In this rapidly changing world of technology, parking management market is projected to show major growth prospects during the forecast period. The continuous developments and increasing technological advancements are major factors leading to rapid adoption of parking management solutions and services.
As compared to other regions, the parking management market in North America is expected to witness significant growth. North America is expected to hold the largest market share of the parking management market during the forecast period. U.S and Canada are anticipated to drive the growth of parking management market. This is owing to the early adoption of Parking Management Market in that region. In addition to this, the region also has a well-established infrastructure and allows high penetration of devices, while the increasing adoption of advanced technologies is another reason for the growth of parking management market.
The parking management market is growing rapidly over 12% of CAGR and is expected to reach at approx. USD 7 billion by the end of forecast period.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Parking Management Market -Forecast to 2023”.
Major Key Players:
- XEROX Corporation (U.S.)
- Siemens AG (Germany)
- Kapsch TrafficCom AG (Austria)
- AMANO Corporation (Japan)
- Cubic Corporation (U.S.)
- SWARCO AG (Austria)
- INRIX, Inc. (U.S.)
- INDIGO (France)
- T2 Systems, Inc. (U.S.)
- SKIDATA AG (Austria)
Parking Management Market Segmentation:
The parking management market has been segmented on the basis of component, parking site type, solution and vertical. The parking site type segment is classified into two types namely, off street parking and on street parking. As the name says, on street parking implies, parking of vehicles on the street. There are few streets where vehicles can always be parked. Off street parking implies both indoor and outdoor parking. It includes parking lots, garages and driveways. Off street parking holds the largest market share of parking management market owing to its efficient parking capabilities.
Market Research Analysis:
The global parking management market, by geography, has been segmented into North America, Europe, Asia Pacific and Others. In the global parking management market, Asia Pacific is expected to dominate the parking management market during the forecast period owing to the changing culture in organizations and increasing adoption of technological advancements. Asia Pacific is anticipated to witness relatively faster adoption and hence is expected to grow at the highest CAGR during the forecast period. Within Asia Pacific, parking management market is projected to contribute faster to the growth of revenue backed by increasing government initiatives in countries such as Japan, China and India.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of parking management market. In Europe, the presence of advanced infrastructure and with the increasing adoption of technology and technological advancements in numerous countries is driving the market growth of parking management market. Early adoption of parking management solutions across large number of verticals is another major factor driving the growth of parking management market. The developed economies in these regions is the main reason for the increase in number of vehicles and ultimately showing growth in parking management market.
Parking management market can be segmented on the basis of following:
- Parking Information Systems
- Parking Payment Systems
- Deployment & Customization
- Support & Maintenance
By Parking Site Type
- Off Street Parking
- On Street Parking
- Access Control
- Security & Surveillance
- Parking Fee & Revenue Management
- Valet Parking Management
- Parking Fee & Revenue Management
- Parking Guidance & Slot Management
- Corporate & Commercial Parks
The regional analysis of parking management market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in parking management market in North America attributes to the technical advancements and early adoption of parking management in that region.
- Technology investors
- Integrated device manufacturers (IDMs)
- Research/Consultancy firms
- Government agencies
- Software providers
- Cloud Service providers
- Professional Service providers
- Solution providers
- Integration service providers
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