Parking Management Market Scope
Parking management refers to strategies that result in more efficient use of parking resources. Moreover, parking management can significantly reduce the number of parking spaces required in a particular situation, providing environmental, social, and economic benefits. Growing focus on seamless traffic flow and reduction in fuel consumption is one of the key factor driving the growth of the market. Based on the parking site, the market has been bifurcated into Off-street parking and On-street parking.
According to AMA, the Global Parking Management market is expected to see growth rate of 8.0% and may see market size of USD6.0 Billion by 2026.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Parking Management market throughout the predicted period.
Conduent (United States), Indigo Group (France), Amano (United States), Swarco (Australia), Q-Free (Norway), Streetline (A Kapsch Company) (United States), T2 Systems (United States), Skidata (Austria), Flowbird Group (France), Inrix (United States) and Flashparking (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Chetu (United States), Parkmobile (United States), Passport Inc. (United States), Spothero (United States), Tiba Parking (United States), Urbiotica (Spain), Smart Parking (Australia), SAP (Germany) and Siemens (Germany).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Parking Management market by Type (Solutions {Parking Guidance Solution, Parking Reservation Management, Parking Permit Management, Parking Enforcement Management, Parking Access and Revenue Control, Parking Security and Surveillance, Parking Analytics and Services {Professional services (Consulting, System Integration and Deployment, Support and Maintenance), Managed services}) and Region with country level break-up.
On the basis of geography, the market of Parking Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 4 June 2019, The Pittsburgh Parking Authority has partnered with Flowbird Group to launch 30 upgraded parking terminals that will now be both cashless and paperless. The upgrade transforms Pittsburgh’s original Flowbird CWT parking terminals to open architecture kiosks, leveraging credit card payment and digital text receipts. and On 4 July 2018, Secure Parking, the internationally renowned car park management company based in the UAE, signed an exclusive distribution agreement with Amano Europe, a part of Amano Corporation that was founded in 1931 and is the leading Japanese manufacturer of hardware and software for the parking industry. In accordance with the agreement, Secure Parking will be the sole distributor in the UAE of Amano’s Xparc, a smart parking management solution with a clear focus on adaptability and smart mobility. It is highly user-friendly, allows for unlimited configuration, provides superior control and is equipped with the most recent electronic payment facilities.
On 13 Dec. 2018, T2 Systems, the largest parking technology provider in North America, has introduced T2 Logan, its next generation of PARCS hardware. It is designed specifically for all gated parking solutions in vertical markets such as universities, municipalities, healthcare, property management, and airports. and On 23 Oct 2018, SpotHero, North America’s leading parking reservation platform, and FlashParking, an innovative parking technology company, has announced a pilot program to enable drivers in Austin, TX who purchase parking with SpotHero to enter garages equipped with FlashParking's FlashPARCS Smart Stations using the SpotHero app—a process the companies have coined “one-tap redemption.” With this technology, there’s no longer a need for drivers to roll down their car windows to redeem their parking reservation before entering parking garages.
Market Trend
- The Need for Parking Apps
- Surging Demand for Energy Efficient, Sustainable and Green Solutions
- Parking Access Control
Market Drivers
- Growing Focus on Seamless Traffic Flow and Reduction in Fuel Consumption
- Adoption of Cloud Computing and IoT Technologies
- The proliferation of Mobile and Smartphones
- Increasing Motor Vehicle Sales Driving the Demand for Parking Spaces
Opportunities
- Increasing Adoption of Smart Cities by Governments across Regions
- Optimum Utilization of Parking Spaces
- Technological Advancements in Autonomous Cars
Restraints
- Complexity in System Integration
Challenges
- High Implementation Cost
- Rapid Technological Changes
Key Target Audience
Compliance regulatory authorities, Government agencies, Information Technology (IT) companies, Investors and Venture Capitalists (VCs), System integrators, Value-Added Resellers (VARs) and distributors and Parking Management Startups