DUBLIN--(BUSINESS WIRE)--The "Parking Management Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029" report has been added to ResearchAndMarkets.com's offering.
The parking management market deals with the efficient utilization of parking space and available resources with the help of parking management systems. Parking management systems offers the users to quickly search the parking spots and provide guidance to enhance the visitors experience by making the whole process smooth. Global parking management market is anticipated to rise with a CAGR of about 10.9% during the forecast year 2021-2029. Increasing demand of parking space due to boost in vehicle production and sales along with global focus on seamless traffic flow is promoting immense growth in the market.
Innovation With Respect to Ecosystem and Infrastructure Remains as the Key Driver
The global parking management systems market has witnessed significant technological advancements such as deployment of integrated mobile apps & software for parking, cashless payments, RFID technologies. With all these technological benefits the parking management systems is all set to utilize the potential of Internet of Things. IoT will enable the solution for modern parking complexes which include security control, detection systems and automated placement. Thus, IoT is enabling the modern parking systems with smart features such as vehicle measurement, image analysis, electronic payment scanning, and automatic retrieval. The major driving forces boosting the market includes increasing consumption of vehicles due to rising purchasing power of consumers in developing region and rising concerns for security in parking management. However, high cost of installation and integration with existing parking systems are still a concern for the market. Increasing traffic congestion is another challenge in both developed and developing economies across the globe.
Increasing Number of Vehicles across the Globe to Propel Market Growth
According to International Energy Agency, total number of vehicles on the road is anticipated to reach over 1.7 billion by 2035. Emerging countries like India, China, Brazil, and South Africa, and transitional economies like Indonesia, Vietnam, Nigeria, Argentina, and Kenya are set to drive demand for automobile production in the near future. Rising number of vehicles would certainly supplement of parking management services and solutions specifically in urban areas. It is estimated that improper traffic management across the globe can lead to be a fifth leading cause of death by 2030. Increasing number of vehicles across the world has created huge traffic congestions on the road catering to increase the demand for traffic management and availability of proper parking space.
North America to Take the Lion's Share
On the basis of geography, the market has been segmented into North America, Europe, Asia Pacific and rest of the world. North America leads the parking management market among other regions with a total share of about 39.13% in 2020. Increasing growth in the vehicle sales and increasing demand of vehicle parking space has promoted immense growth in the market. Asia pacific market has been contributed to show fast growth of about 12.9% in the forecast period 2021-2029.
Key questions answered in this report
- What are the key market segments in current scenario and in the future by product categories?
- What are the key market segments in current scenario and in the future by regions?
- What is the key impact of COVID-19 over market revenues and market determinants in the parking management market?
- What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
- What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
- How to overcome the current market challenges and leverage the opportunities in each of the market segment?
- Who are the key players in the parking management market and what are their key product categories and strategies?
- What are the key strategies - mergers/acquisitions/R&D/strategic partnerships, etc., that companies are deploying to enhance market revenues and growth?
Market Dynamics
Drivers
- Global Focus on Seamless Traffic Flow and Reduction in Fuel Pollution
- Increased Production of Vehicles Leading To Parking Concerns
- Concern for Safety and Security
- Increasing Demand of Advanced License Plate Recognition (Lpr) Technology
- Advancement in Real Time information regarding Parking
Restraints
- High Implementation Cost
Opportunity
- Growth of Smart Cities / Smart Parking System
- Growing Vehicle Demand
- Utilization of Unused Parking Spaces
Challenges
- High Software Maintenance Costs
- Issues with System integration
- Lack of Skilled Personnel
Company Profiles
- Indigo
- Amano
- Siemens
- Bosch Group
- Conduent
- APCOA PARKING
- Precise ParkLink
- SWARCO
- SKIDATA
- T2 Systems
- FlashParking
- Passport Labs
- Flowbird Group
- ParkMobile
- Get My Parking
- SpotHero
- Get My Parking
- INRIX
- IPS Group
- Smart Parking
- Chetu
- TIBA Parking Systems
- Q-Free
- Streetline
- ParkOffice
- Urbiotica
- CivicSmart
For more information about this report visit https://www.researchandmarkets.com/r/yz2hw1
