CHICAGO, Oct. 6, 2020
CHICAGO, Oct. 6, 2020 /PRNewswire/ -- According to the new market research report "Parking Management Market by Offering (Solutions (Parking Guidance, Parking Reservation Management, Parking Permit Management) and Services), Deployment Type, Parking Site (Off-street and On-street), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Parking Management Market size to grow from USD 3.8 billion in 2020 to USD 5.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. Parking management solutions have spurred tremendous growth opportunities for technology vendors and various associated service providers.
With the growing number of government initiatives toward the development of smart cities, parking management vendors taking center stage; technology providers and consultants have aggressively started simulating innovative solutions based on conceptual modules for the designing and development of urban infrastructure.
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Expanding urban agglomerations and predictions for a rapid rise in urban population over the next decade further enunciates the need for adequate parking management solutions. However, factors such as lack of high implementation costs, data security and privacy issues related to IoT devices, and disruption in logistics and supply chain of IoT devices, have posed major challenges for the Parking Management Market, globally.
The solutions segment to hold a larger market size during the forecast period
Based on offering, the solutions segment of the Parking Management Market is projected to hold a larger market size during the forecast period. The solutions segment in the Parking Management Market comprises six major components, viz., parking guidance solution, parking reservation management, parking permit management, parking enforcement management, Parking Access and Revenue Control (PARC), parking security and surveillance, and parking analytics. The growth of this segment can be attributed to the rising adoption of advanced technologies, such as Artificial Intelligence (AI), IoT, and cloud and the increasing traffic congestion on the road due to irregular parking practices.
By parking site, off-street parking segment to record a higher growth rate during the forecast period
Off-street parking refers to parking facilities that are made available by parking operators in various areas, such as parking lots, garages, or private driveways in shopping malls, commercial buildings, hotels, and residential buildings. Off-street parking sites are highly effective in terms of vehicle holding capabilities and are generally controlled by commercial agencies. Off-street parking involves proper designing and construction to provide a safe and secure vehicle parking experience for drivers. The segment focuses on ensuring security, pre-booking of parking spots, and parking fee management. This segment has witnessed several innovations to enable efficient parking; for instance, nowadays, advanced garages are equipped with robotic valet systems that help in parking management. Off-street parking solutions are expected to experience a high growth rate due to the huge investments by authorities in multi-level parking, and also by the private sector in its parking facilities.
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Asia Pacific to record the highest growth during the forecast period
The APAC Parking Management Market is estimated to have strong growth in the future. The APAC region is witnessing high growth due to increasing global competition, growing penetration of smart devices, connected machines, and rising investments in smart cities. This region comprises more than 40% of the world's population and has some of the fastest-growing economies. Urbanization is on the rise in several countries across the region. According to the UN database, around 2.5 billion people are expected to move to urban areas from 2018 to 2050, and 90% of urbanization is expected to happen in Asia and Africa. Thus, APAC is a current hotspot of the Parking Management Market and attracts many companies.
Major vendors in the Parking Management Marketinclude GROUP Indigo (France), Amano (Japan), Siemens (Germany), Bosch Group (Germany), Conduent (US), APCOA PARKING (US), Precise ParkLink (Canada), SWARCO (Austria), SKIDATA (Austria), T2 Systems (US), FlashParking (US), Passport Labs (US), Flowbird Group (France), ParkMobile (US), SpotHero (US), Get My Parking (India), INRIX (US), IPS Group (US), Smart Parking (Australia), Chetu (US), TIBA Parking Systems (US), Q-Free (Norway), Streetline(US), ParkOffice (US), Urbiotica (Spain), and CivicSmart (US).
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