Market Highlights:
Parking Management Market comprises of various programs and policies in order to make efficient use of parking resources. The growing urbanization in metropolitan areas is the reason for increasing number of vehicles and hence the need for parking management.
The Parking Management Market has been segmented on the basis of component, parking site type, solution and vertical. The component segment is further bifurcated into software and service segments. The service segment comprises of deployment and customization and support and maintenance segments. Out of which, the deployment and customization segment is expected to grow at the highest CAGR during the forecast period. This is owing to the rapid adoption of parking management solutions by organizations which require assistance for deployment and customization processes.

Major forces driving the growth of parking management market are the increasing focus on the seamless traffic flow and growing parking concerns due to increasing production of vehicles. Concern for safety, security and connectivity are other factors driving the growth of parking management market.
The global parking management market is expected to grow at approx. USD 7 Billion by 2023, at 12% of CAGR between 2017 and 2023.
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Major Key Players:
• XEROX Corporation (U.S.)
• Siemens AG (Germany)
• Kapsch Traffic Com AG (Austria)
• AMANO Corporation (Japan)
• Cubic Corporation (U.S.)
• SWARCO AG (Austria)
• INRIX, Inc. (U.S.)
• INDIGO (France)
• T2 Systems, Inc. (U.S.)
• SKIDATA AG (Austria)

Parking Management Market Segmentation:
The parking management market has been segmented on the basis of component, parking site type, solution and vertical. The parking site type segment is classified into two types namely, off street parking and on street parking. As the name says, on street parking implies, parking of vehicles on the street. There are few streets where vehicles can always be parked. Off street parking implies both indoor and outdoor parking. It includes parking lots, garages and driveways. Off street parking holds the largest market share of parking management market owing to its efficient parking capabilities.

Regional Analysis:
The regional analysis of parking management market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period.

The major growth in parking management market in North America attributes to the technical advancements and early adoption of parking management in that region.

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Intended Audience:
• Technology investors
• Integrated device manufacturers (IDMs)
• Research/Consultancy firms
• Government agencies
• Software providers
• Cloud Service providers
• Professional Service providers
• Solution providers
• Integration service providers

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