Parking Management Market Demand analysis and Growth prospect to 2027 by key players Flowbird Group, Indigo Parking Service, ParkMobile, Passport Inc., Siemens AG, Smart Parking Ltd., Streetline, Swarco, T2 Systems, and Tiba Parking

The global parking management market is expected to grow to US$ 58.5 Bn by 2027 from US$ 37.6 Bn in 2017.

As per ACEA (European Automobile Manufacturers Associations), parking management refers to the adoption of various strategies and subsequently technology-enabled solutions that facilitate in efficient use of parking resources. The parking management market is expected to witness a CAGR growth rate of 4.8% from 2019 to 2027.

The parking management market is a highly fragmented market with the presence of a significant number of players in each country coupled with multiple players with small and regional presence. The commonly available parking solutions in parking management market are access control, ANPR, parking security & surveillance, parking reservation and valet parking, and fee enforcement among other parking management solutions.

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Moreover, the increasing number of registered passenger vehicles along with limited parking space availability across important cities has led to the surge in demand for efficient parking management market in the past few years.

Geographically, the parking management market is majorly dominated by developed regions such as Europe and North America owing to a high number of registered vehicle per household capita and the amount of regulated parking space currently available in the areas. Moreover, the growing emphasis towards facilitating seamless mobility among densely populated cities has further boosted the demand for efficient parking management in the developed regions.

Currently, there are various leading players such as APCOA, Indigo-Infra Park, Passport, Siemens, Skidata and SP Plus among other leading companies have leading market position in parking management market among different countries across European and North America regions. However, the presence of the substantial number of local and regional players with a minimal scope of business has resulted in the highly fragmented parking management market even in developed economies. Among developing countries, the availability of a substantial number of unregulated parking space and free parking has a profound influence over the parking management market growth and the market is majorly driven by off-street parking space at commercial areas and government & municipal locations. However, countries such as Japan and China owing to stringent government guidelines towards parking space have resulted in minimum parking space available for parking management solutions.

The primary factor influencing the growth of off-street parking in the parking management market among developed countries and few financially emerging countries is the rapid growth of smart cities. The rising smart city initiatives are driving the deployment of sensors and related technologies for various applications which includes parking. Owing to this, several parking management technology developers as well as numerous parking management service providers are developing and offering advanced technologies to facilitate the municipalities and private spaces to optimize unutilized and unorganized parking areas. The advantages of technologically enhanced parking technologies are increasing the interest among various municipalities, commercial building zones, industrial building management as well as residential sector, thereby, rising the market for off-street parking management in the current market scenario.

The future of off-street parking management is anticipated be prominent attributing to two significant facts; increase in partnerships among the technology developers and parking management service providers as well as municipalities; and reduction in the cost of the technologies. Some of the prominent off-street parking management companies across the globe include; Amano McGann, TIBA Parking, Gemini Parking Solutions, and Duncan Solutions among others.

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Table of Contents

1. Parking Management Market Introduction
2. Market Key Takeaways
3. Parking Management Market - Key Industry Dynamics
4. Parking Management Market Analysis- Global
5. Parking Management Market Revenue And Forecasts To 2027 – Parking Site
6. Market Revenue And Forecasts To 2027 – Solutions
7. Market Revenue And Forecasts To 2027 – Services
8. Market Revenue And Forecasts To 2027 – Deployment Type
9. Global Parking Management Market Geographical Analysis
10. Industry Landscape
11. Market - Competitive Landscape
12. Parking Management Market, Key Company Profiles
13. Appendix

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This release was published on openPR.