Parking Management Market Highlights:
The parking management market is estimated to expand to 12% during the forecast period (2017-2023). The market is expected to touch USD 7 billion by 2023 owing to the rapid urbanization in the metropolitan areas. Parking management incorporates several policies and programs to make efficient use of parking resources.
With the increasing number of vehicles every day, there is an intensifying problem related to the scarcity of parking space. Traffic congestion along with other transportation-related issues occur due to scarcity of parking space. Thus, the need for smart parking system is increasing. Increasing parking concern owing to the growing production of vehicles and rising focus on seamless traffic flow are the major factors driving the parking management market size. The growing concern for security, safety, and connectivity are some other factors propelling the market growth over the years. Moreover, with the increasing technological advancements and continuous developments, the market is estimated to augment during the review period.
On the flip side, cost sensitivity of parking operators who administer such sites for their owners is estimated to pose a threat to the market growth during the assessment period. Moreover, the regulatory framework followed for parking laws is outdated and is estimated to be a major hurdle to the market growth.
Major Key Players:
Some market players present in the global parking management market include XEROX Corporation (U.S.), Siemens AG (Germany), Kapsch TrafficCom AG (Austria), AMANO Corporation (Japan), Cubic Corporation (U.S.), SWARCO AG (Austria), INRIX, Inc. (U.S.), INDIGO (France), T2 Systems, Inc. (U.S.), and SKIDATA AG (Austria).
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The global parking management market is studied for a detailed segmentation to reveal the hidden trends of the market over the forecast period. This segmental analysis is also likely to provide a deeper insight and aid in better decision making of the audience to this report. The global parking management market is segmented by component, parking site type, solution, vertical, and region.
• Based on component, the global parking management market is segmented into software and services. The service segment comprises deployment, customization, and support and maintenance segments. The deployment and customization segment is estimated to ascend at the highest CAGR over the forecast period. This can be owed to the rapid adoption of parking management solutions by enterprises that require assistance for the deployment and customization processes. The software segment is sub-segmented into parking payment systems and parking information systems.
• Based on parking site type, the global parking management market is segmented into on street parking and off street parking. Based on solution, the global parking management market is segmented into security and surveillance, access control, parking fee and revenue management, valet parking management, and parking guidance and slot management.
• By vertical, the global parking management market is segmented into recreation, BFSI, healthcare, corporate and commercial parks, academia, hospitality, transportation, retail, and government.
Detailed Regional Analysis:
The global parking management market is studied for the regions of North America, South America, the Middle East & Africa, Europe, and Asia Pacific. Among these regional segments, North America held the largest share of the global parking management market over the forecast period. The regional market is also estimated to continue its reign over the market during such forecast period. This can be owed to the deep penetration of urbanization in the region and a high presence of consumers adopting cars in the region. Further, the rising need of own vehicles in the region is also estimated to drive the need for efficient parking management. Presence of various enterprises that have started adopting the solutions in the region is also expected to drive the regional parking management market.
Asia Pacific is assessed to ascend at the fastest rate over the forecast period. This can be accredited to the rising number of consumers with higher disposable income. Such a rise in the disposable income has enabled a high demand for automobiles in the region, hence, creating a rising need for parking management. This, in turn, has also provided impetus to the market growth during the estimate period.
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