The global parking management market size was valued at USD 3,980.2 million in 2015. An increase in the number of vehicles across the world is impelling the demand for an effective system to counter the parking concerns. The issues of traffic congestion are rising momentously across the world, impelling the need for effective and flexible park-assist solutions. The adoption of these solutions offers enhanced scalability and flexibility to efficiently tackle the car owners’ woes.
U.S. parking management market revenue by application, 2014 - 2024 (USD Million)
Poor administration leads to overcrowding of vehicles, resulting in traffic congestion. It further increases air and noise pollution. Technological advancements, such as the smart-parking systems, are expected to boost the industry growth. New, innovative infrastructure assists in providing real-time information regarding the availability of space, subsequently saving time, fuel, and cost.
The escalating adoption of park-assist systems at avenues such as corporate campuses, airports, and shopping complexes, among others is projected to energize the market growth.
The industry is classified on the basis of applications into three types, transport transit, commercial, and government. These systems in the government application accounted for about 60% of the overall market share in 2015. The need for developing safe, clean, and efficient public parking facilities across cities is creating a demand for better solutions in the government application. The rise in smart city projects is further propelling the demand for intelligent and connected solutions.
The commercial application segment, in 2015, accounted for over 30% of the overall market share and is presumed to grow remarkably over the forecast period.
Based on sites, the industry can be segmented into two types, on-street and off-street. Factors such as the large-scale penetration of mobile applications along with improved ticketing and payment solutions for guided and assistive systems are strengthening the growth of off-street solutions market. these systems benefit both short and long-term users.
The off-street site segment, in 2015, accounted for about 73% of the global market share and is estimated to maintain its dominance over the forecast period.
The on-street segment, in 2015, accounted for over 26% of the total share and is estimated to grow over the forecast period due to the increasing use of mobile applications to facilitate users with tracking the real-time availability of space.
The component area is segmented into three types, hardware, software, and service. The increasing use of the guidance system and analytics solutions for streamlining administration is expected to boost the industry growth over the forecast period. The analytic solution is expected to assist the service providers in streamlining better solutions. The software component accounted for 25% of the global industry share in 2015 and is presumed to grow significantly over the next seven years.
The industry is classified on the basis of solutions which include access control, security & surveillance, revenue-management, parking-reservation-management, and others. The revenue-management solution segment, in 2015, accounted for 28% of the global market share and is projected to emerge as the fastest-growing segment over the forecast period.
The revenue management system is applied to make the maximum profit from the available capacity whereas the software is used to make an accurate forecast of the business demand, optimize the demand, increase revenue across all locations, and determine the correct pricing for all car parks.
The regional marketplace for parking management in North America accounted for over 40% of the overall industry share in 2015. The rise in the number of automobiles in countries such as Canada and the U.S. is creating a need for controlling issues such as traffic congestion, which is instrumental in fueling the growth of the industry.
The market is anticipated to gain traction in the Latin America and Asia Pacific regions, owing to the rise in the number of municipalities in developing economies such as South Korea, India, China, and Brazil. The EU directives for minimizing environmental pollution are favorably impacting the demand for parking management in the European countries.
Prominent vendors in the marketplace include 3M Company, Amano Corporation, Cubic Corporation, IBM Corporation, Kapsch TrafficCom, Siemens AG, Skidata, Swarco Corporation, T2 Systems, and Xerox Corporation. The market players are accentuating on providing diversified products along with integrated applications for efficiently managing the parking requirements.
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