Global Smart Parking Market Industry Demand, Insight & Forecast By 2025

Smart parking market is expected to grow US$ 1462.3 million by 2025 from 398.6 million 2016. Off street parking is anticipated to continue its dominance over the forecast period. Presently, almost 68% of the smart parking systems are off street parking. Off-street smart parking solutions are majorly utilized by governments and municipalities, corporate institutions, commercial institutions and transport facilities. Globally off-street parking is considered as a cost-effective and convenient parking solution.


Key trend which will predominantly effect the market in coming year is rapid evolution of technologies supporting the growth of smart parking systems across the globe. Smart parking market is anticipated to witness several technological improvisations in terms of expansion of bandwidth and connectivity. Growth in smart parking systems market is fueled by the surging demand for flexible, scalable and efficient parking systems to manage the on-street and off-street parking spaces, in order to reduce the gridlocks taking place because of large number of commuters circling on road searching for parking spaces.

Smart parking market by end-user industry is segmented into transport facilities, government & municipalities, commercial institutions and corporate institutions. Increasing number of vehicles running on road, surging sizes of vehicles in the luxurious segment, and decrease in the available parking space are influencing the traffic congestion, making it an alarming issue globally.

The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the smart parking industry.

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Parking Management Market Analysis, Segments, Key Players, Drivers and Trends by Forecast to 2023

Market Highlights:

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.

Segments:
Parking management market can be segmented on the basis of following:

By Component

Software

  • Parking Information Systems
  • Parking Payment Systems

Service

  • Deployment & Customization
  • Support & Maintenance

By Parking Site Type

  • Off Street Parking
  • On Street Parking

By Solution

  • Access Control
  • Security & Surveillance
  • Parking Fee & Revenue Management
  • Valet Parking Management
  • Parking Fee & Revenue Management
  • Parking Guidance & Slot Management
  • Others

By Vertical

  • BFSI
  • Recreation
  • Healthcare
  • Corporate & Commercial Parks
  • Hospitality
  • Academia
  • Retail
  • Transportation
  • Government
  • Others

Regional Analysis:

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.

Intended Audience:

  • 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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