Parking management market comprises several programs and policies which result in effective utilization of parking services. The ever increasing global number of vehicles is worsening the issue of already acute shortage of parking space, especially in metropolitan areas. This is due to growing urban revitalization, explosive semi-urban development and an upward trend of mobility in our society. Drivers failing to find adequate parking space is at the base of traffic congestion problems. These problems pave the path for efficient and smart parking management systems that would provide advanced levels of automation and convenience to drivers, besides simplifying administrative functions and business operations of parking space owners.
The major driving factors enhancing the demand for developing parking management resources across large cities are technological advancement and the need for smooth flow of traffic. Parking systems are responsible for substantially bringing down connectivity costs and hardware costs, alongside being a source of revenue for owners of parking sites. Additionally, rising investments in projects of smart cities may also drive the market of parking management.
On the contrary, system integration is a restraining factor for this market. Sensitivity of cost to the operators of parking sites on behalf of the parking site owners may also be a key factor in preventing the growth of the parking management market. Nevertheless, the parking management market has been undergoing a shift in paradigm in the recent past, and now looks to optimize parking prices as well as supply. Furthermore, perennially growing traffic congestion and increasing adoption of smart parking infrastructures provide huge opportunity and immense potential for key players of the market in smart cities worldwide and even in the regional economies.
The worldwide parking management market can be segmented on the basis of applications, components, parking space, solutions. Based on applications, the market may be segmented into transportation sector, government sector and municipalities, educational institutes, recreation sector, healthcare, Banking, Financial services and Insurance sector, hospitality, commercial parks and the corporate sector. On the basis of components, the market is segmented into hardware, software and services. On-site parking and off-site parking are the two spaces where parking systems may be installed and used. The categories on the basis of solutions are security and surveillance, access control, revenue management and parking fee, valet parking management, parking reservation management, parking guidance, parking slot management, and parking enforcement and permit management solutions.
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On the basis of geography, the parking management market may be categorized into regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North American market generally accounts for majority of the market share. The upsurge in the figure of vehicles in the U.S. and Canada has proved vital in generating growth for the parking management market. Increase in the number of municipalities in growing economies such as China, India, Brazil and South Korea may be a cause behind the penetration of the parking management market in the Asia Pacific and Latin America regions. Furthermore, in European countries, the directives of the European Union to minimize environmental pollution are already favorably influencing the demand for installing new parking management systems.
The key players of the parking management market are Amano Corporation, 3M Company, Cubic Corporation, Kapsch TrafficCom, IBM Corporation, Siemens AG, Swarco Corporation, Skidata, Xerox Corporation, Tyco Security Products, TCS International Inc, Transcore LP,Integrapark LLC, Netpark LLC, Vodafone Group PLC, Complus Data Innovations Inc, Passport Parking LLC, Affiliated Computer Services and T2 Systems. These prominent vendors have been working on providing varied products with composite applications to effectively manage the parking demand generated.
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