Meticulous Research® – leading global market research company published a research report titled “Parking Management Market by Component (Solution, Services), Technology (Image Processing, Reservation Based, RFID, Visible Light Communication), End User (Retail, Entertainment, & Leisure), Deployment, and Parking site– Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the parking management market is expected to grow at a CAGR of 7.6% from 2020 to 2027 to reach $4.03 billion by 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.
Based on component, the solutions segment is estimated to account for the largest share of the overall parking management market in 2020. However, the services segment is expected to grow with the fastest CAGR during the forecast period, owing to the upgradation of software installed for various processes and increasing demand for better support and maintenance.
Based on technology, the parking management market is segmented into image processing, reservation based parking system, RFID parking management system, visible light communication, and license plate recognition. The reservation based parking management system segment is estimated to command the largest share of the overall market in 2020. However, the license plate recognition segment is projected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the improved compliances, improved access and gate-less entry options, decreased overhead costs, and improved operations.
Based on end-user, the retail, entertainment, and leisure segment commanded the largest share of the overall parking management market. This is primarily attributed to the increasing demand by retail space operators to provide better shopping experience to their customers and attract footfall. Various entertainment and leisure events also demand deployment of parking management systems to enhance the experience of visitors and provide smooth and seamless access.
Geographically, Europe commanded the largest share of the global parking management market. The large share of this region is primarily attributed to the presence of major tech companies engaged in R&D of ICT technologies and their focus on developing advanced IoT and AI applications, along with the initiatives by the European Union and local governments to promote the engagement with developers through hackathons to develop innovative smart city solutions. In addition, the factors such as availability of strong communication infrastructure and higher rate of urban development and technology adoption in the European countries are further supporting the growth of the European market.
The key players operating 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) among others.
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