Parking Management Market 2020 – 2023: Business Profit Growth Analysis, COVID – 19 Outbreak, Industry Segments, Emerging Technologies and Global Trends

Parking Management Market Highlights:

The global parking management market is growing at a rapid pace. The market growth attributes to the increasing focus on the seamless traffic flow and deployment of advanced parking management systems. Besides, the growing urbanization and parking concerns due to the spurting increase in production & sales of vehicles, population, and economic growth worldwide drive the market growth. Moreover, concerns for safety, security, and connectivity escalate market growth.

According to Market Research Future (MRFR), the global Parking Management Market is forecasted to reach USD 7 BN by 2023, growing at 12% of CAGR throughout the review period (2017 – 2023). Rising smart city projects provide a huge impetus to the growth of the market. Also, the COVID 19 pandemic is influencing the market growth exponentially, increasing the adoption of contactless parking solutions/ apps across the globe. Increasing numbers of vehicles create the need for efficient parking management solutions.

Additionally, various government programs and policies to make efficient use of parking resources for deployment and customization processes boost the growth of the market. The implementation of parking management systems reduces TCO (total cost of ownership), saving a considerable amount of time, which fosters market growth. Moreover, the application of parking management systems in verticals such as healthcare and corporate & commercial parks propels the market size.

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Major Key Players:

Players leading the global parking management market include Siemens AG (Germany), XEROX Corporation (US), Kapsch TrafficCom AG (Austria), Cubic Corporation (US), AMANO Corporation (Japan), SWARCO AG (Austria), INDIGO (France), INRIX, Inc. (US), T2 Systems, Inc. (US), and SKIDATA AG (Austria), among others.

Parking Management Market Segmentation:

The report is segmented into five dynamics;

  • By Component: Software (Parking Information Systems, Parking Payment Systems, others), Service (Deployment & Customization, Support & Maintenance, others), and others.
  • By Parking Site Type: Off-Street Parking, On-Street Parking, and others.
  • By Solution: Access Control, Security & Surveillance, Parking Fee & Revenue Management, Valet Parking Management, Parking Fee & Revenue Management, Parking Guidance & Slot Management, and others.
  • By Vertical: BFSI, Recreation, Healthcare, Corporate & Commercial Parks, Hospitality, Academia, Retail, Transportation, Government, and others.
  • By Regions: Americas, Europe, APAC, and Rest-of-the-World.

Parking Management Market Regional Analysis:

North America dominates the global parking management market. The largest share attributes to the technical advancements and early adoption of parking management in that region. Besides, augmented demand for quality parking management systems & devices in the region drives the market sales.  The North American parking management market is poised to retain its dominance throughout the forecast period.

Europe stands second in the global parking management market. The market growth is driven by the increasing adoption of parking management systems across the region. The European parking management market is expected to witness a fabulous market growth during the review period.

The Asia Pacific region is emerging as the fastest-growing market for parking management systems. The market is witnessing rapid expansion stage owing to the speedily developing APAC countries like India, China, and Japan. The wide adoption of these parking management solutions is the main driving force behind the market growth. The APAC parking management market is estimated to create a substantial revenue pocket during the projected period.

Parking Management Market Competitive Landscape:

Highly competitive, the parking management market appears to be highly fragmented owing to the presence of several well-established players. Industry players incorporate strategies such as collaboration, mergers & acquisition, product/technology launch, and expansion to gain a larger competitive advantage in this market. From the product development and sales perspective, players invest in R & D to develop a technology, brand building, and expand their reach to support their competitive position.

Industry/Innovation/Related News:

July 27, 2020 — ParkMobile, LLC (North America), a leading provider of smart parking and mobility solutions, announced its partnership with B&B Parking deploying its app for contactless parking payments to bring safer & smarter parking to Atlantic City. ParkMobile’s solutions help people easily find, reserve, and pay for parking on their mobile devices. Amid the COVID-19 crisis, ParkMobile app takes parking to the next level, while also addressing the public’s concerns about parking during a pandemic.

Paying through this new contactless payment app would help citizens to prevent the spread of the virus. B&B Parking manages all aspects of the street parking program in Atlantic City. It handles all the expenses and also develops parking management strategies to bring in more revenues, making the parking program unprofitable.

Table of Contents

1        Market Introduction

1.1       Introduction

1.2       Scope of Study

1.2.1    Research Objective

1.2.2    Assumptions

1.2.3    Limitations

1.3       Market Structure

2        Research Methodology

2.1       Research Parking Site Type

2.2       Primary Research

2.3       Secondary Research

2.4       Forecast Model

2.4.1    Market Data Collection, Analysis & Forecast

2.4.2    Market Size Estimation

Continued….

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List of Tables

Table 1 Parking Management Market, By Component

Table 2 Parking Management Market, By Parking Site Type

Continued….

List of Figures

Figure 1 Research Type

Figure 2 Parking Management Market, By Component (%)

Continued….

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