The global parking management solution market is progressive with intensifying traffic congestion and need for effective parking systems to address parking concerns across the world. Demand for off-street parking spaces, usually indoor and outdoor parking spaces such as parking lots and garages that are operated by private agencies is expected to support the growth of parking management solution market. Major cities across the world such as Los Angeles, London, San Francisco, Berlin, Shanghai, Hong King, Beijing, and Tokyo are adopting advanced parking management solutions to address traffic congestion and transportation issues.
Keen players are focused hard on accentuating their product line and provide integrated solutions for efficiently managing parking requirements. Not only this, development of cost-effective, reliable, and customer-friendly solutions is also the focus of key players in this market.
Parking management solution refers to a set of hardware designed and developed to manage and maintain parking availability in high demand areas, especially on-street parking spaces. Single space parking meters and multi-space parking meters are major hardware used in parking management solutions that are integrated with automated payment systems and centralized data management that allows people to find parking spaces in desired locations.
A report by Transparency Market Research says the revenue of global parking management solution market stood at US$285.85 bn in 2016. Expanding at a CAGR of 9.3% between 2017 and 2025, the market is poised to rise to US$614.59 bn by 2025.
Parking Venue Installed Location Segment to Continue Dominance until 2025
The parking kiosks segment by type is expected to register high growth rate due to its ability for multiple forms of payment, which includes coins, bills, credit cards, smart cards, contactless cards, and tokens. Parking kiosks also have the technology for software upgrades that can be done remotely over a wireless network that eliminate the need to visit each meter every time there is a change in rate.
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Parking venue segment under installed location is anticipated to display the leading growth rate over the forecast period. Furthermore, the segment of parking venue is anticipated to hold the leading revenue among other installed location segments.
Asia Pacific to Display Remarkable Growth
The report segments the parking management solution market with respect to the regional segments of North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Among these, North America acquired the leading revenue in the market in 2016. The large number of vehicles in the U.S. displays demand for efficient parking management solutions thereby accounting for high revenue contribution of this regional market.
Europe expected to hold significant market share owing to the rising demand for on-street and off-street parking spaces. The EU instructions to minimize environmental pollution are working in favor of the growth of Europe parking management solution market.
The parking management solution market is gaining momentum in Latin America and Asia Pacific regions due to the increasing number of municipalities in developing economies such as China, India, Brazil, and South Korea. The increasing concerns of safety of pedestrians, directives for reducing pollution, and need for smooth traffic movement are also key factors behind the growth of parking management solution market in emerging regions.
Leading players operating in the global parking management solution market include Parkeon S.A.S, IPS Group Inc., Ventek International, J.J. Mackay Canada Limited, LocoMobi Inc., Cale Access AB, Parking BOXX, METRIC Group Ltd., Worldwide Parking Inc., CivicSmart Inc., and POM Inc.