Global market for parking management to snowball with a compound annual growth rate of 11.68% in the forecast years of 2019-2027
The parking management market deals with the efficient utilization of parking space and available resources with the help of parking management systems. Parking management offers the users to quickly search parking spots and provide guidance to enhance the visitors' experience by making the whole process smooth. Information technology companies, city infrastructure suppliers, telecommunications providers and service companies are investing in smart parking technology. Smart parking solution providers, mobile payment companies and parking data aggregators are improving the smart parking technology.
The introduction of real-time information in parking management, increased number of automotive thefts, growing necessity of eliminating traffic jams and the evolving automotive industry have been instrumental in driving the growth of the market. However, restraints such as high costs of implementation and difficulties in upgradation of old-fashioned parking places are hampering the market growth.
Opportunities such as growing smart city projects across the globe, optimal utilization of space and the emergence of advanced LPR technology aid in market growth. The market is facing challenges like costs associated with licensing & maintenance and the high cost for training the workforce at the moment.
The global market for parking management spans across five major regions of the globe: the Asia-Pacific, North America, Europe, Latin America and the Middle East and Africa. The Asia-Pacific parking management market is the fastest-growing market in the world with the highest CAGR.
India is amongst the fastest-growing parking management markets across the globe. Increasing investments in infrastructure projects, increasing incidence of car thefts, expanding automotive industry and presence of a large pool of IT vendors are the main drivers of this market in India. The parking management market in Japan is showing strong growth.
The increasing number of vehicles, the rising number of infrastructure projects, the growing demand for technology integration for sustainable infrastructure management and the Tokyo Olympics 2020 are the factors driving the market in Japan.
International Business Machines Corporation (IBM) is an integrated IT company that offers cloud & cognitive offerings, systems & financing solutions, EAS and delivery, consulting and implementation services. IBM is based in the US and operates in countries across Europe, Latin America, North America, the Middle East, Africa and APAC.
The company reported revenues of US $79,919 million for FY2016, with a decrease of 2.2% over FY2015. IBM is a leader in the application infrastructure and middleware market. The company's focus on research and development will help it to reach new market areas. In January 2017, IBM completed the acquisition of Agile 3 Solutions, a provider of dashboard and intuitive data risk control center.
Key Topics Covered:
1. Global Parking Management Market - Summary
2. Industry Outlook
2.1. Market Definition
2.2. Key Insights
2.3. Porter's Five Force Analysis
2.4. Market Attractiveness Matrix
2.5. Vendor Scorecard
2.6. Key Impact Analysis
2.7. Market Drivers
2.7.1. Evolving Automotive Industry
2.7.2. Growing Necessity of Eliminating Traffic Jams
2.7.3. Increased Number of Automotive Thefts
2.7.4. Introduction of Real-Time Information in Parking Management
2.8. Market Restraints
2.8.1. High Implementation Costs
2.8.2. Difficulties in Upgradation of Old-Fashioned Parking Places
2.9. Market Opportunities
2.9.1. Emergence of Advanced License Plate Recognition (Lpr) Technology
2.9.2. Growing Smart City Projects Across the Globe
2.9.3. Optimal Utilization of Space
2.10. Market Challenges
2.10.1. High Cost of Workforce Training
2.10.2. Costs Associated With Licensing and Maintenance
3. Global Parking Management Market Outlook - by Parking Site Type
3.1. Off-Street Parking
3.2. On-Street Parking
4. Global Parking Management Market Outlook - by Software & Service
4.2. Professional Services
5. Global Parking Management Market Outlook - by Solution
5.1. Access Control
5.2. Parking Guidance & Slot Management
5.3. Parking Reservation Management
5.4. Parking Fee & Revenue Management
5.5. Parking Fee Enforcement & Permit Management
5.6. Valet Parking Management
5.7. Security & Surveillance
6. Global Parking Management Market Outlook - by Verticals
6.1. Government & Municipalities
6.3. Corporate & Commercial Parks
6.7. Banking & Financial Institutions
6.10. Other Verticals
7. Global Parking Management Market - Regional Outlook
8. Competitive Landscape
8.1. 3M Company
8.2. Amano Mcgann, Inc.
8.3. Cisco Systems, Inc.
8.4. Cubic Corporation
8.5. Deutsche Telekom AG
8.6. Gemalto N.V.
8.7. Hcl Infotech Ltd.
8.8. International Business Machines Corporation (Ibm)
8.10. Inrix, Inc.
8.11. Kapsch Trafficcom AG
8.13. Nedap Mobility Solutions
8.14. on Track Innovations (Oti) Ltd.
8.15. Orange Business Services
8.18. Q-Free A.S.A.
8.19. Serco Group plc
8.20. Siemens AG
8.21. Skidata AG
8.22. Swarco AG
8.23. Synapt (Division of Prodapt)
8.24. T2 Systems, Inc.
8.25. Xerox Corporation
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