Growth of Parking Management System market is mainly attributed to the growing demand for AI-based services, increasing need for parking spaces, and growing focus on seamless traffic flow. However, the complexity in system integration, shift from car ownership model to car-sharing model, high initial installation & implementation cost of parking systems, and climate durability & vandalism are some of the major factors likely to hinder the market growth. Moreover, growing number of smart cities and technological advancements in autonomous cars are likely to provide significant growth opportunities for players operating in the parking management systems market.
Parking Management Market by Component (Solution,
Services), Technology (Image Processing, Reservation Based, RFID, Visible Light
Communication), End User (Retail, Entertainment, and Leisure), Deployment, and
Parking site - Global Forecast to 2027
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The parking management market is expected to reach $4.03
billion by 2027, at a CAGR of 7.6% during the forecast period of 2020 to 2027.
This market is majorly driven by the factors such as
rising adoption of AI based services, increasing demand for seamless traffic
flow and parking spaces, and growing initiatives by various national and
international organizations to reduce fossil fuel consumption. In addition,
emerging economies such as Asia Pacific and Latin America offer significant
growth opportunities for the growth of the parking management market. However,
the complex system integration and high initial implementation cost obstructs
the growth of this market to some extent.
The overall parking management market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of component (solution, services); technology (image processing, reservation based, RFID, visible light communication, license plate recognition); deployment type (on-premises, cloud); by parking site (on-street, off-street); and end user (retail, entertainment, & leisure; airport, railway stations, & bus terminals; office spaces). The study also evaluates industry competitors and analyses the market at a country level.
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Scope of the Report:
Parking
Management Market by Component
- Solutions
- Parking
Access and Revenue Control
- Parking
Meter
- Handheld
Ticket Writers
- Automated
Gates
- Security
& Surveillance
- Surveillance
Cameras
- Alarms
& Locators
- Others
(Lighting & Signage, Intrusion Detection, and Emergency Phones &
Intercoms)
- Reservation
Management
- Permit
Management
- Parking
Guidance System
- Services
- Consulting
- System
Integration
- Support
& Maintenance
Parking
Management Market By
Technology
- Image
Processing
- Reservation
Based Parking System
- RFID
Parking Management System
- Visible
Light Communication
- License
Plate Recognition
Parking
Management Market By
End-User
- Commercial
- Retail,
Entertainment, and Leisure
- Airports,
Railway Stations, and Bus Terminals
- Office
Spaces
- Others
(Healthcare, Hospitality, Educational Institutes)
- Residential
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Parking
Management Market By Geography
- North
America
- U.S.
- Canada
- Europe
- Germany
- U.K
- France
- Spain
- Rest
Of Europe
- Asia-Pacific
- Japan
- China
- South
Korea
- India
- Australia
- Rest
of Asia-Pacific
- Latin
America
- Middle
East And Africa
Parking
Management Market By Parking Site
- On-Street
Parking
- Off-Street
Parking
Parking
Management Market By Deployment
Type
- On-Premise
- Cloud
Market
Drivers
1. Growing Demand for AI Based Services
2. Growing Demand for Parking Spaces
3. Growing Focus on Seamless Traffic Flow & Reducing Fuel
Consumption
Market
Restraints
1. Complexity in System Integration
2. Shift from Car Ownership Model to Car Sharing/Rental Model
Market Opportunities
1. Increase in Adoption of Smart Cities Initiative Globally
2. Technological Advancements in Autonomous Cars
Market
Challenges
1. High Initial Implementation Cost
2. Climate Durability and Strength Against Vandalism
Market Trends
1. Rapidly Evolving Technologies
2. Advancements in Mobility across the World
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Key Players
The report includes competitive landscape based on the
extensive assessment of the key strategic developments adopted by the leading
market participants in the parking management industry over the last 4-5 years.
The key players profiled in the global parking management market are Xerox
Corporation (U.S.), Amano Corporation (Japan), IBM Corporation (U.S.), Cubic
Corporation (U.S.), Robotic Parking Systems, Inc. (U.S.), SWARCO AG (Austria),
SKIDATA AG (Austria), SEIMENS AG (Germany), Skyline Parking AG (Switzerland),
UNITRONICS (Israel), Flowbird Group (France), T2 Systems Inc. (U.S.), and
Cleverciti Systems GmbH (Germany).
TOP 10 COMPANIES IN PARKING
MANAGEMENT SYSTEM MARKET
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Key questions answered in the report-
- Which are the high
growth market segments in terms of the component, technology, deployment,
end-user, and countries?
- What is the historical
market for parking management systems across the globe?
- What are the parking
management market forecasts and estimates from the period of 2020-2027?
- What are the major
drivers, restraints, and opportunities in the global parking management
market?
- Who are the major
players in the global parking management market and what share of the
market do they hold?
- Who are the major
players in various countries and what share of the market do they hold?
- How is the competitive
landscape?
- What are the recent
developments in the global parking management market?
- What are the different
strategies adopted by the major players in the global parking management
market?
- What are the
geographic trends and high growth countries?
- Who are the local
emerging players in the global parking management market and how do they
compete with the other players?
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Report, published in July 2020, with key industry insights spread across 206
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