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The global parking management market size is expected to grow from USD 3.8 billion in 2020 to USD 5.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. Several parking spaces remain unutilized as developers end up building additional spaces in adherence to regulations regarding the size and number of parking spaces. Consistent parking management solutions, such as improved signage and real-time parking indicators, reduce the wastage of parking spaces by informing customers when and where a parking space is available.
Parking management also results in the more efficient use of parking resources through better revenue management, by countering over-pricing and underpricing parking spaces. An effective and integrated parking management solution can reduce parking requirements by 20–40%, which helps in maintaining city infrastructure, reducing land consumption, increasing revenue generation for the government, and improving user convenience.
“By deployment type, on-premises segment to account for the largest market size during the forecast period”
By deployment type,the on-premises segment is expected to record at the largest market size during the forecast period.The on-premises deployment type refers to the installation of software and solutions in the premises of the organization. In this deployment mode, the organization is responsible for maintaining the solution and all its related processes. These solutions are delivered on a one-time license fee and an annual service agreement, which includes a free modification or upgrade and installation of new functionalities. On-premises deployment of parking management solutions requires dedicated infrastructure and servers. It also requires dedicated IT staff for the maintenance and support of the high-end IT infrastructure. Organizations that can afford to manage dedicated servers usually deploy on-premises solutions. The on-premises deployment type also offers offline data analytics and configuration and provides better control over systems and data.
“By parking site,Off-street parking segment to hold the largest market size during the forecast period”
The off-street parking site segment is expected to hold the largest market size, due to the non-availability of on-street parking facilities and huge investments in smart buildings.Off-street parking sites are highly effective in terms of vehicle holding capabilities and are generally controlled by commercial agencies. Off-street parking involves proper designing and construction to provide a safe and secure vehicle parking experience for drivers. The segment focuses on ensuring security, pre-booking of parking spots, and parking fee management. This segment has witnessed several innovations to enable efficient parking; for instance, nowadays, advanced garages are equipped with robotic valet systems that help in parking management. Off-street parking solutions are expected to experience a high growth rate, due to the vast investments by authorities in multi-level parking, and also by the private sector in its parking facilities
“By region, Asia Pacific to grow at the highest CAGR during the forecast period”
The Asia Pacific (APAC) market is projected to grow at the highest CAGR during the forecast period.The APAC region is witnessing high growth due to increasing global competition, increasing penetration of smart devices, connected machines, and rising investments in smart cities.This region comprises more than 40% of the world’s population and has some of the fastest-growing economies. Urbanization is on the rise in several countries across the region. According to the UN database, around 2.5 billion people are expected to move to urban areas from 2018 to 2050, and 90% of urbanization is expected to happen in Asia and Africa.
The breakup of the profiles of the primary participants is given below:
- By Company: Tier 1 – 30%, Tier 2 – 42%, and Tier 3 – 28%
- By Designation: C-Level Executives – 48%, Directors– 30%, Others*–22%
- By Region: North America – 20%, Europe – 25%, APAC – 45%, and RoW** – 10%
Note: Tier 1 companies have revenues over USD 1 billion; tier 2 companies have revenues ranging from USD 500 million to USD 1 billion, and tier 3 companies have revenues ranging from USD 100 million to USD 500 million. *Others includes sales managers, marketing managers, and product managers. **RoW includes Latin America and Middle East And Africa (MEA)
Source: Industry Experts
The following key parking managementvendorsare profiled in the report:
- GROUP Indigo (France)
- Bosch Group(Germany)
- APCOA PARKING(US)
- Precise ParkLink(Canada)
- T2 Systems(US)
- Passport Labs(US)
- Flowbird Group(France)
- Get My Parking(India)
- IPS Group(US)
- Smart Parking (Australia)
- TIBA Parking Systems(US)
- ParkOffice (US)
- Urbiotica (Spain)
- CivicSmart (US)
The parking management market is segmented into offering (solutions and services), deployment type(cloud and on-premises), parking site (off-street parking, on-street parking), and region.A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new serviceand product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the parking management market.
Reasons To Buy the Report
The report would help the market leaders and new entrants in the following ways:
- It comprehensively segments the parking managementmarket and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities in the market.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes a competitor ecosystem, new service developments, partnerships, and mergers and acquisitions.