The global parking management market size is anticipated to grow rapidly and will post a CAGR of more than 14% during the forecast period. The increasing demand for embedded telematics solutions will drive the global parking management market growth in the forthcoming years. One of the major applications of telematics is to enhance the efficiency of parking management in urban areas that can assist in the real-time monitoring of car park volumes, real-time forecasting of available parking space, and send information to drivers in advance on available parking spaces. Moreover, it has been observed that the integration of advanced analytics into telematics data will provide transparency in data, prevent the risk of cyber-attacks, and attain customer’s trust. Furthermore, data analytics software provide better parking facilities to consumers and prevent traffic congestions.
In terms of geography, the Americas accounted for the maximum market shares during 2016 and will continue to dominate the market until the end of 2021, according to the parking management market analysis report . One of the major factors responsible for the parking management market’s growth in the region is North America, which contributes maximum revenue in the market because of the rising demand from automobile industries in the US and Canada for controlling traffic congestion issues. In addition, it has been observed that the increasing need for energy management solutions, availability of low-cost devices, and wireless do-it-yourself (DIY) installations will drive the market’s growth further in the future.
Competitive landscape and key vendors
As per the parking management market forecast report, this industry is highly diversified and moderately competitive due to the presence of a large number of regional and international vendors across the globe. Since vendors are increasingly focusing on mergers and acquisitions to strengthen their foothold in the market, the competitive environment in the market is expected to grow further. Moreover, according to the industry research report, many vendors are increasingly forming strategic partnerships to widen their geographic reach and expand their market presence.
Key vendors in this market are -
Other prominent vendors in the market include 3M, Cisco, Cisco Jasper, Deutsche Telekom, Gemalto, HCL, IBM, IPS, MSR-Traffic, Nedap Mobility Solutions, Orange Business Services, Oti, Parkeon, ParkHelp, ParkMe, Parkmobile, Parkopedia, Q-Park, Serco, Sierra Wireless, Smart Parking, SWARCO, Synapt, T2 SYSTEMS, Telensa, Urbiotica, Vodafone, and Worldsensing.
Segmentation by component and the parking management market analysis
The hardware segment accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. One of the major factors responsible for the increasing adoption of parking management technology is the rising demand for digital signage solutions among consumers.
Segmentation by category and the parking management market analysis
Security and surveillance
Valet facility management
The revenue management segment accounted for the maximum market share during 2016 and will continue to dominate the market in the forthcoming years. One of the major factors responsible for the market segment’s growth in the increasing number of investors who are entering mixed-use development and parking lots, which ensures a stable flow of revenue if managed well.
Key questions answered in the report include
What will the parking management market size, market forecast and the growth rate be in 2021?
What are the key factors driving the global parking management market?
What are the key parking management market trends impacting the growth?
What are the challenges to the parking management market growth?
Who are the key vendors in the global parking management market?
What are the market opportunities and threats faced by the vendors in the global parking management market?
What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
What are the key outcomes of the five forces analysis of the global parking management market?
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