Dublin, Sept. 07, 2021 (GLOBE NEWSWIRE) -- The "Parking Management Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029" report has been added to ResearchAndMarkets.com's offering.
The parking management market deals with the efficient utilization of parking space and available resources with the help of parking management systems. Parking management systems offers the users to quickly search the parking spots and provide guidance to enhance the visitors experience by making the whole process smooth. Global parking management market is anticipated to rise with a CAGR of about 10.9% during the forecast year 2021-2029. Increasing demand of parking space due to boost in vehicle production and sales along with global focus on seamless traffic flow is promoting immense growth in the market.
Innovation With respect To Ecosystem and infrastructure remains as the Key Driver
The global parking management systems market has witnessed significant technological advancements such as deployment of integrated mobile apps & software for parking, cashless payments, RFID technologies. With all these technological benefits the parking management systems is all set to utilize the potential of Internet of Things. IoT will enable the solution for modern parking complexes which include security control, detection systems and automated placement. Thus, IoT is enabling the modern parking systems with smart features such as vehicle measurement, image analysis, electronic payment scanning, and automatic retrieval. The major driving forces boosting the market includes increasing consumption of vehicles due to rising purchasing power of consumers in developing region and rising concerns for security in parking management. However, high cost of installation and integration with existing parking systems are still a concern for the market. Increasing traffic congestion is another challenge in both developed and developing economies across the globe.
Increasing Number of Vehicles across the Globe to Propel Market Growth
According to International Energy Agency, total number of vehicles on the road is anticipated to reach over 1.7 billion by 2035. Emerging countries like India, China, Brazil, and South Africa, and transitional economies like Indonesia, Vietnam, Nigeria, Argentina, and Kenya are set to drive demand for automobile production in the near future. Rising number of vehicles would certainly supplement of parking management services and solutions specifically in urban areas. It is estimated that improper traffic management across the globe can lead to be a fifth leading cause of death by 2030. Increasing number of vehicles across the world has created huge traffic congestions on the road catering to increase the demand for traffic management and availability of proper parking space.
Software Remains the Crucial Component of Market in Revenue Generation
The parking management market has been segmented by software and services, by parking site type, by solutions and by verticals. On the basis of software and services, the market has been bifurcated into software's utilized in parking management systems and services that are offered in the market including installation, maintenance and customization services. Software market is estimated to generate a majority of revenue in the market with a share of over 62% as of year 2020. The sector is also projected triple its current annual revenue to spread by $ 350 billion by the year 2025. Surging demand of customized software solutions across the globe can be observed in the IT industries across the globe that showed increase in revenue. In terms of solutions access control dominates the market revenues. Access control is a security technique, which is used to control what or who can use or view resources in a computing environment. The access control system perform identification, authorization, access approval, authentication and accountability of entities, such as vehicles for the parking management through biometrics, ID management, license plate recognition- based automatic vehicles identification. Generally, access control system is designed to determine who, when and where can enter or exit. Access control is being integrated with parking system revenue generation or can be employed only as a parking access control system. The major driving factor of access control market is the issues related to security, safety, and connectivity which increase the use of access control parking management solutions.
North America to Take the Lions Share
On the basis of geography, the market has been segmented into North America, Europe, Asia Pacific and rest of the world. North America leads the parking management market among other regions with a total share of about 39.13% in 2020. Increasing growth in the vehicle sales and increasing demand of vehicle parking space has promoted immense growth in the market. Asia pacific market has been contributed to show fast growth of about 12.9% in the forecast period 2021 - 2029.
Key Companies & Key Strategies
Global parking management systems market form a larger part ofIT software & service industry. Large industries allow multiple firms to manufacture their product and prosper without stealing market share from other competitors. However, with increasing number of entities offering out of box solutions, the intensity of competition is likely to increase. High revenue growth supplements growing industry (IT software & services) size. The key players include The major vendors include GROUP Indigo (France), Amano (Japan), Siemens (Germany), Bosch Group (Germany), Conduent (US), APCOA PARKING (US), Precise ParkLink (Canada), SWARCO (Austria), SKIDATA (Austria), T2 Systems (US), FlashParking (US), Passport Labs (US), Flowbird Group (France), ParkMobile (US), SpotHero (US), Get My Parking (India), INRIX (US), IPS Group (US), Smart Parking (Australia), Chetu (US), TIBA Parking Systems (US), Q-Free (Norway), Streetline (US), ParkOffice (US), Urbiotica (Spain), and CivicSmart (US) and others
Key questions answered in this report
- What are the key market segments in current scenario and in the future by product categories?
- What are the key market segments in current scenario and in the future by regions?
- What is the key impact of Covid-19 over market revenues and market determinants in the parking management market?
- What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
- What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
- How to overcome the current market challenges and leverage the opportunities in each of the market segment?
- Who are the key players in the parking management market and what are their key product categories and strategies?
- What are the key strategies - mergers/acquisitions/R&D/strategic partnerships etc that companies are deploying to enhance market revenues and growth?
Key Topics Covered:
Chapter 1. Preface
Chapter 2. Executive Summary
Chapter 3. Market Determinants
3.1.Drivers
3.1.1. Global Focus on Seamless Traffic Flow and Reduction in Fuel Pollution
3.1.2. Increased Production of Vehicles Leading To Parking Concerns
3.1.3. Concern for Safety and Security
3.1.4. Increasing Demand of Advanced License Plate Recognition (Lpr) Technology
3.1.5. Advancement in Real Time information regarding Parking
3.2.Restraints
3.2.1. High Implementation Cost
3.3.Opportunity
3.3.1. Growth of Smart Cities/ Smart Parking System
3.3.2. Growing Vehicle Demand
3.3.3. Utilization of Unused Parking Spaces
3.4.Challenges
3.4.1. High Software Maintenance Costs
3.4.2. Issues with System integration
3.4.3. Lack of Skilled Personnel
Chapter 4. Parking Management by Software and Service
4.1. Global Parking Management Market by Software 2019-2029($ Million)
4.2. Global Parking Management Market by Professional Services 2019-2029($Million)
Chapter 5. Parking Management by Solution
5.1. Global Parking Management Market by Access Control 2019-2029($ Million)
5.2. Global Parking Management Market by Security and Surveillance 2019-2029($ Million)
5.3. Global Parking Management Market by Parking Fee and Revenue Management 2019-2029($ Million)
5.4. Global Parking Management Market by Parking Reservation Management 2019-2029($ Million)
5.5. Global Parking Management Market by Valet Parking Management 2019-2029($ Million)
5.6. Global Parking Management Market by Parking Fee Enforcement and Permit Management 2019-2029($ Million)
5.7. Global Parking Management Market by Parking Guidance and Slot Management 2019-2029($ Million)
Chapter 6. Parking Management by Parking Site Type
6.1. Global Parking Management Market by On Street Parking 2019-2029($Million)
6.2. Global Parking Management Market by off Street Parking 2019-2029($Million)
Chapter 7. Parking Management by Verticals
7.1. Global Parking Management Market by Academia 2019-2029($Million)
7.2. Global Parking Management Market by Government and Municipalities 2019-2029 ($Million)
7.3. Global Parking Management Market by Transportation 2019-2029($ Million)
7.4. Global Parking Management Market by Recreation 2019-2029($ Million)
7.5. Global Parking Management Market by Healthcare 2019-2029($ Million)
7.6. Global Parking Management Market by Hospitality 2019-2029($ Million)
7.7. Global Parking Management Market by Retail 2019-2029($ Million)
7.8. Global Parking Management Market by Corporate and Commercial Parks 2019-2029($ Million)
7.9. Global Parking Management Market by BFSI 2019-2029($ Million)
7.10. Global Parking Management Market by Other Verticals 2019-2029($ Million)
Chapter 8. North America Parking Management Market 2019-2029($ Million)
8.1. United States Parking Management Market 2019-2029($ Million)
8.2. Canada Parking Management Market 2019-2029($ Million)
8.3. Rona Parking Management Market 2019-2029($ Million)
Chapter 9. Euro Parking Management Market 2019-2029($ Million)
9.1. UK Parking Management Market 2019-2029($ Million)
9.2. France Parking Management Market 2019-2029($ Million)
9.3. Germany Parking Management Market 2019-2029($ Million)
9.4. Spain Parking Management Market 2019-2029($ Million)
9.5. Italy Parking Management Market 2019-2029($ Million)
9.6. Rest of Europe Parking Management Market 2019-2029($ Million)
Chapter 10. Asia Pacific Parking Management Market 2019-2029($ Million)
10.1. China Parking Management Market 2019-2029($ Million)
10.2. india Parking Management Market 2019-2029($ Million)
10.3. Japan Parking Management Market 2019-2029($ Million)
10.4. Korea Parking Management Market 2019-2029($ Million)
10.5. Australia Parking Management Market 2019-2029($ Million)
10.6. Rest of Asia-Pacific Parking Management Market 2019-2029($ Million)
Chapter 11. Row Parking Management Market 2019-2029($ Million)
11.1. Latin America Parking Management Market 2019-2029($ Million)
11.2. Middle East & Africa Parking Management Market 2019-2029($ Million)
Chapter 12. Company Profiles
12.1. Indigo (France)
12.1.1. Overview
12.1.2. Product Portfolio
12.1.3. Strategic initiative
12.1.4. Scot Analysis
12.1.5. Strategic Analysis
12.2. Amano (Japan)
12.3. Siemens (Germany)
12.4. Bosch Group (Germany)
12.5. Conduent (US)
12.6. APCOA PARKING (US)
12.7. Precise ParkLink (Canada)
12.8. SWARCO (Austria)
12.9. SKIDATA (Austria)
12.10. T2 Systems (US)
12.11. FlashParking (US)
12.12. Passport Labs (US)
12.12. Flowbird Group (France)
12.14. ParkMobile (US)
12.15. Get My Parking (India)
12.16. SpotHero (US)
12.17. Get My Parking (India)
12.18. INRIX (US)
12.19. IPS Group (US)
12.20. Smart Parking (Australia)
12.21. Chetu (US)
12.22. TIBA Parking Systems (US)
12.23. Q-Free (Norway)
12.24. Streetline (US)
12.25. ParkOffice (US)
12.26. Urbiotica (Spain)
12.27. CivicSmart (US)
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