According to Stratistics MRC, the global parking management market was accounted for $2.78 billion in 2018 and is expected to reach $6.17 billion by 2022, growing at a CAGR of 12.0 percent. Parking management market is characterized into on-street and off-street market. The rising trend of commercialization and industrialization across the globe has led to growth in the off-street parking in the current scenario, and the on-street market is expected to catch-up due to the rapid adoption by government authorities. That being said, the off-street parking management services have been increasingly implemented by large commercial establishments to provide customers with ample parking spaces, and the on-street parking solutions have allowed the government authorities to generate revenues through public properties legitimately.
Among developed countries, the limited number of parking spaces both on-street and on-street, especially among densely populated metro cities, are witnessing a growing demand for more efficient parking spaces at the major commercial hubs. Another market influencing force is the rise of smart city initiatives— driving the deployment of sensors and related technologies for parking to optimize the available parking space with different end-users. However, integration of the parking system in society and cost sensitiveness depending on the parking site is restraining the market. The parking management industry is experiencing a significant rise in a number of companies, including technology developers, integrators, and service providers, among others. There are several on-premise and cloud-based solutions available in today’s market such as parking guidance systems, parking reservations, parking security, and surveillance, near field communication (NFC)and smart-phone apps that allow you to find and reserve parking spaces. In terms of services, the market is broken down into professional and managed services.
The parking management market is poised to flourish in the coming years because several developing country governments are attracting foreign direct investments (FDI) to optimize traffic congestion and enhance parking operations. As mentioned earlier, the smart city initiatives in the developing countries are is catalyzing the demand for technologically advanced and intelligent parking management solutions. The smart parking facilities help the local authorities implement parking tariffs and deter or encourage drivers from parking in specific locations. In addition, the reduction in the cost of technology and services by the solution service providers is foreseen to stimulate the adoption growth of parking management market in several developed countries as well as developing countries worldwide
This edition of CIO Applications brings you the “Top 10 Parking Management Solution Providers -2019.” This list gives you some of the most prominent organizations in the industry that have excelled with their services portfolio in the parking management space. This list is aimed at bridging the gap between businesses and solutions providers that are transforming business processes through their insights and technological prowess.