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