London, April 28, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Parking Management Market by Component (Solution, Services), Technology (Image Processing, Reservation Based, RFID, Visible Light Communication), End User (Retail, Entertainment, & Leisure), Deployment, and Parking site– Global Forecast to 2027”, the parking management market is expected to grow at a CAGR of 7.6% from 2020 to 2027 to reach $4.03 billion by 2027.
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Parking management systems are ICT based solutions which deploy IoT and AI for smooth and automated operation of a parking facility. A wide range of processes in a parking facility such as access control, payment processing, permit management, parking law enforcements, and security and surveillance of the facility can be automated using sensor. In addition, parking systems make parking experience hassle free for the drivers and increase revenue generation for the facility operators. As the ICT technology advances and governments around the world put huge investments in smart city initiatives, the parking management systems are expected to become more popular. Rising adoption of AI based services, increasing demand for seamless traffic flow and parking spaces, and growing initiatives by various national and international organizations to reduce fossil fuel consumption are some of the key factors driving the growth of the parking management market. However, complex system integration and high initial implementation cost are anticipated to obstruct the growth of this market to some extent over the coming years.
Impact of COVID-19 on Parking Management Systems Market
The novel coronavirus pandemic had emerged around the end of December 2019 at Wuhan, Hubei province, China. The pandemic is having a major impact on all aspects of industries, with major industries either totally shut down following the directives issued by local governments or are running with minimal staff to keep their personnel safe. Manufacturing units around the world have been shut down, footfall in showrooms have fallen sharply, and vehicle sales have taken a huge hit. The global economic trade impact of COVID-19 pandemic on automotive industry is estimated to be around $5.7 billion with European Union the worst-hit region at $2.5 billion decline in automotive industry due to disruption in automotive supply chain amid reduction in supplies from China.
With the automotive production being completely shut down and sales of new vehicles witnessing double-digit decline across the globe, reduced purchasing power of consumer resulting in low level of footfalls in retail and entertainment spaces coupled with looming threat of recession and unemployment and the majority of government efforts focused on core economic and industrial reconstruction, installation of new parking management systems will witness a decline and is estimated to be severely impacted due to COVID-19 as it will take time to regain consumer purchasing power and consumer confidence in the market.
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The overall parking management market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of component (solution, services); technology (image processing, reservation based, RFID, visible light communication, license plate recognition); end user (retail, entertainment, & leisure; airport, railway stations, & bus terminals; office spaces); and deployment type (on-premises, cloud). The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the solutions segment is estimated to command the largest share of the overall parking management market in 2020, supported by the growing need for robust and seamless solutions to improve the parking experience for users and increasing revenue and operational efficiency. In addition, high focus of transport authorities across the world to reduce traffic congestion and encourage daily commuters to use more and more park and ride facilities is further supporting the growth of this market. However, upgradation of software installed for various processes and growing demand for better support and maintenance services will result in the service segment emerging as the fastest growing segment during the forecast period.
Based on technology, reservation based parking management system segment is estimated to account for the largest share of the overall parking management market in 2020, owing to its advantages such as periodic submission of parking status from central servers of the parking lot, allowing users to effectively find and reserve a vacant spot; constant update on physical status of parking; accessibility through smartphone; and dynamic pricings. However, the license plate recognition segment is projected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the improved compliances, improved access and gate-less entry options, decreased overhead costs, and improved operations.
Based on deployment type, the on-premise segment is estimated to command the largest share of the overall parking management market in 2020. This is primarily attributed to the speed of access and easier data management process by the on premise servers. In addition, the data stored by on premise servers are highly secured and can be accessed by the parking official only inside the premise. However, the cloud segment expected to witness rapid growth during the forecast period, owing to the factors such as flexibility of access, agility, zero maintenance cost, and flexible payments for the amount of resources used.
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Geographically, Europe commanded the largest share of the overall parking management market. The large share of Europe is primarily attributed to the presence of major tech companies engaged in R&D of ICT technologies and their focus on developing advanced IoT and AI applications, along with initiatives by European Union and local governments to promote the engagement with developers through hackathons to develop innovative smart city solutions. In addition, the factors such as availability of strong communication infrastructure and higher rate of urban development and technology adoption in European countries are further supporting the growth of the European market. However, Asia-Pacific region is expected to witness rapid growth during the forecast period.
The report also includes extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2016–2019). The parking management market has witnessed number of product launches in the recent years. For instance, in July 2019, Cleverciti Systems launched ClevercitiCards to provide integrated, frictionless permit payment and parking guidance for drivers. Similarly, in June 2018, T2 Systems introduced Luke Cosmo, an on-street pay station with solar powered 4G LTE connectivity, flexible payment options, and secure P2PE EMV credit card reader.
The global parking management market is consolidated and dominated by the few major players, namely Xerox Corporation (U.S.), Amano Corporation (Japan), IBM Corporation (U.S.), Cubic Corporation (U.S.), Robotic Parking Systems, Inc. (U.S.), SWARCO AG (Austria), SKIDATA AG (Austria), SEIMENS AG (Germany), Skyline Parking AG (Switzerland), UNITRONICS (Israel), Flowbird Group (France), T2 Systems Inc. (U.S.), and Cleverciti Systems GmbH (Germany) among others.
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Scope of the Report
Parking Management Market by Component
- Solutions
- Parking Access and Revenue Control
- Parking Meter
- Handheld Ticket Writers
- Automated Gates
- Security & Surveillance
- Surveillance Cameras
- Alarms & Locators
- Others (Lighting & Signage, Intrusion Detection, and Emergency Phones & Intercoms)
- Reservation Management
- Permit Management
- Parking Guidance System
- Parking Access and Revenue Control
- Services
- Consulting
- System Integration
- Support & Maintenance
Parking Management Market by Technology
- Image Processing
- Reservation Based Parking System
- RFID Parking Management System
- Visible Light Communication
- License Plate Recognition
Parking Management Market by End-User
- Commercial
- Retail, Entertainment, and Leisure
- Airports, Railway Stations, and Bus Terminals
- Office Spaces
- Others (Healthcare, Hospitality, Educational Institutes)
- Residential
Parking Management Market by Deployment Type
- On-Premise
- Cloud
Parking Management Market by Parking Site
- On-Street Parking
- Off-Street Parking
Parking Management Market by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest Of Europe
- Asia-Pacific
- Japan
- China
- South Korea
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Middle East And Africa
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