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.
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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.
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.
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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.
Parking Management Solution Market to Rise Notably Owing to Increasing Demand for Vehicles
The expanding interest for smooth development of traffic to screen the consistent gridlocks and different issues identified with transportation is one of the head driving elements for the development of the worldwide market for stopping the executive’s arrangements across metropolitan urban communities. Consistently expanding population and the subsequent ascent in the quantity of vehicles are additionally significant factor in prodding the advancement of the worldwide market in the coming long stretches of the conjecture time frame.
The quantity of vehicles across the globe is on a consistent ascent and is in this way prompting issues identified with shortage of leaving regions. This has prompted ascend sought after for shrewd and effective stopping frameworks. Progressed stopping the board frameworks that are by and by being used not just offer a serious level of accommodation to drivers, yet additionally helps in backing off the business capacities and different activities at the stopping zones.
The sudden widespread of the novel COVID-19 pandemic has positively affected the worldwide parking management solution market. Merchants working in this market zeroed in on the advancement of between advances for demonstrative and restorative purposes. The imposition of halt on all business and private mode of transportation reduced the traffic and commotion on the street, thereby impacting the overall parking management solution market.
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Provincially, the worldwide market for parking management solution has been overwhelmed by North America in the future years, with the U.S. being the base to a huge gathering of major parts on the lookout. Utilization of cutting edge stopping booths is one of the well-known patterns witnessed in the stopping regions across Europe. These stands are projected to help the private carport administrators just as regions to monitor each encroachment in stopping and offer a strong correlation against the genuine gave references.
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