Parking Management Market Highlights:
Parking management 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.
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 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.
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 TrafficCom 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)

Market Research Analysis:
The global parking management market, by geography, has been segmented into North America, Europe, Asia Pacific and Others. In the global parking management market, Asia Pacific is expected to dominate the parking management market during the forecast period owing to the changing culture in organizations and increasing adoption of technological advancements. Asia Pacific is anticipated to witness relatively faster adoption and hence is expected to grow at the highest CAGR during the forecast period. Within Asia Pacific, parking management market is projected to contribute faster to the growth of revenue backed by increasing government initiatives in countries such as Japan, China and India.

Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of parking management market. In Europe, the presence of advanced infrastructure and with the increasing adoption of technology and technological advancements in numerous countries is driving the market growth of parking management market. Early adoption of parking management solutions across large number of verticals is another major factor driving the growth of parking management market. The developed economies in these regions is the main reason for the increase in number of vehicles and ultimately showing growth in parking management market.

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.

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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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