Global Parking Management Market – Asia-Pacific will account for higher market share of more than 35% driven due to the large-scale investments in implementing parking management solutions – Analysis and Forecast 2019 – 2026
Global Parking Management Market is likely to grow at CAGR of around 8 % and will exceed over USD XX billion by 2026.
Global Parking Management Market
Global Parking Management Market growth is primarily driven by increasing vehicles and traffic flow, decreased fuel consumption. Rising demand for safety of pedestrians, concerns on reducing pollution, and increasing demand of smooth traffic movement also drive the Parking Management market through the forecast period. Further, increasing demand for off-street parking spaces including indoor and outdoor, managed by private organisations also drive the market.
Global Parking Management Market Overview, By Region
North America expected to have larger market due to the high investment for the infrastructure facilities, rising need for better driver and commuter convenience. Increasing population, rising vehicle sales, and changing parking regulations also drive the market for parking management through the forecast period. Acceptance of the smart cities in the countries such as U.S. and Canada also drive the market for parking management. Asia-Pacific is expected to have higher growth rate through 2026 due to increasing number of municipalities in developing economies such as India, China, Brazil, and South Korea.
Global Parking Management Market Overview, By Type
Solutions type segment had highest market share in 2016. The solution helps parking operators to manage in and out of vehicles in parking facilities and empowers them to take full control over the parking revenue. These advantages of solutions drive the market for parking management systems through the forecast period.
Global Parking Management Market Overview, By Parking Site
Offsite parking management system market segment is expected to grow at a high rate during the forecast period. The higher growth rate is due to huge investments made by authorities in multi-level parking, and by the private sector in its parking facilities. The off-street parking involves proper designing and construction to provide a safe and secure vehicle parking experience for drivers.
Global Parking Management Market Overview, By Deployment
Cloud parking management system market segment is expected to grow at a high rate during the forecast period. The higher growth rate is due to high usage of internet usage for the parking management system. The factors such as, increasing demand for internet of things, and rising need for the single platform to perform all the parking activities drive the market through the forecast period. As the cloud-based deployment is less expensive and highly convenient for the implementation compared to the on-premise, the market is expected to grow through 2024.
Global Parking Management Market Overview, By Market Players
Increasing usage level of internet and the change in regulations for the parking management systems and focus on advanced technology by the key players in the Parking Management Market drive the parking management system market through the forecast period. Some of the companies operating in Parking Management Market are Conduent, Amano Corporation, Q-Free ASA, Indigo Park Services, Chetu, Streetline, SWARCO, T2 Systems, SKIDATA, Flowbird Group.
Global Parking Management Market Background
Factors including demand for off-street parking spaces such as, indoor and outdoor parking spaces that are operated by private agencies is expected to support the growth of parking management solution market.
Global Parking Management Market, By Type
Parking Guidance Solution
Parking Reservation Management
Parking Permit Management
Parking Enforcement Management
Parking Access and Revenue Control
Parking Security and Surveillance
o System Integration and Deployment
o Support and Maintenance
Global Parking Management Market, By Deployment Type
Global Parking Management Market, By Parking Site
o Off-street Parking
o On-street Parking
The above data will be provided for following regions/countries (USD Million)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
o South Africa
o Saudi Arabia
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