According to a new report published by K D Market Insights, titled, Demand for “Parking Management Market Insights, Trends, Opportunity & Forecast, 2020–2025,” the global parking management market size is anticipated to witness more than healthy growth during the forecast period i.e. 2020–2025. The burgeoning number of vehicles across the world, the increasing demand for maximum utilization of parking spaces, the increasing concerns relating to traffic congestion, accident, and environmental hazards, the growing adoption of parking management systems worldwide, the increasing investments by private sector players and governments in the parking management system and the growing deployment of smart parking solutions by authorities and parking owners are the primary factors driving the growth of the global parking management market.
Additionally, factors such as the high proliferation in the use of smartphones and technologies such as the GPS around the globe, the increasing popularity of mobile wallets and electronic payment systems in car park management among online and smartphone users and the emergence of advanced technologies and adoption of cloud based software and systems are projected to further create ample growth opportunities for the global parking management market during the forecast period.
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The North American region followed by the European region held the largest share in the parking management market in 2020. The region is anticipated to retain its dominance in the market over the forecast period owing to the increasing number of automobiles, the rising presence of large IT companies, the rapid technological advancements and the increasing use of cloud-based car park management solutions in the region. Furthermore, the growing changes in parking regulations and the increasing investments in infrastructural development and parking management solutions in the region also contribute significantly to the growth of the market in this region.
The Asia Pacific region on the other hand was estimated to be the fastest growing regional market for parking management in 2020. The region is also poised to grow robustly in the forecast period on account of factors such as the increasing government spending on developing smart cities across major economies of the region, the increasing development and implementation of smart solutions for car park management by various companies in the region, the increasing governmental introduction of new guidelines to promote the development of modern parking facilities in the region and the increasing number of municipalities in the developing economies of the region. The major contributors in the region include India, Japan and China.
According to deployment type, the cloud segment is anticipated to register the highest CAGR in the market during the forecast period. According to offering, the parking access and revenue control sub-segment under the solutions segment is projected to witness the highest growth rate in the market over the forecast period.
The global parking management market is segmented into offering, technology, parking site, deployment type, application, vertical and region. Based on offering, the market is bifurcated into solutions and services. The solutions segment is further categorized into parking guidance solution, parking reservation management, parking permit management, parking enforcement management, parking access and revenue control, parking security and surveillance, parking analytics, valet parking management and others. The services segment is further categorized into professional service and managed service. The professional service sub-segment is further categorized into consulting & training, system integration & deployment and support & maintenance. Based on technology, it is classified into image processing, reservation based parking system, RFID parking management system, visible light communication, license plate recognition and others. Based on parking site, it is classified into off-street parking and on-street parking. Based on deployment type, it is classified into cloud and on-premises. Based on application, it is classified into transport transit, commercial, residential and government. Based on vertical, it is classified into BFSI, recreation, healthcare, corporate & commercial parks, hospitality, academia, retail, transportation, government and others.
The global parking management market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
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Key Insights of Parking Management Market
- On the basis of deployment type, the cloud segment is anticipated to register the highest CAGR in the market during the forecast period.
- On the basis of offering, the parking access and revenue control sub-segment under the solutions segment is projected to witness the highest growth rate in the market over the forecast period.
- On the basis of region, North America followed by the Europe held the largest share in the parking management market in 2020. The region is anticipated to retain its dominance in the market over the forecast period.
- On the basis of region, Asia Pacific was estimated to be the fastest growing market for parking management in 2020. The region is poised to grow robustly over the forecast period.
Some of the major parking management companies profiled in the report include COLANDIS GmbH, Ardmac, Connect 2 Cleanrooms Ltd., Clean Air Products, KCWW, Abtech, Integrated Clean Room Technologies Pvt. Ltd., Terra Universal Inc., Labconco Corporation, Camfil, OCTANORM-Vertriebs-GmbH, Dynarex Corporation, Bouygues Group, Airtech Japan Ltd., Clean Rooms International Inc., DowDuPont Inc., ABN Cleanroom Technology, M+W Group, Azbil Corporation, Exyte AG, Illinois Tool Works Inc., Taikisha Ltd., Parteco Srl, Kimberly-Clark Corporation and Clean Room Depot Inc.
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