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 : May, 2021 | 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.  

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?