Parking Management Market Analysis, Segments, Key Players, Drivers and Trends by Forecast to 2023


Parking Management Market Highlights:
Parking management refers to a combination of various programs and policies that aid in the efficient use of parking spaces and resources. Mounting emergence of urbanization in metropolitan areas of the world is one of the main reasons behind the rising number of vehicles on the street. This has led to a higher need for efficient parking management to make the optimum use of resources. The global parking management market has been projected to witness a robust CAGR of 12% during the forecast period of 2017-2023, as per the researchers at Market Research Future (MRFR).

The global Parking Management Market is likely to undertake major growth trajectory over the forecast period owing to a variety of factors. These factors include the rising focus on the seamless traffic flow and growing parking concerns in urban areas. Further, increasing population of vehicles has also led to a stark rise in the need for efficient parking spaces and resources. Concerns towards safety, security, and connectivity are also other factors driving the global parking management market.

Major Key Players:
Some market players present in the global parking management market include 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.), and SKIDATA AG (Austria).

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Market Segmentation
The global parking management market is studied for a detailed segmentation to reveal the hidden trends of the market over the forecast period. This segmental analysis is also likely to provide a deeper insight and aid in better decision making of the audience to this report. The global parking management market is segmented by component, parking site type, solution, vertical, and region.

·         Based on component, the global parking management market is segmented into software and services. The service segment comprises deployment, customization, and support and maintenance segments. The deployment and customization segment is estimated to ascend at the highest CAGR over the forecast period. This can be owed to the rapid adoption of parking management solutions by enterprises that require assistance for the deployment and customization processes.  The software segment is sub-segmented into parking payment systems and parking information systems.
·         Based on parking site type, the global parking management market is segmented into on street parking and off street parking. Based on solution, the global parking management market is segmented into security and surveillance, access control, parking fee and revenue management, valet parking management, and parking guidance and slot management.
·         By vertical, the global parking management market is segmented into recreation, BFSI, healthcare, corporate and commercial parks, academia, hospitality, transportation, retail, and government.

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Detailed Regional Analysis:
The global parking management market is studied for the regions of North America, South America, the Middle East & Africa, Europe, and Asia Pacific. Among these regional segments, North America held the largest share of the global parking management market over the forecast period. The regional market is also estimated to continue its reign over the market during such forecast period. This can be owed to the deep penetration of urbanization in the region and a high presence of consumers adopting cars in the region. 

Further, the rising need of own vehicles in the region is also estimated to drive the need for efficient parking management. Presence of various enterprises that have started adopting the solutions in the region is also expected to drive the regional parking management market.

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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