The Parking Management System market was valued at US$4.114 billion in 2017 and is expected to grow at a CAGR of 11.60% over the forecast period to reach a total market size of US$7.947 billion by 2023. Rising number of motor vehicles on road, on account of increasing spending capacity of people in many regions, has been driving with it the demand for more parking spaces. Growing urbanization and industrialization across the globe is shrinking the space available for parking. This is increasing the demand for advanced parking management systems to address this challenge. This is driving the growth of this market.
To give a clearer view of the market, it has been segmented into type, component, application, and geography. By type, the market has been segmented into Automatic Pay Stations and Barriers, Auto Pay Parking System, Active RFID Parking System and Robotic Parking Systems. By components, the market has been segmented into software and hardware. By application, the market has been segmented into residential and commercial. By geography, the market has been segmented into North America, South America, Europe, Middle East and Africa and Asia Pacific. The regional markets have been further segmented into countries which hold a significant share in this market.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study has been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the parking management system value chain. Last step involves complete market engineering which includes analysing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the market.
Major industry players profiled as part of the report are Conduent, Indigo, Amano, Swarco, Q-Free, Streetline, T2 Systems, Skidata, Flowbird Group, Inrix, Flashparking, Chetu, SAP and Siemens.
The parking management system market is segmented by type, component, application, and geography.
Automatic Pay Stations and Barriers
Auto Pay Parking System
Active RFID Parking System
Robotic Parking Systems
Middle East and Africa