NEW YORK, August 18, 2021 / PRNewswire / – According to the latest research report from The Insight Partners “Parking Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Parking Site, Solution, Services and Deployment “, the market is expected to reach US $ 45,125.82 million by 2028 onwards US $ 31,723.67 million in 2020; it is expected to grow at a CAGR of 4.93% during the forecast period of 2021 to 2028.
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Get detailed details on the “Parking Management Market” (109 – Tables, 87 – Figures, 177 – Pages)
Intelligent parking systems require compatibility between their major hardware devices and software applications. At present, there are hundreds of companies providing equipment or services to the smart parking industry, making it uncertain the extent to which software and hardware standards are shared among different equipment suppliers, as well as the mix of years of equipment that make the existing facility quite unpredictable. often. All hardware devices must be compatible with all software services. Thus, organizations working on intelligent parking systems need to combine and develop a standard to eliminate compatibility issues, thereby largely removing a barrier to the development of the intelligent parking systems market.
In addition to technological complexities, higher prices for systems and services also limit many cities and municipalities in developing countries from adopting the systems. Attributing to the fact that the adoption of various parking management systems is still a niche, developers and service providers are integrating different technologies to attract customers. The integration of advanced technologies and software increases the initial cost of the systems. The future of parking management systems is expected to be important with the prices of end products coming down. This factor is expected to significantly increase the purchase of these technologies, which would help cities and municipalities in developing countries to optimize their parking spaces in the years to come.
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Europe dominated the global parking management market in 2020. The strong economic context of European countries, especially in the western region, along with the high disposable income, resulted in a large number of registered vehicles per household and per capita among the European countries. Thus, the increase in the number of registered vehicles, coupled with the limited availability of parking spaces, has led to the adoption of effective parking management policies in the European Union and in other European countries. In addition, the continuous increase in the number of registered vehicles has also stimulated the demand for efficient parking management practices, especially in urban areas and metropolitan cities of Germany, Russia, France, Great Britain, Spain, Italy, and the Netherlands, among other European countries. However, the lockdown imposed due to the COVID-19 outbreak has had a severe impact on the parking management market in Europe. The reduced demand for parking management solutions can be attributed to a sharp reduction in traffic congestion and lower car sales, among other factors. However, once the lockdown is gradually lifted, the parking management market is expected to rebound and the sale of personal vehicles may also increase, due to concerns about the safety of public transportation. With an increasing emphasis on physical security, information security, and the perceived well-being of all, the parking management market is likely to rise after the pandemic.
Growing adoption of smart technologies to propel the growth of the parking management market
Smart technologies optimize vacant spaces and provide information on parking spaces in real time; therefore, they are increasingly adopted in parking management. This allows drivers to easily park vehicles on and off the street. For example, the German telecom operator Deutsche Telekom has launched a program to install sensors in city-center car parks. Hamburg, germany. The sensors deployed by the company inform drivers about parking spaces using smartphones. The service is mainly available on Joy application and the park of Deutsche Telekom. Similarly, Deutsche Telekom is also mounting parking sensors, which provide information about the parking space via narrowband Internet of Things (NB-IoT) technology.
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Parking Management Market: Deployment Overview
In terms of deployment, the global parking management market is categorized into on-premise and cloud. Global parking management is experiencing a paradigm shift from traditional on-premise servers to cloud servers in the current scenario. However, in developing countries, the adoption of on-premise servers for parking site management is still significant, which is driving the on-site segment of the parking management market. The emergence of IoT and cloud services is leading parking management companies to adopt technologically advanced solutions. Additionally, the benefits offered by cloud-based services to facilitate parking reservation capacity make the segment thrive to grow in the current year, and the same is expected to attract a decent share of drivers and owners alike. vehicles in the years to come. The growing number of attractive cloud solutions related to parking management is also a revenue driving factor prevalent in the current market scenario. Partnerships and collaborations between parking management companies and technology companies are driving the parking management market for cloud-based services.
Parking Management Market: Competitive Landscape and Key Developments
Key players featured in this market research are Indigo Parking Service, Streetline, Flowbird Group, Parkmobile, TIBA Parking, Smart Parking Limited, T2 Systems, Swarco, Passport Inc., and Siemens AG. In addition to these players, several other key market players have also been studied and analyzed to get a holistic view of the global Parking Management System market and its ecosystem.
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In July 2021, Passport has partnered with Xevo, a leader in connected car technologies and innovative user experiences, to enable payment of parking payments directly through the Uconnect infotainment system in Chrysler, Dodge, Jeep and Ram cars.
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