Parking management refers to strategies that result in the more proficient use of parking resources. Parking management systems assist people in quickly find parking spots and also provide the requisite guidance for making the entire process smooth, reduce confusion, and enhancing the visitor experience. These systems include parking alerts in real-time, traveler information systems, video surveillance, vehicle tracking in real-time, and easy payment options. Many advanced parking management systems need users to make phone/internet reservations and pay for a parking space.
According to study, “Parking Management Market: Market Segments: By Component (Solution and Services); By Parking site (Off-street Parking and On-street Parking); By Deployment Type (On-premises and Cloud); By Application (Transport Transit, Commercial and Government); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030” some of the key companies operating in the global parking management market are Infocomm Group LLC, DEPLOT, TIBA Parking, Q-Free ASA, Siemens AG, SAP SE, Passport Inc., Bond Traffic Solutions, Nex Valet LLC, Amano McGann, Parkmobile USA Inc., FlashParking Inc. The key players operating in parking management are forming partnerships with automakers for developing advanced parking assistance solutions for Advanced Driver Assistance Systems (ADAS) applications. They are also helping the public-private establishments monetize on the accessible parking facilities.
Based on components, the market is segmented as services and solutions. Services include system integration & deployment, consulting services, and support & maintenance. Solutions include revenue management, access control, parking reservation management, security & surveillance, valet parking management, and others. Based on the parking site, the market is segmented as on-street parking and off-street parking. The off-street parking segment is further sub-segmented as lot parking and garage parking. The on-street segment holds the major share in the global market due to growth in adoption by government authorities across the globe. Based on the deployment model, the market is segmented as cloud and on-premise deployment. The cloud-based segment dominates the market owing to multiple advantages offered by the cloud. Based on application, the market is segmented as government, commercial, and transport transit. In addition, based on end-user, the market is segmented as retail, healthcare, government, corporate & commercial parks, academia, BFSI, transportation, recreation, hospitality, and others. The government sector is anticipated to witness a higher growth rate because of growth in a number of smart city projects in developed regions during the forecast period.
The market is driven by rising in demand for optimum utilization of parking spaces, followed by Proliferation of mobile & smart-phones, rise in urban population to actuate smart parking management, the surge in demand for seamless traffic flow & reduction in fuel consumption, and growth in adoption of cloud, IoT, and data analytics technologies. However, system integration complexities and high implementation costs may impact the market. Moreover, the emergence of autonomous cars, the increase in smart city initiatives across the globe, and the rise in demand for innovative parking management solutions are key opportunities for the market.
Based on geography, the North-American region holds the major share in the global market owing to growth in technological advancements coupled with the early adoption of parking management in the region. The Asian-Pacific and European regions are estimated to witness a higher growth rate due to an increase in government expenditure on smart city development over the forecast period. It is expected that the future of the global market will be bright as a result of growth in demand for Artificial Intelligence (AI)-based services during the forecast period.
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Ankur Gupta, Head Marketing & Communications