Parking Management Market - Global Industry Analysis, Growth, Key Trends, Regional Assessment, and Forecast 2019-2029

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Parking Management Market - Global Industry Analysis, Growth, Key Trends, Regional Assessment, and Forecast 2019-2029

Status : December, 2022 | Technology & Media

Report Digest

Parking Management Market: Overview

The integration of emerging technologies to transform urban areas into smart cities is influencing a number of public services including parking management, thereby creating opportunities in the parking management market. With vast scope of integration of emerging technologies with parking management, the parking management market is predicted to rise at a steady pace over the forecast period from 2019 to 2029. However, slowdown of several businesses, as a repercussion of COVID-19, some of which that are directly related to public services such as parking management has impacted revenues of these services.

Key parameters based on which the parking management market is divided in this report are offering, parking site, deployment type, and region.

The report provides an in-depth analysis of growth drivers, trends, and opportunities that are likely to influence the parking management market over the 2019- 2029 forecast period. Furthermore, the report examines the key segments and provides growth rate projections of key segments over the forecast period. Lastly, detailed insights into the competitive scenario, with a focus of growth strategies of large players in the parking management market is a highlight of this report.

Parking Management Market: Competitive Landscape

The parking management market is competitive with the presence of several large vendors that hold considerable revenue share. Continued efforts for newer parking management solutions with improved features is a key growth strategy of large players in the parking management market. Collaborations and associations with technology companies for avant-garde parking management solutions is another key growth strategy of keen players in the parking management market.

Key players in the parking management market include GROUP Indigo, Siemens, Conduent, Precise Park Link, SKIDATA, Flash Parking, Flowbird Group, SpotHero, INRIX, Smart Parking, TIBA Parking Systems, Streetline, Urbiotica, Amano, Bosch Group, APCOA PARKING, SWARCO, T2 Systems, Passport Labs, Park Mobile, Get My Parking, IPS Group, Chetu, Q-Free, ParkOffice, and CivicSmart.

Parking Management Market: Key Trends

Parking management system offers a number of real-time benefits from optimum utilization of infrastructure for parking spaces to operational assistance of parking spaces and increase operational revenue to improve user experience.

Parking management comprises a number of hardware sensors, traffic control devices, real-time messaging systems, computer servers, wireless and wired telecommunications systems, and application interfaces. Owing to the wide variety and variability in the hardware infrastructure and software systems, the scope of application of parking management is phenomenal. Availability of a wide spectrum of hardware and software enables the collection and analysis of parking data from different systems to be in line with the implementation of the concept of dynamic priced parking.

Meanwhile, the outbreak of COVID-19 has slowed down the growth of parking management solutions due to strict restrictions on mobility imposed by local and national governments. Apart from this, the parking management design is very complex and comprises several input/output devices and sensors. High cost to set up parking management solutions is another factor that challenges the growth of parking management market to some extent.

Nonetheless, rapidly increasing use of advanced technologies to create smart infrastructure, with limited human contact will provide ample opportunities to the parking management market.

Parking Management Market: Regional Assessment

North America accounts for substantial revenue to the overall parking management market. Developed economies of the region such as the U.S. and Canada that have some of the world’s largest business enterprises housed in large buildings are supported by avant-garde parking management solutions for ingress and egress convenience.  

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?