The global parking management market size is expected to reach USD 8,438.4 million by 2024 according to a new study by Grand View Research, Inc. The increased public sector funding and constructive government initiatives are presumed to strengthen the global parking management industry growth.
The market is anticipated to experience a surge in the demand for parking management solutions in the commercial and government application segments and is expected to propel the industry growth.
The emergence of smart parking systems helps inefficiently addressing the traffic woes and parking-related issues. The system helps in minimizing fuel usage and consequently reduces automobile emissions.
The industry is expected to gain tractiondue to thedevelopment of systems with sophisticated features such as handicapped parking, auto-payment options, and voice guidance enabled through mobile phone applications.
An increasing number of vehicles is impacting the availability of parking lots and is consequently fueling the demand for implementing parking management solutions across the globe. The systems help in making the cities cleaner, greener, and compact.
The growing smartphone penetration will benefit the industry by increasing its reach. These parking mobile applications are expected to offer local businesses an opportunity to attract their most potential customers and provide them with the best offers for customers looking for parking.
Further key findings from the study suggest:
- The government application segment dominated the global parking management industry accounting for over 60% of the market share in 2015. The rising demand for minimizing vehicular emissions and effectively managing on-road automotive is expected to trigger the wide-scale adoption of parking management solutions in the government sector
- The North America regional market accounted for 40% of the overall revenue share in 2015. The rising interest of automobile manufacturers in the U.S. and Canada to develop parking management systems is projected to fuel growth in the region
- The demand for the parking reservation management solution segment accounted for 15% of the overall market share in 2015.This demand is expected to increase in the metropolitan cities as vehicle ownership is increasing, which is leading to parking problems. The parking reservation management reduces traffic congestion issues due to better parking space, reduced search time, cost for parking spaces, and increased parking revenue
- The service segment accounted for 18% of the global market share in 2015. The parking management solution providers, mobile payment companies, and parking data aggregators are changing the way parking is seen by the end-users and operators. This segment includes revenue generated from consultancy services, engineering services, and revenue generated by companies offering parking services through the mobile application. The segment is expected to be the fastest-growing component segment
- The key players in the industry include Amano, 3M, Cubic Corporation, Swarco AG, Siemens AG, Kapsch TrafficCom, Xerox Corporation, and IBM Corporation