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Global Parking Management Solution Market: Snapshot 

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 management solution market

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.

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.

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.

Global Parking Management Solution Market Overview:

To address traffic congestion and demand for solution to address the same gives rise to global parking management solution market. Major cities across the world to take up these parking management solutions to cater to rising needs. Parking management solutions to ease traffic congestions and commuting issues arising out of it. Global parking management solution is anticipated to be cost effective alternative. Increasing demand for off street parking is likely to take over the market. Regulations to minimize pollution is certain thickly populated counties rises the need for parking management solution

Transparency Market Research gives us insights on upcoming rends, growth and analysis. It also sheds lights on regional distribution, drivers, restraints, and competitive forces during the forecast period. Additionally, insights on competitive forces are also shared here.

Global Parking Management Solution Market Drivers and Obstacles:

Parking Management solution is expected to provide automated access control, effective security system. This is likely to push the market growth. Besides automatic barrier control, is also expected to generate automated fee depending on the number of hours. Global parking management solutions to have prepaid and postpaid system in fee management. This will further expand the market growth due to easy billing system. Payment system ill work on features like single space parking meters and multi space parking meters.

Availability of integrated solutions to manage traffic is projected to inflate the market growth. Parking management system to have efficient, pocket friendly, effective and reliable solution. Thus, driving the market to expand. Parking management system is likely to have a harder designed and developed for best solution. This in built hardware is anticipated to manage the parking traffic in crowded areas. Rising concerns over pedestrians’ safety is like to push the market. Inflated demand for pollution control and easy traffic management likely to add to market growth.

Parking management system is likely to offer real time counting of vehicles. This feature will enable the management to know the number of vehicles parked in every level at given period of time. Additionally, real time parking signs will be displayed on parking space. This is likely to let a customer know empty number of spaces at a given time. Parking management solution to provide an optional feature of video surveillance as well. Parking kiosks are projected to come up during the predicted time frame. These features are expected to expand the growth of global parking management solution market.

Global Parking Management Solution Market Geographical Distribution

Parking management solution market is spread across Asia pacific, Europe, Africa, North America, South America, Middle East, and Africa.

During the forecast period Europe is projected to take over the market. Europe is expected to hold a significant share on global parking management solution market. Asia Pacific and Latin America is likely to see a boost in global parking management solution market.

Global Parking Management Solution Market Competitive Forces

Key players are centered on bring in better product line. They are likely to offer integrated solution in global parking management solution market. These players are thriving towards improved quality products at competitive prices. Technological advancements are projected during the forecast period. Many players are at forefront to provide customer friendly solutions.

Therefore, global parking management solution market will boom during forecast period.

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