Parking Management Market was valued at USD XX million in 2019 and is expected to reach USD 5,087.6 million by the end of 2026.
Bizlytik analysts forecast the global Parking Management market to grow at a CAGR of 9.2% during the forecast period, according to their latest market research report.
Parking management systems involve real-time software and solutions that assist drivers in finding empty parking spots in their mobile devices, while also ensuring less time consumption in the whole process to conserve fuel. The solutions also manage the payment of parking fees and effective monitoring of violations in confined parking spaces.
The efforts to reduce traffic congestion during peak hours and increase driver convenience to conserve time and fuel are some of the influential primary factors that would generate high demand for the incorporation of smart parking systems during the forecast period. The gradual shift from conventional methods to advanced, cloud-based parking tools that also help authorities to keep the vehicles in check would further propel the growth prospects of the market, with optimization of space and resources easily achieved through the deployment of parking management tools.
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Services, Consulting, System Integration & Deployment, and Support & Maintenance are covered in the Type segment of the market scope, while the Application segment is categorized into Off-street Parking and On-street Parking. The report covers the overall value of the market, both in terms of Type and Application.
The value of the Off-street Parking segment by Application is expected to reach USD XX million by 2026; growing at a CAGR of 8.9% from 2020 to 2026. The increased efforts towards driver convenience seeking out empty parking spots in buildings and ease in management of the incoming traffic and payment modes for building authorities would ensure continued demand for systems incorporation, fueling the segment growth.
North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
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The region of North America is one of the prominent areas owing to the rapid adoption and incorporation of cloud-based parking management solutions in place of traditional systems and increased user interest for the adoption of smart solutions that eliminate traffic congestion.
The Parking Management market is relatively fragmented, with several global and regional players competing in the existing market scenario to expand business opportunities through the development of high-tech parking solutions in a cost-friendly manner. The expansion of global business reach through acquisitions, and strategic collaborations and continued growth of software capabilities for the new launch of commercial solutions are the primary business strategies of top players.
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Conduent is one of the most significant companies of the global Parking Management Market in terms of production value, with Amano and Bosch Mobility Solutions among many other vendors to hold substantial market share by value.
Table of Content
1. Market Introduction
1.1. Executive Summary
1.2. Market Definition
1.3. Market Scope
2. Research Methodology
2.1. Primary Research
2.2. Research Methodology
2.3. Assumptions & Exclusions
2.4. Secondary data sources
3. Parking Management Market Overview
3.1. Report Segmentation & Scope
3.2. Key Market Trend
3.3. Drivers
3.3.1. Rising instances of traffic congestion with increase in vehicles
3.3.2. Gradual shift from conventional parking systems for customer convenience
3.4. Restraints
3.4.1. High costs of complex system incorporation
3.5. Opportunity
3.5.1. Growing adoption of smart parking management projects in emerging countries
3.6. Porter’s Five Forces Analysis
3.6.1. Porter’s Five Forces Analysis
3.7. Market Share Analysis
4. Type Overview
4.1. Introduction
4.1.1. Market Size & Forecast
4.2. Solutions
4.2.1. Market Size & Forecast
4.3. Services
4.3.1. Market Size & Forecast
4.4. Consulting
4.4.1. Market Size & Forecast
4.5. System Integration & Deployment
4.5.1. Market Size & Forecast
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