The global Parking Management Market size is estimated to be USD 3,395 million in 2018 and is expected to reach USD 5,151 million by 2023, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period. Major growth factors for the parking management market include the growing focus on seamless traffic flow with fuel consumption reduction, adoption of cloud computing and IoT technologies, increasing vehicular sales, and proliferation of smart phones.
Parking Access and Revenue Control (PARC) segment to account for the highest market share in the parking management market during the forecast period
The PARC solution helps parking operators manage vehicles in parking facilities. It enables them to control parking revenue by managing the payments of transient and non-transient vehicles in the parking facilities. Moreover, it assists the parking operators in collecting parking fees from commuters. The PARC segment is expected to account for the highest market share, as the parking operators are increasingly implementing the PARC solution to manage their parking facilities.
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Off-street segment to hold a larger market size in the parking management market during the forecast period
Off-street parking refers to parking areas, such as parking lots, garages, and private driveways in shopping malls, commercial buildings, hotels, and residential buildings. The off-street parking includes proper designing and construction to provide a safe and secure vehicle parking experience for drivers. It helps in ensuring security, pre-booking parking spots, and parking fee management. The off-street parking segment is expected to hold a larger market size during the forecast period, owing to huge investments made by authorities in multi-level parking, and also by the private sector in its parking facilities.
The key market players profiled in this report are Conduent (US), Amano Corporation (Japan), Q-Free ASA (Norway), Indigo Park Services (UK), Chetu (US), Streetline (US), SWARCO (Austria), T2 Systems (US), SKIDATA (Austria), Flowbird Group (France), INRIX (US), Flashparking (US), Parkmobile (US), Passport (US), SpotHero (US), TIBA Parking Systems (US), Urbiotica (Spain), Smart Parking (Australia), SAP (Germany), Siemens (Germany), APCOA (US), Bosch Mobility Solutions (Germany), GET MY PARKING (India), Nester (UAE), and NuPark (US). These players offer parking management solutions and services to cater to the needs and demands of the market. They have adopted various growth strategies, such as partnerships, agreements and collaborations, business expansions, and new product launches. Partnerships have been the major strategic trend, followed by partnerships, agreements, and collaborations.
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Amano Corporation has adopted a strategic mix of organic and inorganic growth strategies, such as partnerships, new product launches, mergers and acquisitions, and business expansions. In March 2018, Amano McGann, a subsidiary of Amano in the US, partnered with PSX Inc., a Texas-based parking solution provider. With this partnership, Amano can work more closely with their customers and provide best support services to its clients. Additionally, in the same period, Amano McGann, a subsidiary of Amano in the US, acquired Computerized Valet Parking Systems (CVPS), a division of Service Tracking Systems, Inc. This acquisition enables Amano to expand and enhance its capabilities in marketing, technology, and customer services in the US.
SWARCO has also adopted a strategic mix of organic and inorganic growth strategies. For instance, in April 2018, SWARCO launched SwappAccess application to make finding and paying for parking simpler and easier. Additionally, in the same period, SWARCO acquired a majority stake in Bergauer Holding AG, a leading traffic solution provider in Switzerland. This acquisition would reinforce SWARCO’s market position in Switzerland.
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