PUNE, India, March 19, 2019 — In terms of revenue, global parking management market was valued at US$ 3,355.0 million in 2018 and is anticipated to reach US$ 6,939.5 million by 2027, growing at a CAGR of 8.5% over the forecast period. Systematic traffic management owing to increasing number of vehicles on the street is a major factor driving the growth of overall industry. Complexities associated with system integration is expected to critically impact the market growth. Rising investment from private organizations and government to manage parking spaces has led to propel the parking management market. Companies are generating a significant share of revenue by introducing smart parking management systems and solutions in the market as they have already identified that most urbanized areas are facing parking shortages and willing to pay as per demand. These companies have introduced smart and intelligent solutions that help the customers to effectively manage their vehicle’s parking. These companies are also introducing various innovative technologies along with their parking systems such as image processing, smart sensors, IoT and others to further increase the effectiveness of their solutions.
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The detailed research study provides qualitative and quantitative analysis of parking management market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- In terms of revenue, global parking management market is expected to reach US$ 2,250.5 million by 2027 owing to favorable features such as enhanced security, controlled pilferage, quick return on investment, reduced operating cost amongst others.
- Cloud Based Solution held the largest market share in 2018 and is expected to grow at a CAGR of 8.1% over the forecast period due to cloud specific spending from organizations. They essentially help in reducing IT costs, improving performance & services quality as compared to traditional IT services.
- Asia Pacific region is expected to witness the highest CAGR over the forecast period owing to technological innovation along with improving infrastructure facilities for cloud based computing. KEYTOP, based in China is engaged in providing parking technology such as car finder system, parking guidance system and ticketless parking management systems. The company’s technology has been also implemented in different areas such as university campuses, governmental facilities, airports, shopping centers, municipalities as well as event & sport arenas.
- Some of the players operating in the parking management market are Conduent, Inc., Amano, Indigo Park Services, Chetu Inc., Streetline, SWARCO, T2 SYSTEMS, INRIX, Flashparking, SAP, Siemens, APCOA PARKING amongst others.
- Airports like the Stockholm Arlanda and Gothenburg Landvetter in Sweden are likely to implement GrayMatter’s car parking revenue management (CPRM) solution to improve the efficiency of their parking operations. The automated system will recommend optimal pricing for the airport’s vehicle parks and also assist in monitoring and decision-making. The company aims to use this automated system that would enable smarter pricing and stronger decision support. A similar instance can be quoted for Chennai City Corporation in India, who will commission a smart parking management system at 378 locations in the state to meet the heavy parking demand in the city. In order to implement the system, the Chennai Corporation is planning to increase the parking charges from USD 0.071 to Rs. USD 0.56 per hour. In the recent past, Hikvision Corporate based in China, launched its intelligent parking lot management solutions for improved ease of management and operation of parking structures in the country. The company’s solution uses the Automatic Number Plate Recognition (ANPR) technique to improve parking site security and vehicle flow.
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- By Type
- Parking Guidance Solution
- Parking Reservation Management
- Parking Permit Management
- Parking Enforcement Management
- Parking Access and Revenue Control
- Parking Security and Surveillance
- Parking Analytics
- Professional Services
- Managed Services
- By Deployment
- Cloud Based
- By Parking Site
- Off-Street Parking
- On-Street Parking
- By Verticals
- Transportation & Transit
- By Geography
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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