Increasing number of infrastructure development projects coupled with rise in number of registered passenger vehicles in Asia-Pacific and MEA region to drive the demand for parking management market in the coming years
According to a new market research study titled, “Parking Management Market To 2027 - Global Analysis and Forecasts by Parking Site, Solutions, Services, and Deployment Type”. The global market accounted for US$ 37.5 Bn in 2017 and is estimated to reach US$ 58.5 Bn by 2027 thereby registering a CAGR growth rate of 4.8% from 2019 to 2027. The report highlights the key trends prevalent in the global parking management market and the factors driving the market along with those that act as deterrents to its growth.
Factors such as an increase in demand for effective and efficient parking solutions especially among densely populated cities and the growing number of the registered passenger vehicle is expected to be the significant market driving force in the coming years. Further, the increasing popularity of smart cities concepts and the subsequent adoption of technology-driven mobility and smart parking solution is also anticipated to fuel the demand for parking management solutions in the forecast period. Moreover, among developed countries, the increasing number of limited parking spaces both on-street and on-street especially among metro cities are witnessing a growing demand for more efficient parking spaces at major popular commercial hubs and optimizing the available parking space with different end-users.
Parking solution such as parking guidance system offers real-time navigational and parking space availability to the different motorist and passenger vehicles. This facilitates in efficient utilization of parking space as well as reduces the time spent by individuals looking for empty parking space. Moreover, other technology-enabled solutions such as automatic number plate recognition and parking fees payment & reservation through mobile app enable seamless enforcement and revenue management solutions to different end-users.
The market for parking management is globally has been segmented into segments namely: parking site, solutions, service, and deployment type. Based on the parking site, the market is bifurcated into on-street and off-street parking sites. Whereas, based on solutions the market is broadly segmented into parking guidance systems, parking reservation, parking security & surveillance, and others. Moreover, by service, the market is further broken down into professional and managed service. Finally, by deployment of the solutions the market is divided into on-premise and cloud solutions.
The global parking management market is highly fragmented and constitutes significant numbers of players having a minimal scope of business as well as present restricted to small cities. However, there are also some leading market players present across different countries and having presence among different end-users such as airports, hospitals, commercial complexes, and government & municipal authorities among other end-users. For instance, some of the leading players that are currently present in the market are Flowbird Group, Indigo Parking Service, ParkMobile, Passport Inc., Siemens AG, Smart Parking Ltd., Streetline, Swarco, T2 Systems, and Tiba Parking among other market players.
The report segments the global parking management market as follows:
Global Parking Management Market - By Parking Site
Global Parking Management Market - By Parking Solutions
Parking Guidance Systems
Parking Reservation Solutions
Parking Security & Surveillance
Global Parking Management Market - By Service
Global Parking Management Market - By Deployment Mode
Global Parking Management Market - By Geography
Rest of Europe
Rest of APAC
Middle East & Africa (MEA)
South America (SAM)
Rest of SAM
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