PARKING MANAGEMENT MARKET SIZE AND SHARE GROWTH (2020 - 2027)
- savibangar91
- Aug 18, 2020
- 4 min read
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
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
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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