“The growing focus on seamless traffic flow and reduction in fuel consumption is expected to drive the parking management market”
The parking management market size is expected to grow from USD 3.39 billion in 2018 to USD 5.15 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period. The major driver for the parking management market is expected to be the growing focus on seamless traffic flow and reduction in fuel consumption and increasing motor vehicle sales. The major restraining factor is could be the complexity in system integration.
“Cloud deployment type is expected to grow at a higher rate during the forecast period”
The cloud deployment type is expected to record a higher growth rate during the forecast period. The cloud-based solutions are cost effective and easily scalable as per business requirements. These advantages encourage companies to adopt cloud-based parking management solutions. Cloud-based solutions facilitate organizations with scalability and the ease of accessibility of organizational content, regardless of employees’ location, thereby helping with business continuity. Cloud-based solutions are widely adopted in the developing countries.
“Asia Pacific (APAC) is expected to grow at the highest rate during the forecast period”
As per the geographic analysis, the APAC region is expected to witness the fastest growth in the parking management market due to the rapid adoption of advanced technologies and increasing urabnization in developing countries. In addition to this, various smart city projects have been rolled out in the APAC region to enhance the citizen services. These smart city projects address infrastructure, transit, utilities, and connectivity challenges. Parking management is the center stage of all these smart cities projects. North America is expected to hold the largest market share during the forecast period, owing to the large-scale investments in implementing parking management solutions, due to the growing need for better driver and commuter convenience.
The break-up profiles of the primary discussion participants are given below:
• By Company Type: Tier 1 (53%), Tier 2 (33%), and Tier 3 (14%)
• By Designation: C-Level (60%), Director Level (10%), and Manager Level (30%)
• By Region: North America (35%), Europe (25%), APAC (30%), and RoW (10%)
The key parking management market vendors profiled in the report are as follows:
1. Conduent (US)
2. Amano Corporation (Japan)
3. Q-Free ASA (Norway)
4. Indigo Park Services (UK))
5. Streetline (US)
6. SWARCO (Austria)
7. T2 Systems (US)
8. SKIDATA (Austria)
9. Flowbird Group (France)
10. INRIX (US)
11. Chetu (US)
12. Flashparking (US)
13. Parkmobile (US)
14. Passport (US)
15. SpotHero (US)
16. TIBA Parking Systems (US)
17. Urbiotica (Spain)
18. Smart Parking (Australia)
19. SAP (Germany)
20. Siemens (Germany)
21. APCOA (US)
22. Bosch Mobility Solutions (Germany)
23. GET MY PARKING (India)
25. NuPark (US)
The global parking management market has been segmented on the basis of types (solutions and services), deployment types, parking site, and regions. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities across the regions. In addition to this, the strength of product portfolio and business strategy excellence are some of the other MarketsandMarkets analysis included in the report.
Reasons to Buy the Report
The report will help the market leaders/new entrants in the parking management market in the following ways:
1. The report segments the parking management market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report helps the stakeholders understand the competitors and gain more insights to better their position in the market.