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Parking Management Market Global Analysis, Segments, Size, Growth, Top Key Players, Drivers and Trends by Forecast to 2023

Parking Management Market, By Component (Software, Service), Parking Site Type (Off Street Parking, On Street Parking), Solution (Access Control, Security, Surveillance, Valet, Revenue Management) and By Vertical – Global Forecast 2023
Published 06 February 2018
Parking Management Global Market Overview:
The Global Parking Management Market is growing with the rapid pace; mainly due to the increasing focus on the seamless traffic flow. According to a recent study report published by the Market Research Future, the global market of Parking Management is growing rapidly and expected to gain prominence over the forecast period. The market is projected to demonstrate a remarkable growth by 2023, beating its previous growth records in terms of value with a noticeable CAGR during the anticipated period (2017 – 2023).
Parking Management Market solutions prove a necessity for the present scenario of rising vehicle population and parking spaces. Many government authorities and various enterprises are investing in smart parking management market. The smart parking combines a city’s existing parking data to provide a unified view of real – time parking demand and city – wide parking guidance. These system deploy machine learning techniques to merge multiple data sources into a unified dataset for parking guidance and analytics.
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Major Key Players:
The prominent players in Parking Management market are – XEROX Corporation (U.S.), Siemens AG (Germany), Kapsch TrafficCom AG (Austria), AMANO Corporation (Japan), Cubic Corporation (U.S.), SWARCO AG (Austria), INRIX, Inc. (U.S.), INDIGO (France), T2 Systems, Inc. (U.S.), SKIDATA AG (Austria), among others are profiled in Market Research Future analysis and are at the forefront of competition in the global Parking Management market.
Industry News
December 2017, San Francisco smart city pilots aim to make streets safer. The San Francisco Municipal Transportation Agency (SFMTA) is playing a key role in the city's smart initiatives and is working to improve transit while pursuing environmental goals such as zero carbon emission. The SF-park program was created to reduce the time people spent looking for parking, which could delay transit, block bicyclists and lead to more distracted driving.
January 2018, SpotHero Announces Voice-Activated, In-Car Parking Reservations via the Google Assistant in Android Auto. SpotHero has launched a new integration that enables drivers to book parking with the Google Assistant using voice commands. Drivers with Android Auto will be able use SpotHero and the Google Assistant to find and pay for parking on the go, completely hands-free. The company announced their first ground-breaking integration, by working with the Google Assistant to bring voice-activated parking to drivers seeing a huge opportunity to improve not only the parking experience, but also the overall driving experience.
Parking Management Global Market Competitive Analysis:
The Market of Parking Management appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through extensive research and development. Competitors are also focusing towards customer satisfactions and innovation as the major focus for maintaining the market positions. A large number of start-ups are targeting small and medium business to provide budget friendly and effective Parking Management solutions. On the other hand, large players are focusing towards production of innovative products. Streetline has been recognized with the global product line strategy leadership award for the year 2016. Streetline uses machine learning techniques to deploy Parking Management in order to merge data that is collected for real time parking guidance and analytics. Streetline is considered to be a world leader in smart parking solutions and management
Parking Management Global Market Segmentation:
Segmentation by Component: Hardware, Software, Services.
Segmentation by Parking Type: On-Street Parking, Off-Street Parking.
Segmentation by Vertical: BFSI, Recreation, Healthcare, Corporate & Commercial Parks, Hospitality, Academia, Retail, Transportation, Government, Others
Segmentation by Solution: Security and Surveillance, Valet Parking Management, Parking Reservation Management, and License Plate Recognition
Segmentation by Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
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Parking Management Global Market Regional Analysis:
The geographical analysis of Parking Management market is dominated by North America, which is estimated to account for the largest share of the market, followed by Europe, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth factor in Parking Management market in North America is attributed to technological advancements and increasing number of vehicles leading towards growing traffic concerns.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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