Technavio has announced the release of their research report on the Global Parking Management Solutions Market for the forecast period 2019-2023. This parking management solutions market analysis report segments the market by product (revenue management, security and surveillance, access control, reservation management, others), by type (off-street parking and on-street parking) and geography (the Americas, APAC, and EMEA).
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Technavio predicts the global parking management solutions market size to grow by almost USD 4 billion during 2019-2023. (Graphic: Business Wire)
Global parking management solutions market size will grow by almost USD 4 billion during 2019-2023, at a CAGR of over 10%. With the advent of automatic valet parking (AVP), several companies are seen coming up with various solutions for driverless parking. In September 2018, one of the first automated valet parking projects was piloted by Daimler and Bosch in China. The two companies developed the world’s first infrastructure-based solutions for driverless parking. Furthermore, AVP saves time, effort, and space in the parking area by eliminating the need of opening doors inside the lot, thereby enabling close side-by-side parking. It also eliminates human error in the parking process, thereby avoiding scuffs and scratches, which will, in turn, drive the market share of parking management solution companies.
Growth in smart parking deployment projects
The number of automobiles in the city is rapidly outpacing the supply of available parking spots. Hence parking is a pressing issue in urban development. Smart parking solutions help address the problem. Smart parking solutions use embedded sensors in the ground and mounted cameras on light poles and building structures to determine an available spot. The collected data is directed wirelessly to a gateway and conveyed to a central cloud-based smart parking platform and analyzed against the data from other sensors to create a real-time parking map, which is then used by the driver as a map on his/her mobile device. This helps the driver in instantly finding an available spot. The map also helps parking control officers by directing them to exactly where there has been a parking violation. Hence, as the implementation of smart parking projects increases, the demand for parking management solutions is also expected to increase.
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“More than 37% of the market’s growth will come from the Americas, due to an increasing number of parking management solutions being deployed across the Americas. With an increase in the number of automobiles and the growing number of parking projects in the Americas, the demand for parking management solutions is expected to increase thereby driving the growth of the overall market in the region,” says an analyst at Technavio.
The parking management solutions landscape has seen significant changes over the last few years owing to the development and adoption of advanced information and communication technologies. The current generation of parking management solutions offered by vendors ranges from integrated smart parking applications and contactless parking equipment to modern mobile parking applications. In June 2018, the city of Ferndale, in collaboration with PASSPORT LABS, announced the launch of a new end-to-end parking solution. Another instance of innovation in parking management solutions was the launch of a major upgrade to Parking Reservation Software's (PRS) parking management system in 2018.
View a snapshot of the report for a more detailed overview of the market and the segmentation covered in this report
This parking management solutions industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several parking management solutions including –
- Amano
- Conduent
- Kapsch TrafficCom
- Siemens
- SKIDATA
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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