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Industry Insights, Market Size, CAGR, High-Level Analysis: Global Parking Management MarketThe global parking management market size was valued at USD 3,684.1 million in 2018 and is expected to register a CAGR of 9.4% from 2019 to 2025. An increase in the number of vehicles across the world is driving the demand for an effective management system to counter parking issues. The issues of traffic congestion, accident, and environmental hazards are growing across the world and are also creating the need for effective and flexible parking management solutions. The adoption of solutions such as parking management software, ParkPlus System, and bicycle parking system offers enhanced scalability and flexibility to efficiently tackle parking woes. Poor parking management leads to overcrowding of vehicles, resulting in traffic congestion. It also contributes to air and noise pollution. The use of GPS, smartphones, and cloud software is increasing for the development of easy way-finding mobile applications that provide real-time data to help drivers navigate the nearest vacant parking space. The growing demand for real-time data to determine the availability of carpark spaces is expected to drive the demand for parking management solutions. The growing adoption of parking management systems at corporate campuses, airports, and shopping complexes is also projected to drive the market growth over the forecast period. Technological advancements such as e-payments, Internet of Things (IoT), and wireless parking sensors are expected to improve consumer experience and increase the adoption of carpark management solutions over the forecast period. Furthermore, technological advancements in sensors are anticipated to lead to a reduction in size and better accuracy of the sensors, making them more cost-effective, efficient, and compatible. The increasing demand for electric cars is compelling city authorities to implement charging stations. However, charging an electric car requires one to four hours, which is further increasing the demand for carpark spaces. The availability of real-time parking data is expected to reduce the time spent by drivers in finding an available carpark space and reduce traffic congestion. The increasing smartphone penetration and the availability of mobile applications with features that help drivers navigate carpark spaces are further expected to drive the growth of the market over the forecast period. For instance, in December 2018, ParkMobile, LLC, a provider of smart parking solutions, launched a new app named ParkColumbus app. The app included a payment option for paying at parking meters through smartphones. The application is compatible with both android and iPhone devices. Furthermore, the use of mobile wallet and electronic payment systems in carpark management is becoming popular among online and smartphone users. Many carpark mobile applications have incorporated these features to reserve carpark space and make payments through mobile wallets. This enables users to save significant time spent on searching for a vacant space. These features are expected to further increase the demand for parking management solutions.
Solution Insights of Global Parking Management MarketOn the basis of solution, the parking management market is segmented into access control, security & surveillance, revenue management, parking reservation management, and other. The revenue management segment dominated the market in 2018 and was valued at USD 686.2 million. The demand for revenue management solutions is increasing as they help determine the correct pricing for all car parks by providing a view of the price rates. These solutions also help the facility providers to compare their prices with the prices of other competitors and thus, help them increase their revenue. The shortfall of carpark spaces in commercial and residential areas makes it difficult for individuals to look for a vacant carpark space. This is driving the demand for parking reservation management solutions. These solutions provide information on the availability of carpark spaces for both parking providers and drivers through constant monitoring. The solution comprises software and equipment such as cameras, parking meters, automatic gates, and sensors, which help maintain the smooth flow of traffic and also improve security. These factors are expected to drive the growth of the parking reservation management segment.
Application Insights of Global Parking Management MarketOn the basis of application, the market is segmented into transport transit, government, and commercial. The government segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period. The need for developing safe, clean, and efficient public carpark facilities across cities is creating a high demand for efficient carpark management solutions in the government segment. The growing number of smart city projects is further driving the need for intelligent solutions. Increasing traffic problems owing to lack of carpark spaces across the globe is encouraging governments to implement carpark management solutions. For instance, the Dutch Ministry of Infrastructure and Water Management, along with local authorities and national & international organizations, planned to invest USD 101 million by 2020. The Dutch Ministry also entered into partnerships with traffic solution providers, automotive companies, and telecommunication & internet providers to develop and provide innovative traffic applications. The governments in urban areas are encouraging commercial organizations to manage their carpark spaces. This has also led to an increase in investments in industrial complexes, businesses, and shopping malls for improving carpark space utilization.
Service Insights of Global Parking Management MarketOn the basis of service, the market is segmented into consulting, system integration & deployment, and support & maintenance. The support & maintenance segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period. In the competitive market, unexpected downtime and failure in execution of an application may result in loss of a customers trust. Carpark facilities providers are partnering with support & maintenance service providers to increase the agility, compatibility, and availability of parking management solutions. Rapidly changing dynamics of the marketplace are encouraging businesses to opt for support and maintenance services for providing uninterrupted carpark management solutions to their customers. Furthermore, the support & maintenance services also include enhancement services for mobile apps for improving the compatibility of the apps with the latest OS versions. The facility providers are facing challenges related to the management of growing user data and are using these services to better manage the data. This is also expected to drive the demand for support & maintenance services to enhance database administration operations.
Parking Site InsightsOn the basis of parking site, the market is segmented into on-street and off-street. The off-street segment is further categorized into garage and lot parking. Factors such as increased penetration of mobile applications, availability of improved ticketing and payment solutions for parking guidance, and introduction of assistive systems are strengthening the growth of the off-street segment. The off-street parking systems are used by both short- and long-term users. Furthermore, to minimize traffic congestion on roads, various governments are making significant investments in deploying off-street parking management solutions. For instance, in February 2019, Huntingdonshire District Council approved the funding to implement a system called Pay for What You Use for off-street carparks. Additionally, in 2018, the Beijing Government launched an off-street parking IoT management platform. The platform provided information on vacant carpark spaces in the city and included convenient services such as online payments.
Regional Insights of Global Parking Management MarketNorth America dominated the market in 2018 and was valued at USD 1,419.5 million. The increase in the number of automobiles in countries such as Canada and the U.S. is creating the need for reducing issues such as traffic congestion and is instrumental in driving the growth of the regional market.Increasing adoption of mobile devices and the introduction of mobile apps for finding carpark spaces in the U.S. are expected to drive the growth of the market in the North American region. Furthermore, the use of cloud-based carpark management solutions is increasing as they enable management of carpark facilities in a cost-effective way. Asia Pacific is expected to emerge as the fastest-growing regional market over the next six years. The growth of this regional market can be attributed to the increasing government spending on developing smart cities. For instance, in 2015, the Government of India allocated USD 1.2 billion for the development of smart cities in the country. Furthermore, various companies in the region are developing and providing smart solutions for carpark management. For instance, in 2017, Huawei Technologies Co., Ltd. launched a smart parking network in China, which allowed users to find, book, and pay for carpark spaces using a smartphone app. Parking Management Market Share Insights The prominent vendors in the market include 3M, Amano Corporation, Cubic Corporation, IBM Corporation, Kapsch TrafficCom, Siemens, SKIDATA AG, Swarco, T2 Systems, and Xerox Corporation. The market players are accentuating on providing diversified products, along with integrated applications, for efficiently meeting various parking requirements. The key players are focusing on collaborating with technology providers to develop advanced parking management solutions and to expand their market reach. For instance, in February 2018, Amano McGann, Inc., a subsidiary of Amano Corporation, acquired Valet Parking Systems, a division of Service Tracking Systems, Inc. The former company aimed at strengthening its market presence in the North American region through this acquisition.
p2 Segments covered in the reportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global parking management market report based on solution, service, parking site, application, and region.
Solution Outlook (Revenue, USD Million, 2019 - 2030)
- Access Control
- Security & Surveillance
- Revenue Management
- Parking Reservation Management
- Valet Parking Management
Service Outlook (Revenue, USD Million, 2019 - 2030)
- Consulting Services
- System Integration & Deployment
- Support & Maintenance
Parking Site Outlook (Revenue, USD Million, 2019 - 2030)
Application Outlook (Revenue, USD Million, 2019 - 2030)
- Transport Transit
Table of Contents Chapter 1. Methodology and Scope 1.1. Research Methodology 1.2. Research Scope and Assumption 1.3. List of Data SourcesChapter 2. Executive Summary 2.1. Parking Management - Industry Snapshot & Key Buying Criteria, 2014 - 2025 2.2. Global Parking Management Market, 2014 - 2025 2.2.1 Global parking management market, by region, 2014 - 2025 2.2.2 Global parking management market, by solution, 2014 - 2025 2.2.3 Global | read more...