The global parking management market size reached USD 3.77 Billion in 2020 and is expected to register a CAGR of 8.1%, during the forecast period, according to latest analysis by Emergen Research. Increasing need for more effective use of parking areas is expected to drive global parking management market revenue growth during the forecast period. In addition, rising number of vehicles globally is expected to propel growth of the global parking management market revenue going ahead. Furthermore, increasing adoption of Artificial Intelligence (AI) based services is expected to boost global parking management market growth.
However, high deployment cost of parking management solutions is expected to hamper global parking management market growth to some extent during the forecast period.
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Key insights presented in the report:
Market revenue shares by major business players, by type, by application, and market scope of global Parking Management market
Sales revenue by key players and new entrants
Competitive analysis of the key players including aspects such as company overview, product or services specification, vendors, and buyers.
Recent mergers, acquisitions, product launches, recent investments, and joint ventures
Regional analysis to provide insight to recent trends and opportunities
Key players in the market Amano Corporation, Siemens AG, Conduent Inc., T2 Systems, Inc., APCOA Parking AG, IPS Group, Inc., FlashParking, Inc., Q-Free ASA, ParkMobile USA, Inc., and Cleverciti Systems GmbH
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Key Highlights from the Report
The solution segment revenue is expected to expand at a significant CAGR during the forecast period. Increasing adoption of parking management solutions by end-users is expected to boost this segment's revenue growth.
The support maintenance segment is expected to account for higher revenue share over the forecast period due to rising partnership among parking management solution providers and support maintenance service providers to boost the agility of parking management solutions.
Increasing demand for revenue management solutions is expected to drive revenue growth of the global parking management market to a significant extent during the forecast period.
Emergen Research has segmented the global parking management market on the basis of offering, services, solutions, deployment, parking site, end-use, and region:
Offering Outlook (Revenue, USD Billion; 2018–2028)
Services
Solutions
Service Outlook (Revenue, USD Billion; 2018–2028)
Support Maintenance
System Integration
Consulting
Solution Outlook (Revenue, USD Billion; 2018–2028)
Security Surveillance
Valet Parking
Parking Reservation
Revenue Management
Access Control
Others
Deployment Outlook (Revenue, USD Billion; 2018–2028)
Cloud
On-premises
Parking Site Outlook (Revenue, USD Billion; 2018–2028)
Off-street
On-street
End-use Outlook (Revenue, USD Billion; 2018–2028)
Commercial
Transportation
Government
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It further offers a comprehensive coverage of the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product launches, brand promotions, and partnerships, among others. Key strategic alliances for product development and advancements is expected to add traction to market growth going ahead. The report also covers an in-depth analysis of the key competitors of the market along with their growth strategies and business expansion plans.
Regional Bifurcation of the Parking Management Market Includes:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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