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.
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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.
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 major factors likely to hinder the market growth.
The Impact of COVID-19
on the Parking Management Systems Market
The novel coronavirus
pandemic has had a major impact on all industries, with major industries either
shut down following the directives issued by local governments or are running
with minimal staff to keep their personnel safe. Manufacturing units worldwide
have been shut down, footfall in showrooms has fallen sharply, and vehicle
sales have taken a huge hit. The global economic trade impact of the COVID-19
pandemic on the automotive industry is estimated to be around USD 5.7 billion,
with the European Union experiencing the worst at USD 2.5 billion due to the
disruption in the automotive supply chain amid reduced supplies from China.
The overall economic
impact of COVID-19 is far worse, affecting the overall purchasing capacity of
consumers across the globe. Large-scale quarantines in the U.S. and Europe had
led to a drop-off in consumer spending and subsequent business investments in
2020. With demand-side reductions in consumer and business spending and looming
recession, a self-reinforcing downward spiral of layoffs, unemployment, and
bankruptcies observed in 2020.
The construction
sector is another major industry, which will affect the parking management
systems market. A majority of critical infrastructures across developing and
high-growth countries have been stalled. According to KPMG, critical
infrastructure construction projects worth INR 59,000 billion (USD 769 billion)
under the National Infrastructure Plan in India have been severely impacted due
to COVID-19. The construction industry has a multiplier effect on nearly 250
allied industries.
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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.
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.
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-premise 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.
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 Systems Market
Report Scope :
Parking Management
Systems Market, by Component
- Solutions
- Parking
Access and Revenue Controls
- Parking
Meters
- 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 Systems
- Services
- Consulting
- System
Integration
- Support
& Maintenance
Parking Management
Systems Market, by
Technology
- Image
Processing
- Reservation
Based Parking Systems
- RFID Parking
Management Systems
- Visible
Light Communication
- License
Plate Recognition
Parking Management
Systems Market, by End
User
- Commercial
- Retail,
Entertainment, and Leisure
- Airports,
Railway Stations, and Bus Terminals
- Office
Spaces
- Others
(Healthcare, Hospitality, Educational Institutes)
- Residential
Parking Management
Systems Market, by Deployment
Type
Parking Management
Systems Market, by Parking Site
- On-Street
Parking
- Off-Street
Parking
Parking Management
Systems Market, by Geography
- North
America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest Of
Europe
- Asia-Pacific
- Japan
- China
- South Korea
- India
- Australia
- Rest of
Asia-Pacific
- Latin America
- Middle East
& Africa
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