Pune, India -- (SBWIRE) -- 03/06/2019 -- The increase in demand for optimal utilization of available parking space especially in densely populated cities to fuel the demand for parking management market along with growing infrastructure development in emerging economies; Asia-Pacific to lead the market growth with CAGR of 6.3%.

The "Parking Management Market by Parking Site (On-street, and Off-street), Solutions (Parking Guidance Systems, Parking Reservation, Parking Security & Surveillance, and Others), Service (Professional, and Managed), and Deployment Mode (On-premise, and Cloud) – Global Analysis and Forecast to 2027". The scope of study involves understanding on the factors responsible for this growth of parking management solutions along with the estimates and forecasts of the revenue and market share analysis and also spots the major players in the market and their key developments.

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Parking Management Market to 2027 – Global Analysis and Forecast by Parking Site, Solutions, Service, and Deployment Type. In terms of revenue, the global parking management market is expected to grow to US$ 58,507.6 Mn by 2027 from US$ 37,597.1 Mn in 2017, growing at a CAGR of 4.8%. The increase in number registered vehicles coupled with densely populated cities have attributed towards the surge in demand for efficient parking space management especially among commercial hubs and on-street parking across major cities in the past few years. Moreover, growing cost parking space at major cities has further emphasized towards growing lack of available sparking space for the vehicle users.

As a result, the parking management solution such as parking guidance, parking fees enforcement, valet parking, access control and parking security & surveillance among others have gained momentum among different countries in the past few years. Whereas, among developing countries the growing purchasing power of the individuals has led to significant boost in mobility towards popular commercial hubs such as malls, shopping complexes, theaters, and restaurants among other commercial hubs. Subsequently, the availability of limited parking space coupled with growing demand for providing seamless mobility across major popular locations has risen the demand for efficient parking management market in the coming years.

Prominent Key Players:

1. Flowbird Group
2. Indigo Parking Service
3. ParkMobile
4. Passport Inc.
5. Siemens AG
6. Smart Parking Ltd.
7. Streetline
8. Swarco
9. T2 Systems
10. Tiba Parking

Factors such as increasing demand from motorist and passenger vehicle users for quick identification and access to available parking space has led to the growing popularity of parking guidance system in the major developed countries. The system provides real time navigation as well as parking space availability of the entire facility to the end-users. Also, the systems effectively reduces the time spent by the vehicle user for finding the available empty parking space.

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In addition, the availability of technologically superior parking management solutions such as ANPR and parking security & surveillance have facilitated in the improved enforcement and security of the parking locations thus ensuring the effective monitoring and utilization of the parking space. The growing popularity of mobile app based parking fees payment and parking reservation across significant end-users such as airports, bus station, commercial hubs and on-street parking is also anticipated to gain traction among developed countries in the forecast period. Thus, the parking management market is expected to provide substantial profitable opportunities for the market players in the coming years.

TABLE OF CONTENTS

1. INTRODUCTION 17
1.1 SCOPE OF THE STUDY 17
1.2 THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE 17

2. KEY TAKEAWAYS 18

3. PARKING MANAGEMENT MARKET LANDSCAPE 20
3.1 MARKET OVERVIEW 20
3.2 MARKET SEGMENTATION 21
3.2.1 Global Parking Management Market - By Parking Site 22
3.2.2 Global Parking Management Market - By Solutions 22
3.2.3 Global Parking Management Market - By Services 23
3.2.4 Global Parking Management Market - By Deployment Type 23
3.2.5 Global Parking Management Market - By Geography 23
3.3 PEST ANALYSIS 24
3.3.1 North America - PEST Analysis 24
3.3.2 Europe - PEST Analysis 26
3.3.3 Asia Pacific - PEST Analysis 28
3.3.4 Middle East and Africa - PEST Analysis 30
3.3.5 South America - PEST Analysis 32

4. PARKING MANAGEMENT MARKET - KEY INDUSTRY DYNAMICS 34
4.1 KEY MARKET DRIVERS 34
4.1.1 Significant Rise in Number of Vehicles on Road 34
4.1.2 Rising Adoption of Smart Technologies in Parking Management 35
4.2 KEY MARKET RESTRAINTS 35
4.2.1 Limited Awareness among the Consumers in Developing Countries 35
4.3 KEY MARKET OPPORTUNITIES 36
4.3.1 Increasing Partnerships and Mergers to Stimulate the Parking Management in Urban Areas 36
4.4 FUTURE TRENDS 36
4.4.1 Simplification of Technologies and Reduction in Cost of the Systems 36
4.5 IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS 37

5. PARKING MANAGEMENT - GLOBAL MARKET ANALYSIS 38
5.1 GLOBAL PARKING MANAGEMENT MARKET OVERVIEW 38
5.2 GLOBAL PARKING MANAGEMENT MARKET FORECAST AND ANALYSIS 39