Parking Management Systems Market Growth by Key Players: Skyline Parking AG, Siemens AG, T2 Systems, IBM Corporation, Swarco Corporation, Kapsch TrafficCom, Skidata, Passport Inc., SAP, and Indigo Park Services

According to the new market research “Parking Management Systems Market, [By Component (Hardware, Software, Services); By Deployment (On-Premise, Cloud); By Parking Site (On Street Parking, Off Street Parking); By Solution (Parking Reservation, Parking Guidance, Parking Analytics, Access Control, Revenue Management, Security and Surveillance, Others); By Region]: Market size & Forecast, 2018 – 2026", The Parking Management Systems market is expected to reach USD 9,786 million by 2026 from USD 4,520 million in 2017, at a CAGR of 9.1%.

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Parking management systems are smart solutions that provide information about available parking spaces in specific areas by real-time tracking of vehicles. Parking management systems use a combination of sensors, real-time data collection, and mobile-phone-enabled

automated payment systems to enable parking reservation and management. Use of parking management systems guides visitors to available parking, while optimizing parking space usage, and simplifying the parking experience. Parking management systems also assist in decreasing car emissions by providing efficient parking services.

Top Key Player: -

Skyline Parking AG
Siemens AG
T2 Systems
IBM Corporation
Swarco Corporation
Kapsch TrafficCom
Skidata
Passport Inc.
SAP
Indigo Park Services.

There has been a significant increase in the demand for parking management systems owing to increasing need for road safety, streamlining traffic flow, and growing demand for luxury vehicles from emerging economies. Moreover, the growing need to improve road safety, reduce fuel consumption, and enhance the parking experience for users drive the parking management systems market during the forecast period. The growth in sale of motor vehicles, and adoption of technologies such as IoT and cloud computing have increased the implementation of parking management systems. Rising adoption of smart cities, increasing development of autonomous vehicles, growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.

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The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Parking Management Systems Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.

North America generated the highest revenue in the parking management systems market in 2017 owing to increasing modernization of vehicles, development of autonomous vehicles, and strict government regulations in the region.

Competitive Landscape

The global Parking Management Systems market is characterized by the presence of well-diversified international and small and medium-sized vendors. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater to the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.

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