Parking Management Market: Overview
The integration of emerging technologies to transform urban areas into smart cities is influencing a number of public services including parking management, thereby creating opportunities in the parking management market. With vast scope of integration of emerging technologies with parking management, the parking management market is predicted to rise at a steady pace over the forecast period from 2019 to 2029. However, slowdown of several businesses, as a repercussion of COVID-19, some of which that are directly related to public services such as parking management has impacted revenues of these services.
Key parameters based on which the parking management market is divided in this report are offering, parking site, deployment type, and region.
The report provides an in-depth analysis of growth drivers, trends, and opportunities that are likely to influence the parking management market over the 2019- 2029 forecast period. Furthermore, the report examines the key segments and provides growth rate projections of key segments over the forecast period. Lastly, detailed insights into the competitive scenario, with a focus of growth strategies of large players in the parking management market is a highlight of this report.
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Parking Management Market: Competitive Landscape
The parking management market is competitive with the presence of several large vendors that hold considerable revenue share. Continued efforts for newer parking management solutions with improved features is a key growth strategy of large players in the parking management market. Collaborations and associations with technology companies for avant-garde parking management solutions is another key growth strategy of keen players in the parking management market.
Key players in the parking management market include GROUP Indigo, Siemens, Conduent, Precise Park Link, SKIDATA, Flash Parking, Flowbird Group, SpotHero, INRIX, Smart Parking, TIBA Parking Systems, Streetline, Urbiotica, Amano, Bosch Group, APCOA PARKING, SWARCO, T2 Systems, Passport Labs, Park Mobile, Get My Parking, IPS Group, Chetu, Q-Free, ParkOffice, and CivicSmart.
Parking Management Market: Key Trends
Parking management system offers a number of real-time benefits from optimum utilization of infrastructure for parking spaces to operational assistance of parking spaces and increase operational revenue to improve user experience.
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Parking management comprises a number of hardware sensors, traffic control devices, real-time messaging systems, computer servers, wireless and wired telecommunications systems, and application interfaces. Owing to the wide variety and variability in the hardware infrastructure and software systems, the scope of application of parking management is phenomenal. Availability of a wide spectrum of hardware and software enables the collection and analysis of parking data from different systems to be in line with the implementation of the concept of dynamic priced parking.
Meanwhile, the outbreak of COVID-19 has slowed down the growth of parking management solutions due to strict restrictions on mobility imposed by local and national governments. Apart from this, the parking management design is very complex and comprises several input/output devices and sensors. High cost to set up parking management solutions is another factor that challenges the growth of parking management market to some extent.
Nonetheless, rapidly increasing use of advanced technologies to create smart infrastructure, with limited human contact will provide ample opportunities to the parking management market.
Parking Management Market: Regional Assessment
North America accounts for substantial revenue to the overall parking management market. Developed economies of the region such as the U.S. and Canada that have some of the world’s largest business enterprises housed in large buildings are supported by avant-garde parking management solutions for ingress and egress convenience.
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