The Global Parking Management System Market is projected to grow at a CAGR of 11.60% over the forecast period to reach a market size of US$7.947 billion by 2023
The report published by Knowledge Sourcing Intelligence titled “Parking Management System Market - Forecasts from 2018 to 2023” studies various factors affecting the demand for parking management systems across the globe. The market has been segmented by type (Automatic Pay Stations and Barriers, Auto Pay Parking System, Active RFID Parking System and Robotic Parking Systems), by component (software and hardware), and by the application (residential and commercial). Furthermore, the demand for parking management systems has been estimated across all major geographies namely North America, South America, Europe, Middle East and Africa and the Asia Pacific. To give a clearer view of this market across these geographies, the regional market is further segmented into countries which account for a significant share in the market.
The growth of this market is majorly attributed to a rising number of motor vehicles on the road on account of rapidly changing lifestyles and increasing spending capacity of people in many regions. Rapid urbanization in many regions is also shaping the growth of this market. As the rate of growth of urban population is more than the rate of expansion of urban areas, and the number of vehicles owned by people is increasing continuously, unavailability of sufficient parking space is a matter of growing concern in many regions. This is increasing the demand for advanced parking management systems. Increasing spending by administrative departments into advanced solutions for better management of traffic in both commercial and residential sectors is fueling the adoption of parking management systems by them, thus boosting the market growth. Continuous advancements in technologies and their integration into parking management systems are expanding their capabilities while enhancing their efficiency. This is further boosting the growth of parking management system market.
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Commercial sector dominates the application segment
Commercial sector in all major regions has been showing a very impressive rate of adoption of parking management systems. A growing number of shopping malls, hotels, and other commercial spaces, coupled with increased spending by administrative departments into advanced technologies for proper management of parking spaces is driving the adoption of parking management systems among them, thus boosting the market growth in the commercial sector. The residential sector is also showing a decent growth in this segment.
North America and Europe hold the lion’s share in this market
The market for parking management systems has been witnessing an impressive growth in North America and Europe on account of the availability of favorable infrastructure for the implementation of these systems. High spending by administrative departments in these regions into new technologies is fueling the adoption of parking management systems in these regions, thus boosting the growth of this market. The market in the Asia Pacific is expected to show rapid growth over the forecast period. Some countries in the Middle East and Africa are also expected to contribute significantly to the market growth of parking management systems.
This report also includes a study of strategies and product portfolios of some of the leading companies in the global parking management system market. It consists of company profiles of the leading companies such as Conduent, Indigo, Amano, Swarco, Q-Free, Streetline, T2 Systems, Skidata, Flowbird Group, Inrix, Flashparking, Chetu, SAP, and Siemens.
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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