In the MarketsandMarkets taxonomy, we define Parking Management market as -The parking management market is composed of parking management systems, associated software and hardware components, and the various professional services offered by parking management vendors for smartening and automating the business operation of parking site owners. The various parking management solutions comprising the parking management market are access control, security and surveillance, parking fee and revenue management, parking reservation management, valet parking management, parking enforcement and permit management, and parking guidance and slot management. The end users for this market are parking site owning organizations of various industry verticals. The various industry verticals related to the parking management market are academia, government and municipalities, transportation, recreation, healthcare, hospitality, retail, corporate and commercial parks, and BFSI.
The global parking management market size is estimated to grow from $5,025.9 million in 2014 to $9,160.8 million by 2019 with a CAGR of 12.8%
- The parking fee & revenue management solution is accounted to have the highest revenue contribution of ~17% with ~$800.0 million in 2014
- Increasing traffic congestions coupled with growing automobiles are the burning issue for the parking management market
- Need for smooth traffic flow and decreasing hardware and software cost are some of the factors driving the parking management market
- Cost sensitivity of parking space operators is one of the factors hampering the growth of the parking management market
- Growing deployment of smart cities coupled with rising demands for parking management solutions in developing regions such as APAC, LA, and MEA provide major opportunities in the parking management market
One of the main drivers in this market is- The present global on-road motor vehicle population is 2.6% more than that of 2012 and ~10.0% more than that of 2008. This growth has also increased the possibilities of traffic congestion. According to industry data, about ~28% of urban congestion results from vehicle searching for parking spaces. This increases the necessity of smarter transportation and intelligent parking management system.
Latin America consists of about ~1.5% of the non-free parking spaces present worldwide. In 2012, ~5.0% of the global new car sales occurred in this region. Currently, there are ~60 million registered vehicles in Latin America; of this ~19 million are commercial vehicles.
Xerox, 3M, IBM, Siemens, and Kapsch are some of the leading parking management market players that adopted this strategy in order to develop their businesses. Besides this, companies adopted the strategy of mergers and acquisitions to expand their product portfolio. This strategy accounted for a share of ~31% of the total number of growth strategies adopted by players in this market between 2010 and 2014.
