According to a new market research report published by Credence Research, “Parking Management Market (by Offering (Hardware, Software), by Parking Site (On-street Parking & Off-street Parking), by Solution (Parking Access Control & Revenue Generation, Parking Guidance, Parking Security & Surveillance, Parking Reservation Management, and Others), by End-use (Government and Municipality Facilities, Commercial Establishments, Corporate Establishments, Airports and Transport Facilities, Education Facilities, and Others (Residential, Sports, etc.)), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global parking management market is expected to expand at a CAGR of 9.5% during the forecast from 2018 to 2026 .
Parking management is crucial to the efficient management of traffic congestion issues. With the increase in the number of on-road vehicles, traffic congestion is growing at an alarming rate worldwide. According to a recently published research study, about 20% of traffic congestion in developed economies and 40% of congestion in developing economies is the result of drivers struggling to find vacant parking space. It, in effect, has intensified the need for smart and efficient parking management.
Flexible parking assistance solutions such as parking guidance, access control, revenue generation, parking reservation and parking monitoring, among others, ensure efficient parking management by facilitating easy payment, parking and exit for drivers, increasing the efficiency of the parking garage for vehicles and also simplifying the operational operations of the car park owners.
Increasing adoption of such park-assisted solutions, especially in multi-spatial facilities such as corporate establishments, government and municipal facilities, airports and commercial complexes, among others, is expected to fuel market growth during the 2018-2026 forecast period.
Growth and prospects in the international car park management industry correlate with an increase in vehicle ownership. In addition, ongoing efforts to encourage smart city programs are expected to further increase the demand for smart automated parking management solutions worldwide. For example, Automatic Number Plate Recognition (ANPR) technology has gained tremendous popularity in the parking management sector over the last few years and is considered to have even greater acceptance, not only increasing the overall value chain of parking management, but also providing investment opportunities for every participant across the ecosystem.
Some of the leading players profiled in the study include Streetline, Inc., Parking Technology Services, Amano McGann, Smart Parking Limited, Parkmobile LLC, Swarco AG, SpotHero, ParkWhiz, Nedap N.V., Skidata AG, ParkingPanda, Urbiotica, ParkMe, Inc., The Kapsch Group, SAP SE, and Siemens AG among others.
Report Scope by Segments:
Offerings Segment (2016–2026; US$ Mn)
Parking Site Segment (2016–2026; US$ Mn)
- Off-street Parking
- On-street Parking
Solution Segment (2016–2026; US$ Mn)
- Parking Access and Revenue Control
- Parking Guidance
- Parking Security and Surveillance
- Parking Reservation Management
- Others (Parking Analytics, etc.)
End-use Vertical Segment (2016–2026; US$ Mn)
- Government and Municipality Facilities
- Commercial Establishments
- Corporate Establishments
- Airports and Transport Facilities
- Education Facilities
- Others (Residential, Sports, etc.)
Key questions answered in this report
- What was the global parking management market size in 2016 & 2017?
- What is estimated forecast and market projections up to 2026?
- Which is largest regional market for parking management solutions?
- Which end-use segment has the largest penetration of parking management solutions?
- Which is the most attractive, and promising end-use segment in the global parking management market?