NEW YORK, Aug. 18, 2021 /PRNewswire/ -- As per the latest The Insight Partners research report "Parking Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Parking Site, Solution, Services, and Deployment," the market is projected to reach US$ 45,125.82 million by 2028 from US$ 31,723.67 million in 2020; it is expected to grow at a CAGR of 4.93% during the forecast period of 2021 to 2028.
Get in-depth details on "Parking Management Market" (109 - Tables, 87 - Figures, 177 - Pages)
Smart parking systems require compatibility among their core hardware devices and software applications. Currently, there are hundreds of companies providing equipment or services to the intelligent parking industry, making it uncertain to the extent to which software and hardware standards are shared across distinct equipment vendors, coupled with the blends of equipment years that make the existing facility unpredictable quite often. All hardware devices need to be compatible with all software services. Thus, the organizations working on smart parking systems need to combine and develop a standard to eliminate compatibility issues, thereby removing a barrier in the development of the smart parking systems market to a great extent.
Apart from the technological complexities, higher prices of the systems and services are also limiting several cities and municipalities in developing countries to adopt the systems. Attributing to the fact that the adoption of various parking management systems is still niche, the developers and service providers are integrating different technologies to attract customers. The integration of advanced technologies and software is increasing the upfront cost of the systems. The future of parking management systems is anticipated to be prominent with lowering of prices of the final products. This factor is expected to substantially increase the procurement of such technologies, which would help the cities and municipalities in developing countries to optimize their parking spaces in the coming years.
Europe led the global parking management market in 2020. The strong economic background of European nations, especially in the western region, along with high disposable income, has resulted in a large number of registered vehicles per household per capita among European countries. Thus, the increase in the number of registered vehicles, coupled with the limited availability of parking space, has resulted in the adoption of effective parking management policies across the European Union and other European countries. Moreover, the continuous surge in the number of the registered vehicles has also boosted the demand for efficient parking management practices, especially in urban areas and metro cities in Germany, Russia, France, the UK, Spain, Italy, and the Netherlands, among other European countries. However, the lockdown imposed due to the COVID-19 outbreak has had a severe impact on the parking management market in Europe. The reduced demand for parking management solutions can be attributed to a sharp reduction in traffic congestion and decreased car sales, among other factors. However, once the lockdown is gradually removed, the parking management market is projected to rebound, and the sale of personal vehicles may also increase, owing to concerns about public transportation safety. With an increasing emphasis on physical safety, information security, and the perceived welfare of all people, the parking management market is likely to rise post-pandemic.
Rising Adoption of Smart Technologies to Propel Parking Management Market Growth
Smart technologies optimize vacant space and provide real-time parking space information; hence, they are increasingly being adopted in parking management. This facilitates the drivers in easily parking the vehicles on-street as well as off-street. For instance, German telecom operator Deutsche Telekom initiated a program to install sensors on parking spaces in downtown Hamburg, Germany. The sensors deployed by the company inform the drivers about parking spaces through smartphones. The service is primarily available on Joy App and Deutsche Telekom's Park. Similarly, Deutsche Telekom is also mounting parking sensors, which provide information related to parking space via narrowband internet of things (NB-IoT) technology.
In terms of deployment, the global parking management market is categorized into on-premise and cloud. Global parking management is experiencing a paradigm shift from traditional on-site servers to cloud servers in the current scenario. However, in developing countries, still, the adoption of on-site servers for managing parking sites is significant, which is driving the on-premise segment of the parking management market. The emergence of IoT and cloud services is leading parking management companies to adopt technologically advanced solutions. Additionally, the benefits offered by the cloud-based services to ease the parking reservation capability are flourishing the segment to grow in the current year, and the same is anticipated to attract a decent share of drivers and vehicle owners in the coming years. The increasing number of attractive cloud-based solutions related to parking management is also a revenue stimulating factor prevailing in the current market scenario. Partnerships and collaborations among the parking management companies and technology companies are driving the parking management market for cloud-based services.
Parking Management Market: Competitive Landscape and Key Developments
Indigo Parking Service, Streetline, Flowbird Group, Parkmobile, TIBA Parking, Smart Parking Limited, T2 Systems, Swarco, Passport Inc., and Siemens AG are among the key players that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global parking management market and its ecosystem.
In July 2021, Passport partnered with Xevo, a leader in connected-car technologies and innovative user experiences, to enable parking payments to be paid directly through the Uconnect infotainment system in Chrysler, Dodge, Jeep, and Ram cars.
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