Parking Management Market to Grow at 8.7% CAGR to 2023

PUNE, India, June 8, 2018 /PRNewswire/ --

ReportsnReports.com adds the parking management market size is expected to grow from USD 3.39 billion in 2018 to USD 5.15 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period. The major driver for the parking management market is expected to be the growing focus on seamless traffic flow and reduction in fuel consumption and increasing motor vehicle sales.

Browse 66 Market Data Tables and 34 Figures spread through 130 Pages and In-depth TOC on "Parking Management Market by Solution (Parking Guidance, Reservation Management, Permit, Enforcement, PARC, Security & Surveillance, Analytics), Service, Deployment Type, Parking Site (Off-Street and On-Street), and Region - Global Forecast to 2023" at http://www.reportsnreports.com/reports/1526530-parking-management-market-by-solution-parking-guidance-reservation-management-permit-enforcement-parc-security-surveillance-analytics-service-deployment-type-parking-site-off-street-and-on-street-and-st-to-2023.html .

The parking management market ecosystem includes major players, such as Conduent (US), Amano Corporation (Japan), Q-Free ASA (Norway), Indigo Park Services (UK), Chetu (US), Streetline (US), SWARCO (Austria), T2 Systems (US), SKIDATA (Austria), Flowbird Group (France), INRIX (US), Flashparking (US), Parkmobile (US), Passport (US), SpotHero (US), TIBA Parking Systems (US), Urbiotica (Spain), Smart Parking (Australia), SAP (Germany), Siemens (Germany), APCOA (US), Bosch Mobility Solutions (Germany), GET MY PARKING (India), Nester (UAE), and NuPark (US).

As per the geographic analysis, the APAC region is expected to witness the fastest growth in the parking management market due to the rapid adoption of advanced technologies and increasing urbanization in developing countries. In addition to this, various smart city projects have been rolled out in the APAC region to enhance the citizen services. These smart city projects address infrastructure, transit, utilities, and connectivity challenges. Parking management is the center stage of all these smart cities projects.

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The global parking management market has been segmented on the basis of types (solutions and services), deployment types, parking site, and regions. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities across the regions. In addition to this, the strength of product portfolio and business strategy excellence is some of the other analysis included in the report.

The parking management market report has access and revenue control solution is expected to account for the largest market share during the forecast period. This solution helps parking operators to manage in and out of vehicles in parking facilities and also empower them to take full control over the parking revenue. The parking guidance solution is expected to grow at the highest CAGR during the forecast period because of rapid deployment of the solution by city authorities.

Key Target Audience: 

• Compliance regulatory authorities
• Government agencies
• Information Technology (IT) companies
• Investors and Venture Capitalists (VCs)
• System integrators
• Value-Added Resellers (VARs) and distributors
• Parking Management Startups

The off-street parking is expected to hold a larger market size during the forecast period, owing to huge investments made by authorities in multi-level parking, and by the private sector in its parking facilities. The off-street parking involves proper designing and construction to provide a safe and secure vehicle parking experience for drivers. Moreover, it focuses on ensuring security, pre-booking of parking spots, and parking fee management. The entire modern public infrastructure is coming with advanced off-street parking facilities.

Order a Copy of "Parking Management Market by Solution (Parking Guidance, Reservation Management, Permit, Enforcement, PARC, Security & Surveillance, Analytics), Service, Deployment Type, Parking Site (Off-Street and On-Street), and Region - Global Forecast to 2023" research report at http://www.reportsnreports.com/purchase.aspx?name=1526530 .

APAC region is expected to record the fastest growth in the global parking management market due to the rapid adoption of advanced technologies and increasing urbanization in developing countries. In addition to this, various smart city projects have been rolled out in the APAC region to enhance the citizen services. These smart city projects address infrastructure, transit, utilities, and connectivity challenges. Parking management is at the center stage of all these smart city projects.

The break-up profiles of the primary discussion participants are given below: 

• By Company Type: Tier1 (53%), Tier 2 (33%), and Tier 3 (14%)
• By Designation: C-Level (60%), Director Level (10%), and Manager Level (30%)
• By Region: North America (35%), Europe (25%), APAC (30%), and RoW (10%)

Another research titled The passenger car smart parking market is projected to grow at a CAGR of 17.94%, to reach a market size of USD 5.25 billion by 2021. Worldwide vehicle production has increased from 84.2 million in 2012 to 90.8 million in 2015. Furthermore since 2012, with a growth of 8.6%, total passenger car production increased to 68.5 million in 2015. The smart parking market for passenger cars ecosystem consists of component suppliers such as Robert Bosch GmbH (Germany), Continental AG (Germany), Aisin Seiki (Japan) etc. These components are supplied to park assist system suppliers such as Valeo S.A. (France) and this system is supplied to automotive OEMs such as BMW Group (Germany), Daimler AG (Germany), Volkswagen AG (Germany), and others. The parking management market ecosystem consists of parking management solution providers such as Siemens AG (Germany), Xerox Corporation (U.S.), Cubic Corporation (U.S.) among others now available at http://www.reportsnreports.com/contacts/discount.aspx?name=886557 .

Explore more reports on IT & Telecommunication Market Research at http://www.reportsnreports.com/market-research/information-technology/ .

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