According to a research report "Parking Management Market by Solution (Parking Guidance, Reservation Management, Permit, Enforcement, PARC, Security and Surveillance, and Analytics), Service, Deployment Type, Parking Site (On-Street and Off-Street), and Region - Global Forecast to 2023", published by MarketsandMarkets, the parking management market is expected to grow from USD 3.39 billion in 2018 to USD 5.2 billion by 2023, at a CAGR of 8.7% during the forecast period. The major factors expected to drive the growth of the market are the growing focus on seamless traffic flow and fuel consumption reduction, and increasing motor vehicle sales.
Browse 66 market data Tables and 34 Figures spread through 130 Pages and in-depth TOC on "Parking Management Market - Global Forecast to 2023"
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North America to hold the largest market size during the forecast period
North America is a frontrunner in terms of the adoption of advanced technologies. The region houses a large number of solution providers. Its Gross Domestic Product (GDP) growth is significant as compared to that of other regions. North America is expected to hold the largest market size during the forecast period, owing to the heavy investments in implementing parking management solutions to meet the growing need for a better driver and commuter convenience.
Market Players
Major vendors in the global Parking Management Market include Conduent (US), Amano Corporation (Japan), Q-Free ASA (Norway), Indigo Park Services (UK)), Chetu (US), Streetline (US), SWARCO (Austria), T2 Systems (US), SKIDATA (Austria), Flowbird Group (France), INRIX (US), Flashparking (US), Parkmobile (US), Passport (US), SpotHero (US), TIBA Parking Systems (US), Urbiotica (Spain), Smart Parking (Australia), SAP (Germany), Siemens (Germany), APCOA (US), Bosch Mobility Solutions (Germany), GET MY PARKING (India), Nester(UAE), and NuPark (US).These companies have adopted various strategies such as acquisitions; expansions; new product launches and product enhancements; and partnerships, agreements, and collaborations to cater to the growing demand for parking management solutions across the globe as well as to strengthen their position in the market.
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Amano Corporation (Japan) has adopted a strategic mix of organic and inorganic growth strategies, such as partnerships, new product launches, mergers and acquisitions, and business expansions. In March 2018, Amano McGann, a subsidiary of Amano in the US, partnered with PSX Inc., a Texas-based parking solution provider. With this partnership, Amano can work more closely with their customers and provide best support services to its clients. Additionally, in the same period, Amano McGann, a subsidiary of Amano in the US, acquired Computerized Valet Parking Systems (CVPS), a division of Service Tracking Systems, Inc. This acquisition enables Amano to expand and enhance its capabilities in marketing, technology, and customer services in the US.
SWARCO (Austria) has also adopted a strategic mix of organic and inorganic growth strategies. For instance, in April 2018, SWARCO launched SwappAccess application to make finding and paying for parking simpler and easier. Additionally, in the same period, SWARCO acquired a majority stake in Bergauer Holding AG, a leading traffic solution provider in Switzerland. This acquisition would reinforce SWARCO’s market position in Switzerland.
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