Global Parking Management Market Estimated to Witness Large Scale Public-Private Investments

  • 13 May 2019

Rising urbanization and smart cities, rise in use of personal vehicles, focus on controlling traffic congestion to streamline traffic flow, reduction in fuel consumption and the advent of advanced visual and connectivity technologies have facilitated the emergence of parking management solutions and services. Parking reserving application, real-time parking availability status sensors, parking fees payment management, parking facilities safety are all parking management areas that facilitate parking operation and revenue control.
Increased investments by government and private sector players to build innovative parking spaces will be major contributor fuelling the growth of the global parking management market. Road safety rules reinforcement, need to improve security and surveillance along with the rising in smart parking deployment projects in various nations is estimated to induce tremendous growth resulting in a massive CAGR during 2019-2026.

The global parking management market is estimated to value over US $ 6.45 billion by the end of 2026 registering a CAGR of 8.3% during the forecast period of 2019 to 2026. 

Global Parking Management Market Trends to Focus for Competitive Advantage

•    Integration of cutting-edge technologies with distributed revenue models and a variety of vendors formulating a seamless system
•    Implementation of cloud-computing solutions
•    Public-private sector partnerships in both developed and developing economies
•    The role played by law enforcement authorities and ruling governments
•    Access control using License Plate Recognition(LPR), biometrics and Automatic Vehicle Identification(AIV)
•    Cellular connectivity safety
•    The dependency of guidance systems on data analytics   
•    Adoption of the pay-per-use model by government and commercial parking facilities

Global Parking Management Market, by Solution: 

•    Analytics
•    Parking Guidance
•    Enforcement
•    Reservation Management
•    PARC
•    Permit
•    Security & Surveillance

Global Parking Management Market, by Deployment Type:

•    Cloud
•    On-premises
Focus on business continuity using cloud deployment for ease of accessibility and organization scalability irrespective of geographic locations will continue to dominate the parking management market. Besides pricing affordability offered by cloud deployment is estimated to drive the implementation of cloud-based parking management services and solutions in the coming years, especially in developing regions of the world.

Global Parking Management Market, by Parking Site:
•    On-Street
•    Off-Street
On-street parking comes with benefits like low cost and time for developing parking spaces. Also, this segment is experiencing high investment in lieu of attempts to control traffic congestion in urban areas. The on-street parking site segment is estimated to grow at an attractive CAGR during the forecast period from 2019 to 2026. However, the shift towards service-centric models due to smart cities development and related cost of maintenance, security, fees collection and customer service is projected to convert off-street parking site segment into largest market share holding sub-segment.

Global Parking Management Market, by Service
•    Professional Services 
•    Managed Services

 

Global Parking Management Market, by Region:
•    Europe 
•    North America 
•    APAC 
•    Latin America
•    Rest of world
Inclination towards service-oriented offerings, a high number of personal vehicles on the road and high investment in parking management facility developments are factors fuelling dominant growth of the North American region. This is followed by Europe with the rising need for traffic safety and commuter convenience. The APAC region is estimated to grow at a trailblazing CAGR due to enhanced citizen services, smart cities implementation and swift adoption of advanced technologies.

Competitive Landscape: 
•    Tier 1 players- established companies in the market with a major market share 
•    Tier 2 players
•    Emerging players which are growing rapidly
•    New Entrants  

FutureWise Takeaways 
•    Growth prospects 
•    SWOT analysis
•    Key trends
•    Key data points affecting market growth 

Objectives of the Study:
•  To provide with an exhaustive analysis on the Global Parking Management Market by Solution, by Service, by Deployment Type, by Parking Site and Region 
•  To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•  To evaluate and forecast micro-markets and the overall market 
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East.
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
•  Profiling of companies to evaluate their market shares, strategies, financials and core competencies 

 

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