Parking management market worth US$5 billion by 2021, say researchers
First publishedon www.ITSInternational.com
According to a new market research report by MarketsandMarkets, the parking management market is estimated to grow from US$3.03 billion in 2016 to US$5.00 billion by 2021, at a compound annual growth rate (CAGR) of 10.6 per cent.
According to the report, Parking Management Market by Software and Professional Services, by Solution (Access Control, Security & Surveillance, Fee & Revenue Management, Enforcement & Permit Management) - Global Forecast to 2021, the major forces driving the parking management market are the worldwide focus on seamless traffic flow, reduction in fuel pollution, increased production of vehicles leading to parking concerns, and concern for safety, security, and connectivity. The continuous developments in this technology and its solutions have also encouraged users to adopt parking management solutions and services.
The market, by solution, has been segmented into access control, security and surveillance, parking fees and revenue management, parking reservation management, valet parking management, parking fee enforcement and permit management and parking guidance and slot management. Parking fee and revenue management systems are expected to witness the highest CAGR during the period. These systems help parking operators to collect parking fees users. Moreover, it also counters the challenges of over or under capacity, variable demand and advanced reservation. These benefits are driving the market and are anticipated to help in propelling the parking management market at the highest CAGR during the forecast period.
The market, by professional service, has been segmented into deployment and customisation and maintenance and support. The deployment and customisation service segment is expected to grow at the highest CAGR over the forecast period owing to the rapid adoption of parking management solutions in both small and medium businesses and large enterprises, which require back support and assistance for deployment, customisation, and management of solutions.
North America is expected to hold the largest share of the parking management market in 2016 due to the technological advancements and early adoption of parking management solutions across a large number of verticals in this region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The primary driving forces for this growth are changing work culture in organisations, government initiatives, and rapidly deployable cloud-based solutions in various industries in the APAC countries, especially India, China, and Japan.