The world is moving towards intelligent transportation systems, which is broadening the space for smarter ways of parking. With advanced parking management systems, the parking spots operators can offer their customers various parking conveniences such as minimal time wastage, cashless and contactless payment options, enhanced vehicle security, and options for pre-booking parking spots. The parking management systems are also useful for ensuring security through vehicle and cargo surveillance, vehicle registration, and dynamic parking tariff management. These customer-centric and business operation-centric advantages are making parking management system extremely lucrative. The major companies who are focusing on the parking management sector are Affiliated Computer Services, 3M, Siemens, HCL, Cubic Corporation, T2 Systems, SKIDATA, and various others.
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The ongoing and upcoming smart city projects worldwide are creating business opportunities for smart parking management systems. The high growth rate in the number of vehicles in the regional economies such as Asia Pacific (APAC) and Latin America is also expected to enhance the business potential of the parking management industry. License Plate Recognition (LPR)-based technologies are gaining high popularity in the parking management sector. The major LPR-based parking management solutions such as Automatic Vehicle Identification (AVI) and Pay-by-Plate are expected to experience high adoption rate reducing the market share of the traditional technologies used in parking access control and revenue management.
This report speaks about the expected market revenue for the various software and hardware components involved in parking management system. It also highlights the revenue potential of the various professional services offered by the parking management vendors. The report represents the business potential of parking management systems in different types of parking sites such as on-street parking and off-street parking facilities. The report consists of the opportunity analysis of various types of parking management solutions such as access control, security and surveillance, parking fee and revenue management, parking reservation management, valet parking management, parking enforcement and permit management, and parking guidance and slot management. The report explores business potential of parking management solutions across varied industry verticals such as academia, government and municipalities, transportation, recreation, healthcare, hospitality, retail, corporate and commercial parks, and Banking, Financial Services, and Insurance (BFSI).
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The report analyzes market drivers, restraints, and opportunities, along with a study on key players, and the competitive outlook. The report also provides key insights on the industry trends, adoption trends, and best practices in the parking management market. The report brings out the parking management business potential across the different regions such as North America, Asia-Pacific (APAC), Europe, Latin America, and Middle East and Africa (MEA). It further segments each regional market by solution types and industry verticals and forecasts the revenue for the various sub-markets.
The parking management market is segmented based on system components, services, parking site types, solutions, industry verticals, and regions.
Based on system components, the parking management market is segmented into two categories. They are: parking software and system devices. They are further classified based on their types.
Parking software is majorly divided into the following two categories:
- Parking information and management system
- Parking payment system
System devices include all the hardware components used in a parking management system. The following are the hardware components:
- Parking meters
- Handheld ticket-writers
- Ultrasonic occupancy sensors
- Radio-Frequency Identification (RFID) transponders
- Surveillance cameras and Digital Video Recorders (DVRs)
- Automated gates
- Other devices (Batteries and power sources, valet elevators, display boards)
Based on services, the parking management market is segmented into the following two categories:
- Deployments and customization
- Maintenance and support
Based on parking site types, the parking management market is segmented into the following two categories:
- On-street parking
- Off-street parking
Based on solutions, the parking management market is segmented into the following seven categories, which are again subdivided:
- ID management
- LPR-based automatic vehicle identification
Security and surveillance
Parking fee and revenue management
- Smart card-based
- Parking reservation management
- Valet parking management
- Parking enforcement and permit management
- Parking guidance and slot management
Based on industry verticals, the parking management market is segmented into the following nine categories:
- Government and municipalities
- Transportation transits
- Corporate and commercial parks
- Others (Residential, tourist spots, religious spots)
Based on regions, the parking management market is segmented into the following five categories:
- North America
- Latin America
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