. The system makes it easy for administrators to control everything from a distance at the touch of a button. It also allows the automatic opening of the barriers once cameras have scanned a license plate along with automatic invoicing.
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