What is Parking Management Solution Market?
A car parking system can be automated with the aid of a parking management solution. It maximizes parking space and streamlines processes. It provides real-time car parking data such as vehicle and slot counts, accessible slots display, reserved parking, pay-and-park options, simple payments, reports, and a variety of other features. Over the last few decades, significant issues resulting from the ever-increasing need for transportation in our everyday lives have been addressed. The parking management solution was developed to help drivers locate an empty space and solve this issue of parking. Signs guide approaching drivers to accessible areas by using sensors in each parking spot that detect the presence or absence of a car. Furthermore, it can be used for both on-road and off-road parking. The increasing number of vehicles on the road around the world has resulted in a noticeable rise in demand for parking management software.
The market study is being classified by Type (Parking Guidance Solution, Parking Reservation Management, Parking Permit Management, Parking Enforcement Management and Parking Access and Revenue Control) and major geographies with country level break-up.
Siemens (Germany), Bosch Group (Germany), GROUP Indigo (France), Amano (Japan), Conduent (United States), APCOA PARKING (United States), Precise ParkLink (Canada), SWARCO (Austria), SKIDATA (Austria) and T2 Systems (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are FlashParking (United States), Passport Labs (United States), Flowbird Group (France) and ParkMobile (United States).
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Parking Management Solution market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Parking Management Solution market by Type, Application and Region.
On the basis of geography, the market of Parking Management Solution 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Intensifying Government Initiatives to Support the Development Activity Projects Smart City Is Also Driving Growth Factor for the Parking Management Solution
- The Demand for Optimizing Parking Space Usage
- Increasing Adoption of Smart Technologies to Save Labor Cost and Resource Exhaustion
Market Trend
- Use of IoT and Cloud-Based Technologies In Parking Management Solution Is Trending
Restraints
- Failure In-Network Will Interrupt The Functioning Of The Parking Management Solution
Opportunities
- The Increasing and Ongoing Number of Smart City Projects across the Globe Will Create the Room Of Opportunity for Parking Management Solution
- Increasing Production Of Vehicle And The Higher Purchasing Power Of The Consumer Induced Extremely High Demand For The Parking Management Solution
Challenges
- System Integration Due To Wide Variety of Hardware and Software Platforms Involved
In June 2018, the San Diego International Airport (United States) has launched Online Parking Reservation System, which provides various advantages such as highly secure and saves time for the user. Therefore, this launch will affect the growth of the market in the future.
Key Target Audience
Parking Management Solution Providers, Automation Companies, Governmental Bodies, End-User Companies, System Integrating Companies, Safety Light Curtain Providers, Research Organizations and Technology Investors