Parking Management Market by Software and Professional Services, by Solution (Access Control, Security & Surveillance, Fee & Revenue Management, Enforcement & Permit Management) - Global Forecast to 2021
The parking management market size is estimated to grow from USD 3.03 Billion in 2016 to USD 5.00 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.6%. Major growths drivers of the market include the increased production of vehicles, increased pollution, and concern for safety, security, and connectivity.
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The major forces driving the parking management market is the worldwide focus on seamless traffic flow, reduction in fuel pollution, increased production of vehicles leading to parking concerns, and concern for safety, security, and connectivity The continuous developments in this technology and its solutions have also encouraged users to adopt parking management solutions and services.
Parking fee and revenue management solutions expected to grow at the highest CAGR
The market, by solution, has been segmented into access control, security and surveillance, parking fee and revenue management, parking reservation management, valet parking management, parking fee enforcement and permit management, and parking guidance and slot management. Parking fee and revenue management system is expected to witness the highest CAGR during the period. This system helps the parking operators to collect parking fees from the travelers who utilize their parking facilities. Moreover, it also counters the challenges of over or under capacity, variable demand, and advanced reservation. These benefits are driving the market and are anticipated to help in propelling the parking management market at the highest CAGR during the forecast period.
Deployment and customization service market is expected to grow at the highest rate during the forecast period
The market, by professional service, has been segmented into deployment & customization and maintenance & support. The deployment and customization service segment is expected to grow at the highest CAGR over the forecast period owing to the rapid adoption of parking management solutions in both small and medium businesses and large enterprises, which require back support and assistance for deployment, customization, and management of solutions.
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APAC is expected to dominate the parking management market during the forecast period
North America is expected to hold the largest share of the parking management market in 2016 due to the technological advancements and early adoption of parking management solutions across a large number of verticals in this region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The primary driving forces for this growth are changing work culture in organizations, government initiatives, and rapidly deployable cloud-based solutions in various industries in the APAC countries, especially India, China, and Japan.
The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their share in the market. Some of the major technology vendors include XEROX Corporation (U.S.), Siemens AG (Germany), Kapsch TrafficCom AG (Austria), AMANO Corporation (Japan), Cubic Corporation (U.S.), SWARCO AG (Austria), INRIX, Inc. (U.S.), INDIGO (France), T2 Systems, Inc. (U.S.), and SKIDATA AG (Austria).
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