MarketsandMarkets forecasts the global Parking Management Market size to grow from USD 3.8 billion in 2020 to USD 5.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. Parking management solutions have spurred tremendous growth opportunities for technology vendors and various associated service providers. With the growing number of government initiatives toward the development of smart cities, parking management vendors taking center stage; technology providers and consultants have aggressively started simulating innovative solutions based on conceptual modules for the designing and development of urban infrastructure. Expanding urban agglomerations and predictions for a rapid rise in urban population over the next decade further enunciates the need for adequate parking management solutions.
The solutions segment to hold a larger market size during the forecast period
Based on offering, the solutions segment of the parking management market is projected to hold a larger market size during the forecast period. The solutions segment in the parking management market comprises six major components, viz., parking guidance solution, parking reservation management, parking permit management, parking enforcement management, Parking Access and Revenue Control (PARC), parking security and surveillance, and parking analytics. The growth of this segment can be attributed to the rising adoption of advanced technologies, such as Artificial Intelligence (AI), IoT, and cloud and the increasing traffic congestion on the road due to irregular parking practices.
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By parking site, off-street parking segment to record a higher growth rate during the forecast period
Off-street parking refers to parking facilities that are made available by parking operators in various areas, such as parking lots, garages, or private driveways in shopping malls, commercial buildings, hotels, and residential buildings. Off-street parking sites are highly effective in terms of vehicle holding capabilities and are generally controlled by commercial agencies. Off-street parking involves proper designing and construction to provide a safe and secure vehicle parking experience for drivers. The segment focuses on ensuring security, pre-booking of parking spots, and parking fee management. This segment has witnessed several innovations to enable efficient parking; for instance, nowadays, advanced garages are equipped with robotic valet systems that help in parking management. Off-street parking solutions are expected to experience a high growth rate due to the huge investments by authorities in multi-level parking, and also by the private sector in its parking facilities.
The key and emerging market players in the parking management market include GROUP Indigo (France), Amano (Japan), Siemens (Germany), Bosch Group (Germany), Conduent (US), APCOA PARKING (US), Precise ParkLink (Canada), SWARCO (Austria), SKIDATA (Austria), T2 Systems (US), FlashParking (US), Passport Labs (US), Flowbird Group (France), ParkMobile (US), SpotHero (US), Get My Parking (India), INRIX (US), IPS Group (US), Smart Parking (Australia), Chetu (US), TIBA Parking Systems (US), Q-Free (Norway), Streetline(US), ParkOffice (US), Urbiotica (Spain), and CivicSmart (US). These players have adopted various strategies to grow in the global parking management market.
GROUP Indigo offers services in all parking segments: on-street, off-street, and shared private car parks. The group works with all industry verticals, such as hospitals, shopping malls, train stations, airports, and universities, along with the local authorities to design, build, finance, and operate on-street and off-street parking solutions based on owner-occupied, concession, and lease and management contracts. The company also designs innovative mobility solutions to enable its users to get around urban areas. OPnGO, a digital solution, offers all parking services via a single application. This application connects all the car parks in the city, allowing users to book their parking spaces ahead of their trip for a competitive price. This digital solution is present in four European countries: France, Belgium, Spain, and Luxembourg. INDIGO weel is a dock-less, self-service, and shared soft mobility solution that was launched in 2017. The group is the only French company to offer a station-less self-service bike-sharing system. The group is a global player with a local presence that is wholly owned by Infra Foch Topco. The group employs more than 23,000 people across 11 countries and 750 cities.
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Amano is one of the leading companies that provides parking management solutions. The company offers a wide array of products under its parking system business. This segment aims at improving the efficiency and reducing the cost of parking lot management. It has also helped to increase the level of convenience for parking lot users, ensuring the safety and security in parking lots, and making reservations and payments through integration with the internet. The company strengthens its corporation with various parking lot firms and concentrate on offering various services to small and medium-sized parking lot management firms through its parking lot data centers. The company has made efforts to expand into new markets, such as bicycle parking systems and security gate systems. It has a subsidiary parking business in the US, Amano McGann, which offers a comprehensive range of parking solutions in the US.
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