According to a new market
research report titled “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”, published by Meticulous
Research®, the parking management systems market is expected to reach $4.03
billion by 2027, at a CAGR of 7.6% during the forecast period of 2020 to 2027.
A parking management system
automates a car parking system. It encompasses ICT-based solutions that deploy
IoT and AI for a smooth and automated parking facility. It optimizes parking
spaces and making processes efficient. It gives real-time car parking information,
such as vehicle & slot counts, available slots display, reserved parking,
pay-and-park options, easy payments, reports, and a host of other features.
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The growth of the overall
parking management systems market is mainly attributed to the growing demand
for AI-based services, increasing need for parking spaces, and growing focus on
seamless traffic flow. Moreover, the growing number of smart cities and
technological advancements in autonomous cars will likely provide significant
growth opportunities for players operating in the parking management systems
market. 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
In conclusion, factors such as
declining automotive production & sales of new vehicles and reduced
purchasing power of consumers, coupled with the looming threat of recession and
unemployment, have significantly affected the parking management systems market
during pandemic.
Growing
focus on seamless traffic flow to drive the growth of this market.
Traffic congestion is rising in
smart cities worldwide due to population explosion, increasing number of
automobiles, aging infrastructure, and uncoordinated traffic systems.
Inefficient parking management worsens the situation as drivers move around in search
of parking spaces around their destination, causing traffic congestion.
Advanced traffic management systems can significantly decrease traffic
congestion, improve safety, and accommodate additional vehicles in the cities.
major factors likely to hinder
the market growth.
Parking solutions are an
integral part of the ATMS (Advanced Traffic Management Systems). It combines
sensors, street lights, smart navigation, and online payment platforms to
collect real-time data, translate it into actionable insights, and relay information
between the driver and parking facility operator. These systems can guide
vehicles towards an available parking spot using vehicle guidance systems and
notify users about parking spots across the city.
Hence, parking can reduce
traffic congestions by providing drivers an overview of the least congested
routes, parking options, and payment options available. Drivers can easily
locate an available parking spot and get off the road quickly by understanding
the availability in advance. These systems can also ensure that payments are
made instantly using smartphones and parking space is made available for the
next driver quickly.
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To provide efficient analysis,
Meticulous Research® has segmented this market based on
component (solutions and services), technology (image processing,
reservation-based parking management systems, RFID-based parking management
systems, visible light communication, and license plate recognition), end user
(retail, entertainment, & leisure; airport, railway stations, & bus
terminals, office spaces, and residential), deployment type (on-premises and
cloud), parking site (on-street and off-street), and geography (Asia-Pacific,
Europe, North America, Latin America, and the Middle East & Africa).
Based on component, the parking
management systems market is segmented into solutions and services. The
solutions segment accounted for the largest share of the parking management
systems market in 2020. This growth of the segment is attributed to increased
efforts by parking operators and city authorities to reduce traffic congestion,
increasing operating revenue, better enforcement of parking laws, and rising
need for real-time video surveillance for security of parking facilities.
However, the services segment is expected to grow at the highest CAGR during
the forecast period.
Based on end user, the parking
management systems market is segmented into commercial and residential. The
commercial segment accounted for the largest share of the overall parking
management systems market in 2020. The segment is also expected to grow at the
highest CAGR during the forecast period. This segment's growth is attributed to
the optimal space usage of commercial parking spaces, reduced traffic
congestion in CBDs, reduction in management cost, increasing revenue due to
flexible payment options, and enhanced security of commercial parking spaces.
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Based on technology, the parking
management systems market is segmented into image processing, reservation-based
parking systems, RFID-based parking management systems, visible light
communication, and license plate recognition. The license plate recognition
segment accounted for the largest share of the overall parking management
systems market in 2020. The segment is also expected to grow at the highest
CAGR during the forecast period. The segment's growth is mainly attributed to
its benefits, such as increased revenue through improved compliance, decreased
overhead cost, improved access to limited parking spaces, gate-less entry
options, enhanced customer experience, and improved operations.
Based on deployment mode, the
parking management systems market is segmented into on-premises and
cloud-based. In 2020, the cloud-based segment accounted for the largest share
of the overall parking management systems market as well as it is expected to grow
at the highest CAGR during the forecast period. The growth of this segment is
attributed to its flexibility of access, agility, zero maintenance cost, and
flexible payment.
Based on parking site, the
parking management systems market is segmented into on-street and off-street
sites. The off-street sites segment accounted for the largest share of the
parking management systems market in 2020. The growth of this segment is attributed
to the rising requirement to reduce congestion in central business districts of
cities by banning on-street parking and increasing number of vehicles &
parking space demand.
Based on geography, the global
parking management systems market is segmented into North America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa. Europe accounted
for the largest share of the global parking management systems market in 2020.
The growth of this region is primarily attributed to factors such as the
presence of major companies engaged in R&D of ICT & their focus on
developing advanced IoT and AI applications, initiatives by the EU and local
governments to develop innovative parking management solutions, availability of
strong communication infrastructure, and a higher rate of technology adoption
in European countries. However, Asia-Pacific region is expected to grow at the
highest CAGR during the forecast period.
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In Europe, Germany commands
largest share of the parking management systems market. The market growth in
this country is primarily attributed to increasing development in their parking
management system approaches and adopting various methods to implement them.
Germany boasts an excellent ICT infrastructure and is fast-tracking smart
technologies in its infrastructure. Nearly 74% of Germans live in cities and
towns, so strategic urban development through digital solutions is widely
recognized and relevant. Germany aims to use networked information and
communication technologies to enable intelligent transportation and parking
management systems to reduce congestion across its roads.
In Hamburg, the Department of
Home Affairs and Sports and State Traffic Authority, in association with
Deutsche Telekom, presented an app-based smart parking solution—Park and Joy,
to simplify parking and reduce traffic congestion. The app will fetch data from
numerous sensors placed by the local transport authority LBV and allow users to
see free parking spaces through a smartphone.
In 2020, Cleverciti Systems
GmbH, in association with RheinEnergie AG, deployed smart parking solutions in
Cologne, Nippes. Cleverciti will install ClevercitiSensors and
ClevercitiCirc360 guidance systems on Rheinenergie’s lampposts across 770
on-street parking spaces in Cologne. The guidance system will enable drivers to
access real-time parking occupancy information and deliver live guidance to
drivers.
The top four players that
dominated the global parking management systems market were Amano Corporation
(Japan), FLOWBIRD (France), SKIDATA GmbH (Austria), and T2 Systems, Inc. (US).
Other key players operating in the parking management systems market are Xerox
Corporation (US), IBM Corporation (US), Cubic Corporation (US), Robotic Parking
Systems, Inc. (US), SWARCO AG (Austria), SIEMENS AG (Germany), Skyline Parking
AG (Switzerland), Unitronics (1989) (RG) Ltd. (Israel), and Cleverciti Systems
GmbH (Germany).
TOP 10 COMPANIES IN PARKING
MANAGEMENT MARKET https://meticulousblog.org/top-10-companies-in-parking-management-market/?utm_source=article&utm_medium=social+&utm_campaign=product&utm_content=28-11-2023
