The global parking management systems market was valued at USD 4,520 million in 2017 and is anticipated to grow at a CAGR of 9.1% during the forecast period.
Parking management systems assist in finding parking spaces by indicating free spaces available in the area through real-time tracking. Parking management systems enable free flow of traffic in cities through intelligent decisions with the help of real-time status applications and historical analytics reports. Parking management systems also offer real time vehicle counting, real-time parking guidance display, video surveillance, and DVR. Parking management systems usually comprise parking management software, access control system, security systems, and automated payment systems among others.
The parking management systems market is primarily driven due to the significant growth in the global automotive industry, along with growing need to streamline traffic flow in urban areas. The increase in consumer purchasing power owing to growing disposable incomes and improving living standards has increased the demand for luxury passenger vehicles worldwide, thereby increasing the adoption of parking management systems in the recent years. Similarly, the increasing penetration of mobile devices coupled with adoption of advanced technologies such as cloud computing and IoT significantly increases the parking management systems market.
Additionally, the growing need to optimize use of parking spaces, reduce traffic congestion, and prevent road accidents has accelerated the adoption of parking management systems and supporting the market growth. Furthermore, the increasing development of autonomous and semi-autonomous vehicles, rising consumer awareness, and adoption of smart cities further boost the market. However, high implementation costs associated with parking management systems hamper the market growth. The technological advancements, and rising demand from emerging economies would provide numerous growth opportunities during the forecast period.
The global parking management systems market is segmented on the basis of component, deployment, parking site, solution, and geography.
Based on component, the market is segmented hardware, software, and services. In 2017, hardware components accounted for the highest market share in the global Parking Management Systems market. The increasing use of components such as sensors, and meters, display terminals, and surveillance among others, along with technological advancements supports the growth of this segment.
The deployment types in the global Parking Management Systems market include on premise, and cloud. The cloud segment is expected to grow at the highest rate during the forecast period owing to increasing penetration of mobile devices, use of technologies such as IoT and cloud computing, and growing adoption of smart cities.
The parking site segment is divided into on street parking and off street parking. In 2017, the off street parking segment accounted for the highest share in the global Parking Management Systems market owing to increased safety concerns, and growing need to optimize the use of parking spaces.
The solutions comprise parking reservation, parking guidance, parking analytics, access control, revenue management, security and surveillance, and others. In 2017, revenue management accounted for the highest share in the global parking management systems market.
Regionally, the parking management systems market is segmented across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. North America accounted for the largest share in the global market in 2017. The rising demand for automobiles, and growing need to streamline traffic flow increases the adoption of Parking Management Systems in the region. The high disposable income, and living standards have increased the demand for passenger cars in the region. Also, the increasing development of autonomous vehicles in the region, and technological advancements are factors expected to provide growth opportunities in the region during the forecast period.
The vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. The Parking Management Systems market is highly competitive with the presence of a large number of small and large vendors.
The leading players in the market include Skyline Parking AG, Siemens AG, T2 Systems, IBM Corporation, Swarco Corporation, Kapsch TrafficCom, Skidata, Passport Inc., SAP, and Indigo Park Services among others.