Parking management consist of various policies and programs that result in efficient usage of parking facilities and services. The ever competitive and increasing number of vehicles across the globe is further worsening the problem of shortage of parking spaces, majorly in metropolitan localities. This is owing to growth in the urban revitalization, upward trend of mobility as well as surge in semi urban development. Inefficient administration leads to the overcrowding of vehicles which is further resulting in congestion of traffic. Additionally, it increases noise and air pollution. Advancements in technology, for example, smart parking systems are projected to bolster the market growth. New and innovative infrastructure helps in furnishing real time data and information in regards to the availability of space, thus saving fuel, time, and overall cost.
A rapid increase in the number of vehicles is bringing a significant impetus in the overall demand for an efficient parking management system to overcome the parking concerns. The problems related to traffic congestion are increasing at a considerable rate across the world which is further bringing momentum in the need for flexible and effective parking assistance solutions. The rapid adoption of the aforementioned technologies furnish intensified flexibility and scalability to effectively hoist the woes of car owners. The rising adoption of parking assistance systems especially at key avenues including airports, corporate campuses and shopping malls among others is anticipated to bolster the market growth over the forecast period.
The global parking management market is segmented on the basis of services, solution, parking site type, industry vertical and geography. Based on service, the global market can be divided into professional services which can be further sub-segmented to deployment and customization and maintenance and support. Based on solution, the global market can be divided into access control, security and surveillance, fee & revenue management, enforcement and permit management. Based on parking site type, the global market can be divided into on street parking and off street parking. Based on industry vertical, the global market can be divided into healthcare, corporate and commercial parks, financial services, hospitality, transportation, academia, retail, government and municipalities, insurance, recreation and banking and others. Based on geography, the global parking management market can be segmented into Asia-Pacific, Europe, North America and rest of world.
Several emerging markets including Russia, New Zealand, Indonesia, Brazil, Argentina, Poland, Netherlands, Denmark, Korea and Australia among others are also projected to foresee a considerable growth during the forecast period. Additionally, a significant increase in the per capita disposable incomes especially among the middle class population group along with growth of the global economy is another key aspect which is expected to bring momentum in the growth of the global market. Key players operating in the global market are focusing on key market strategies including mergers, partnerships, collaborations and acquisitions to maintain a strong hold on the ever competitive market. Furthermore, they are accentuating on furnishing diversified product line coupled with integrated services and applications for the efficient management. In addition, they are focusing on acquiring local market players to improve their market reach. Some of the key players in the global market include Amano Corporation, M Company, IBM Corporation, Cubic Corporation, Siemens AG, Kapsch TrafficCom, Swarco Corporation, Skidata, Xerox Corporation and T2 Systems among others.
The global parking management market is segmented
• Access control
• Security and surveillance
• Fee & revenue management
• Enforcement and permit management
By Parking Site Type:
• On street parking
• Off street parking
By Industry Vertical:
• Corporate and commercial parks
• Financial services
• Government and municipalities
• North America
• Rest of world