Dublin, Feb. 13, 2019 (GLOBE NEWSWIRE) -- The "Parking Management Market to 2027 - Global Analysis and Forecasts by Parking Site, Solutions, Services, and Deployment" report has been added to ResearchAndMarkets.com's offering.
The global parking management market is expected to grow to US$ 58.5 Bn by 2027 from US$ 37.6 Bn in 2017.
As per ACEA (European Automobile Manufacturers Associations), parking management refers to the adoption of various strategies and subsequently technology-enabled solutions that facilitate in efficient use of parking resources. Further, the effective implementation of the strategy results in the reduced number of parking space required by the facility based on the strategy adopted thereby providing long-term economic, social, and environmental benefits to the end-user. The parking management market is expected to witness a CAGR growth rate of 4.8% from 2019 to 2027.
The parking management market is a highly fragmented market with the presence of a significant number of players in each country coupled with multiple players with small and regional presence. The commonly available parking solutions in parking management market are access control, ANPR, parking security & surveillance, parking reservation and valet parking, and fee enforcement among other parking management solutions.
Moreover, the increasing number of registered passenger vehicles along with limited parking space availability across important cities has led to the surge in demand for efficient parking management market in the past few years. Subsequently, the leading end-users of parking management such as airports, government & municipals, universities, hospitals, hotels, restaurants, and commercial complexes among other end-users have witnessed a significant increase the parking management market in the coming years.
Also, among on-street parking especially in metro cities has attributed in a considerable collection of revenue generated through parking violation and parking fees which is effectively utilized for providing essential utilities to the public. Factors such as increasing rate of infrastructure development coupled with the growing purchasing power of the individuals have significantly increased the demand for improving the vehicle mobility at major popular commercial hubs in developed as well as developing countries.
Geographically, the parking management market is majorly dominated by developed regions such as Europe and North America owing to a high number of registered vehicle per household capita and the amount of regulated parking space currently available in the areas. Moreover, the growing emphasis towards facilitating seamless mobility among densely populated cities has further boosted the demand for efficient parking management in the developed regions.
Currently, there are various leading players such as APCOA, Indigo-Infra Park, Passport, Siemens, Skidata and SP Plus among other leading companies have leading market position in parking management market among different countries across European and North America regions. However, the presence of the substantial number of local and regional players with a minimal scope of business has resulted in the highly fragmented parking management market even in developed economies.
Among developing countries, the availability of a substantial number of unregulated parking space and free parking has a profound influence over the parking management market growth and the market is majorly driven by off-street parking space at commercial areas and government & municipal locations. However, countries such as Japan and China owing to stringent government guidelines towards parking space have resulted in minimum parking space available for parking management solutions.
The primary factor influencing the growth of off-street parking in the parking management market among developed countries and few financially emerging countries is the rapid growth of smart cities. The rising smart city initiatives are driving the deployment of sensors and related technologies for various applications which includes parking.
Owing to this, several parking management technology developers as well as numerous parking management service providers are developing and offering advanced technologies to facilitate the municipalities and private spaces to optimize unutilized and unorganized parking areas. The advantages of technologically enhanced parking technologies are increasing the interest among various municipalities, commercial building zones, industrial building management as well as residential sector, thereby, rising the market for off-street parking management in the current market scenario.
The future of off-street parking management is anticipated be prominent attributing to two significant facts; increase in partnerships among the technology developers and parking management service providers as well as municipalities; and reduction in the cost of the technologies.
Some of the prominent off-street parking management companies across the globe include; Amano McGann, TIBA Parking, Gemini Parking Solutions, and Duncan Solutions among others.
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Parking Management Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.3 Pest Analysis
4. Parking Management Market - Key Industry Dynamics
4.1 Key Market Drivers
4.1.1 Significant Rise In Number of Vehicles On Road
4.1.2 Rising Adoption of Smart Technologies In Parking Management
4.2 Key Market Restraints
4.2.1 Limited Awareness Among the Consumers In Developing Countries
4.3 Key Market Opportunities
4.3.1 Increasing Partnerships and Mergers To Stimulate the Parking Management In Urban Areas
4.4 Future Trends
4.4.1 Simplification of Technologies and Reduction In Cost of the Systems
4.5 Impact Analysis of Drivers and Restraints
5. Parking Management - Global Market Analysis
5.1 Global Parking Management Market Overview
5.2 Global Parking Management Market Forecast and Analysis
6. Parking Management Market Revenue and Forecasts To 2027 - Parking Site
6.1 Overview
6.2 Global Parking Management Market Breakdown, by Parking Site, 2017 & 2027
6.3 On-Street Parking Management Market
6.4 Off-Street Parking Management Market
7. Parking Management Market Revenue and Forecasts To 2027 - Solutions
7.1 Overview
7.2 Global Parking Management Market Breakdown, by Solution, 2017 & 2027
7.3 Parking Guidance Solution Market
7.4 Parking Reservation Solution Market
7.5 Parking Security & Surveillance Solution Market
7.6 Others Market
8. Parking Management Market Revenue and Forecasts To 2027 - Services
8.1 Overview
8.2 Global Parking Management Market Breakdown, by Services, 2017 & 2027
8.3 Managed Services Market
8.4 Professional Services Market
9. Parking Management Market Revenue and Forecasts To 2027 - Deployment Type
9.1 Overview
9.2 Global Parking Management Market Breakdown, by Deployment Type, 2017 & 2027
9.3 On-Premise Deployment Market
9.4 Cloud Deployment Market
10. Global Parking Management Market - Geographical Analysis
10.1 Overview
10.2 North America Parking Management Market Revenue and Forecasts To 2027
10.3 Europe Parking Management Market Revenue and Forecasts To 2027
10.4 Asia-Pacific Parking Management Market Revenue and Forecasts To 2027
10.5 MEA Parking Management Market Revenue and Forecasts To 2027
10.6 South America Parking Management Market Revenue and Forecasts To 2027
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Product Development
12. Competitive Landscape
12.1 Competitive Product Mapping
12.2 Market Positioning - Global Top 5 Players Ranking
13. Parking Management Market, Key Company Profiles
- Flowbird Group
- Indigo Parking Service
- ParkMobile
- Passport Inc.
- Siemens AG
- Smart Parking Ltd.
- Streetline
- Swarco
- T2 Systems
- Tiba Parking
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