PUNE, India, June 1, 2018 /PRNewswire/ --
According to a new market research report "Parking Management Market by Solution (Parking Guidance, Reservation Management, Permit, Enforcement, PARC, Security & Surveillance, Analytics), Service, Deployment Type, Parking Site (Off-Street and On-Street), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size is expected to grow from USD 3.39 Billion in 2018 to USD 5.15 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period.
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The major driver for the upsurge in the demand of the Parking Management Market is the growing focus on seamless traffic flow and reduction in fuel consumption and increasing motor vehicle sales. The major restraining factor could be the complexity in system integration.
PARC solution is expected to account for the largest market share during the forecast period
The Parking Access and Revenue Control (PARC) solution is expected to account for the largest market share during the forecast period. The solution helps parking operators to manage in and out of vehicles in parking facilities and also empowers them to take full control over the parking revenue. This is one of the primary solutions that parking operators are looking for their parking facilities. This solution automates the access control and revenue collections at parking sites.
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Off-street parking site is expected to hold a larger market size during the forecast period
The off-street parking is expected to hold a larger market size during the forecast period, owing to huge investments made by authorities in multi-level parking, and also by the private sector in its parking facilities. The off-street parking involves proper designing and construction to provide a safe and secure vehicle parking experience for drivers. Moreover, it focuses on ensuring security, pre-booking of parking spots, and parking fee management. All the modern public infrastructure facilities are built with advanced off-street parking facilities.
North America is expected to hold the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period, owing to the large-scale investments in implementing parking management solutions to meet the growing need for better driver and commuter convenience. The GDP of this region is way ahead of the other countries in the world. The US and Canada are known for providing world-class citizen services, and these countries are embracing the smart city technology. Growing population, rise in vehicle sales, and change in parking regulations are expected to drive the Parking Management Market growth in North America.
The major vendors covered in the Parking Management Market include Conduent (US), Amano Corporation (Japan), Q-Free ASA (Norway), Indigo Park Services (UK)), Chetu (US), Streetline (US), SWARCO (Austria), T2 Systems (US), SKIDATA (Austria), Flowbird Group (France), INRIX (US), Flashparking (US), Parkmobile (US), Passport (US), SpotHero (US), TIBA Parking Systems (US), Urbiotica (Spain), Smart Parking (Australia), SAP (Germany), Siemens (Germany), APCOA (US), Bosch Mobility Solutions (Germany), GET MY PARKING (India), Nester(UAE), and NuPark (US).
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