Market Analysis:

The parking management market is highly competitive, with a large number of players operating in the market. Key players in the market include Conduent, T2 Systems, Parkmobile, INRIX, Amano Corporation, Siemens AG, and Cubic Corporation, among others.

The market is highly fragmented, with various small and medium-sized companies offering innovative solutions to cater to the increasing demand for efficient parking management systems. These companies are focusing on developing advanced technology solutions, such as real-time parking guidance systems and automated parking systems, to gain a competitive edge in the market.

Key Companies:

Some Parking Management Companies are,

• Cubic Corporation (U.S.),
• XEROX Corporation (U.S.),
• SWARCO AG (Austria),
• Siemens AG (Germany),
• INRIX, Inc. (U.S.),
• INDIGO (France),
• T2 Systems,
• Kapsch TrafficCom AG (Austria),
• AMANO Corporation (Japan),
• SKIDATA AG (Austria)

Market Segmentation:

The parking management market can be segmented based on solution, service, and end-user.

By solution, the market can be further divided into parking meters, parking kiosks, parking guidance systems, parking reservation systems, and others. The parking guidance systems segment is expected to witness significant growth due to the increasing adoption of smart parking solutions by governments and private organizations to manage parking space efficiently.

Based on service, the market can be segmented into consulting, support & maintenance, and deployment & customization services. The consulting segment is expected to dominate the market as parking management companies are increasingly seeking expert guidance to improve their services and operations.

By end-user, the market can be divided into government and commercial. The commercial segment is expected to hold a larger market share due to the growing demand for efficient parking solutions from shopping malls, airports, and other commercial establishments.

Get An Exclusive Sample Of the Research Report at:
https://www.marketresearchfuture.com/sample_request/3232 

Market Drivers:

The increasing number of vehicles is the primary driver of the parking management market. With the rise in urbanization and the growth of the automotive industry, the number of vehicles on the road is increasing rapidly. This has led to a shortage of parking spaces, especially in urban areas, making it essential to adopt efficient parking management systems.

Moreover, strict government regulations regarding parking space management and the need for reducing traffic congestion are also driving the market growth. Governments around the world are implementing smart parking solutions to manage parking space efficiently and reduce the time spent in finding a parking spot.

Market Opportunities:

The US parking management market presents lucrative opportunities for companies to develop innovative solutions and cater to the growing demand for efficient parking systems. As technology continues to advance, the market is expected to witness the adoption of advanced solutions such as real-time parking guidance systems, mobile payment options, and automated parking systems.

The integration of Internet of Things (IoT) and artificial intelligence (AI) in parking management systems is expected to provide significant growth opportunities for the market. These technologies enable real-time monitoring and analysis of parking spaces, allowing for efficient utilization and management of parking spaces.

Industry Latest News:

1. In February 2021, the city of Los Angeles announced its partnership with Google to integrate real-time parking information into Google Maps. This will enable drivers to find and navigate to available parking spots in the city, reducing traffic congestion and improving the overall parking experience.

2. In March 2021, ParkMobile, a leading provider of smart parking solutions, announced its partnership with the City of Las Vegas to provide contactless parking payments for on-street parking spots. This partnership will improve the parking experience for drivers and help reduce the spread of COVID-19.

3. In April 2021, INRIX, a leading provider of connected car services and transportation analytics, launched its Parking Reservation service in Europe. This service allows drivers to find, compare, and book parking spots in advance, reducing the time spent in finding a parking spot.

Regional Insights:

North America is expected to dominate the parking management market due to the increasing adoption of smart parking solutions and the presence of key players in the region. The Asia Pacific region is expected to witness significant growth due to the increasing number of vehicles and the growing demand for efficient parking solutions in developing countries such as China and India.

Europe is also expected to witness significant growth in the market due to the strict government regulations regarding parking space management and the adoption of advanced parking solutions. The Middle East and Africa region is also expected to witness growth due to the increasing investments in smart city projects and the need for efficient parking management systems.

Other Exclusive Reports:

Queue Management System Market Research Report - Global Forecast till 2030

Telecom Service Assurance Market Research Report - Global Forecast till 2030

Market Research Future®

99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone: +1 628 258 0071(US)
+44 2035 002 764(UK)
Email: sales@marketresearchfuture.com