Taking the present transportation system into view, parking is a dire part of it. The parking management system denotes to the numerous programs and policies leading to more effective usage of parking resources. A rise in the count of automobiles around the globe is the key factor boosting the need for an efficient management system to deal with parking problems. Also, the problems of accident, traffic congestion, and environmental hazards are increasing worldwide and are demanding flexible & effective parking management solutions.
Thus, the mounting need for safety of foot-travelers, worries regarding decreasing pollution, and elevating need for smooth traffic movement are factors projected to fuel the growth of the global parking management market during the forecast period. In addition, technological developments like Internet of Things (IoT), e-payments, and wireless parking sensors are also anticipated to enhance consumer experience and upsurge the implementation of car park management solutions further boosting the market expansion. Moreover, the rising need for off-street parking spaces comprising outdoor and indoor, handled by private organizations is also likely to drive market growth.
The global parking management market can be bifurcated based on solution, application, parking site, service, and region. The global market, based on solution, is divided into security & surveillance, access control, parking reservation management, revenue management, and others. The global market, based on application, is segregated into government, transport transit, and commercial. The global market, based on service, is classified into system integration & deployment, consulting, and support & maintenance. The global market, based on parking site, is categorized into off-street and on-street.
Regionally, the global parking management market was dominated by North America in 2018 and is projected to maintain its supremacy during the forecast period. This regional expansion can be credited to the rise in the count of automobiles in nations such as the U.S. and Canada further generating the requirement for dealing with problems like traffic congestion. Likewise, Asia Pacific is anticipated to surface as the quickest boosting regional market during the forecast period owing to the rising expenditure by government on building smart cities.
The prominent players actively participating within the global parking management market consist of Indigo Park Services, Conduent, Swarco, Amano, Streetline, Q-Free, Skidata, T2 Systems, Urbiotica, Siemens, SecurePark, ParkMobile, SpotHero, gtechna, Oncall Parking Manager, Parkable, Skidata, NEX Valet, AutoVu, Parksol, Scout, Gateworks, Aims, Access+, Colibri Park, Bosscars, OmniPark, ParkAlto, and DPM. These players undertake several strategies to establish a firm foot within market. To cite, a national service partnership was declared by FlashParking in May 2020 with Burroughs Inc. This deal will assist Flash parking to offer an exclusive maintenance service to its customers and decrease the threat of hardware downtime.