Parking management solution is a set of hardware designed as well as developed in order to manage and maintain the availability of parking in intense demand areas, especially on-street parking spaces. The major hardware used in parking management solutions include single space parking meters and multi-space parking meters that are combined with automated payment systems as well as centralized data management that permits people to discover parking spaces in desired locations.

The global parking management market is segmented on the basis of software, services, parking site, vertical and regions. Based on the software, the global parking management market is divided into parking software. On the basis of services, the global market is divided into professional services. Depending upon parking site, the global market is segmented into On-Street Parking and Off- Street Parking. Based on solution, the global market is divided into security & surveillance, fee & revenue management, access control, enforcement & permit management. On the basis of vertical, the global parking management market is segmented into academia, Recreation, Corporate and Banking, Transportation, Government and Municipalities, Healthcare, Hospitality, Retail, Financial Services, Commercial Parks, and Insurance (BFSI), and other.

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The parking management market is analyzed to grow in the forecast years owing to rising demand for embedded telematics solutions. The most important application of telematics is to augment the parking management efficiency in urban areas that can support in the real-time forecasting of available parking space, send information to drivers in advance on available parking spaces and real-time monitoring of car park volumes,. Also, it has been recorded that the combination of advanced analytics into telematics data will offer data transparency, prevent the cyber-attacks risk, and obtain customer’s trust. Also, this data analytics software provides improved parking facilities to consumers and help in prevention of traffic congestions.

Based on regions, the global parking management market is segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America is the biggest market in this industry owing to the presence of large number of vehicles that leads to demand for efficient parking management solutions resulting in high revenue contribution of this regional market.

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Europe commands the second largest share owing to the enhanced demand for on-street as well as off-street parking spaces. The European instructions to curtail environmental pollution are also supporting the growth of European parking management solution market. In Latin America and Asia Pacific regions, this market is gaining momentum owing to rising number of municipalities in developing countries such as Brazil, China, India, and South Korea. The concerns of pedestrians safety, directives for minimizing pollution, and need for smooth traffic movement are major factors promoting the growth of parking management solution market in emerging countries.

The major companies that provide parking management solutions include CivicSmart Inc., J.J. Mackay Canada Limited, Parkeon S.A.S, METRIC Group Ltd., Ventek International, IPS Group Inc., Cale Access AB, Parking BOXX, LocoMobi Inc., Worldwide Parking Inc., and POM Inc. among others.

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