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The parking management solutions market's growth momentum will accelerate at a CAGR of 7.87% and the market share will increase to USD 3.44 billion from 2021 to 2026.
This parking management solutions market research report extensively covers parking management solutions market segmentation by:
The parking management solutions market report also offers information on several market vendors, including ABM Industries Inc., Amano Corp., APCOA PARKING Holdings GmbH, Chetu Inc., Cisco Systems Inc., Conduent Inc., Hangzhou Hikvision Digital Technology Co. Ltd., IDeaS, INRIX Inc., Intercomp Spa, IPS Group Inc., Kapsch TrafficCom AG, Kudelski SA, Nedap NV, Nimble Planet Ltd., ParknSecure Pvt. Ltd., Passport Labs Inc, Robert Bosch GmbH, Siemens AG, SWARCO AG, T2 Systems, TIBA PARKING SYSTEMS, and URBIOTICA among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increasing number of vehicles on the road is notably driving the parking management solutions market growth, although factors such as the lack of integration among siloed parking technologies may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the parking management solutions industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Parking Management Solutions Market Driver
One of the key factors driving growth in the parking management solutions market is the increasing number of vehicles on the road. In the near future, emerging economies, such as India, China, Brazil, and South Africa, as well as transitional economies, such as Indonesia, Vietnam, Nigeria, Argentina, and Kenya, will fuel the demand for vehicle production. The increasing number of vehicles is driving the demand for more advanced technology and solutions for the better management of parking spaces. Organizations and local government agencies that manage parking spaces are seeking solutions that can offer increased convenience to drivers, help in improved business functions, manage revenue, and reduce the overall cost of hardware and connectivity and other operations in parking spaces. These requirements, along with the demand generated by an ever-increasing number of vehicles, have led to the rise in the adoption of parking management solutions across different end-user segments, such as government-regulated parking lots, airports, residential societies, corporate business complexes and IT parks, and commercial spaces.
Key Parking Management Solutions Market Trend
The use of LPWAN technologies is a parking management solutions market trend that is expected to have a positive impact in the coming years. IoT is the foundation on which the connectivity platform for smart parking projects is built. Low Power Wide Area Networks (LPWAN) is one such technology that IoT devices use to communicate with one another. LoRa, Sigfox, and NB-IoT are different types of LPWAN technologies that are being tested and deployed in smart parking projects. LoRa and Sigfox are commercially available wireless-based networking technologies. These technologies offer benefits such as low data transmission costs, long-range data transmission, protection against interference, and low power consumption. NB-IoT, which is an upcoming wireless networking technology, offers significant improvement in terms of power consumption, maintenance, and system capacity. NB-IoT-based smart parking implementation is expected to gain traction in the next few years.
Key Parking Management Solutions Market Challenge
The lack of integration among siloed parking technologies will be a major challenge for the parking management solutions market during the forecast period. Legacy parking management solutions lack module- and component-level integration. Components such as enforcement systems, pay stations, mobile payments, sensors, off-street reservations, financial reconciliation systems, and business intelligence solutions coexist but do not share data with one another. Each of them maintains its own data silo, which makes it difficult for users to comprehend important patterns in compliance, occupancy, and financial performance. Additionally, isolated parking data cannot be linked to a unified urban parking management platform. Therefore, the platform cannot acquire parking data and is negatively affected by missing out on valuable applications such as urban parking guidance and parking space sharing. This has resulted in a non-integrated technology ecosystem of parking management products.
This parking management solutions market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global parking management solutions market as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the parking management solutions market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the parking management solutions market encompasses successful business strategies deployed by the key vendors. The parking management solutions market is fragmented and the vendors are deploying growth strategies such as investing in research and development to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The parking management solutions market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the parking management solutions market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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32% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for parking management solutions in North America. Market growth in this region will be slower than the growth of the market in the South American, APAC, and MEA regions.
The increasing digitization and autonomous vehicles will facilitate the parking management solutions market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The emergence of a new business environment in the wake of COVID-19 is expected to boost cloud services and digitization, as companies are renovating their digital infrastructure to deal with new ways of working during the crisis. The demand for edge computing during the COVID-19 pandemic has increased due to the rise in remote working, which, in turn, has increased the demand for hardware, storage, and peripherals such as rack servers across the world. The market has witnessed a recent expansion of edge computing offerings by some cloud providers, which are placing computing infrastructure closer to end-users.
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The parking management solutions market share growth by the revenue management segment will be significant during the forecast period. This segment will continue to dominate the market primarily because car parking service providers, including government agencies, are increasingly focusing on intelligent models to utilize the present parking facilities better. This is driving the adoption of revenue management software.
This report provides an accurate prediction of the contribution of all the segments to the growth of the parking management solutions market size and actionable market insights on post COVID-19 impact on each segment.
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Parking Management Solutions Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.87% |
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Market growth 2022-2026 |
$ 3.44 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
7.35 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 32% |
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Key consumer countries |
US, Canada, UK, France, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ABM Industries Inc., Amano Corp., APCOA PARKING Holdings GmbH, Chetu Inc., Cisco Systems Inc., Conduent Inc., Hangzhou Hikvision Digital Technology Co. Ltd., IDeaS, INRIX Inc., Intercomp Spa, IPS Group Inc., Kapsch TrafficCom AG, Kudelski SA, Nedap NV, Nimble Planet Ltd., ParknSecure Pvt. Ltd., Passport Labs Inc, Robert Bosch GmbH, Siemens AG, SWARCO AG, T2 Systems, TIBA PARKING SYSTEMS, and URBIOTICA |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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