Dublin, April 08, 2021 (GLOBE NEWSWIRE) -- The "Parking Management Market by Offering (Solutions (Parking Guidance, Parking Reservation Management, Parking Permit Management) and Services), Deployment Type, Parking Site (Off-street and On-street), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Parking Management Market Size is Expected to Grow from USD 3.8 Billion in 2020 to USD 5.4 Billion by 2025, at a CAGR of 7.4%
Several parking spaces remain unutilized as developers end up building additional spaces in adherence to regulations regarding the size and number of parking spaces. Consistent parking management solutions, such as improved signage and real-time parking indicators, reduce the wastage of parking spaces by informing customers when and where a parking space is available.
Parking management also results in the more efficient use of parking resources through better revenue management, by countering over-pricing and underpricing parking spaces. An effective and integrated parking management solution can reduce parking requirements by 20-40%, which helps in maintaining city infrastructure, reducing land consumption, increasing revenue generation for the government, and improving user convenience.
By deployment type, on-premises segment to account for the largest market size during the forecast period
By deployment type, the on-premises segment is expected to record at the largest market size during the forecast period. The on-premises deployment type refers to the installation of software and solutions in the premises of the organization. In this deployment mode, the organization is responsible for maintaining the solution and all its related processes.
These solutions are delivered on a one-time license fee and an annual service agreement, which includes a free modification or upgrade and installation of new functionalities. On-premises deployment of parking management solutions requires dedicated infrastructure and servers.
It also requires dedicated IT staff for the maintenance and support of the high-end IT infrastructure. Organizations that can afford to manage dedicated servers usually deploy on-premises solutions. The on-premises deployment type also offers offline data analytics and configuration and provides better control over systems and data.
By parking site, the Off-street parking segment to hold the largest market size during the forecast period
The off-street parking site segment is expected to hold the largest market size, due to the non-availability of on-street parking facilities and huge investments in smart buildings. Off-street parking sites are highly effective in terms of vehicle holding capabilities and are generally controlled by commercial agencies. Off-street parking involves proper designing and construction to provide a safe and secure vehicle parking experience for drivers. The segment focuses on ensuring security, pre-booking of parking spots, and parking fee management.
This segment has witnessed several innovations to enable efficient parking; for instance, nowadays, advanced garages are equipped with robotic valet systems that help in parking management. Off-street parking solutions are expected to experience a high growth rate, due to the vast investments by authorities in multi-level parking, and also by the private sector in its parking facilities
By region, Asia Pacific to grow at the highest CAGR during the forecast period
The Asia Pacific (APAC) market is projected to grow at the highest CAGR during the forecast period. The APAC region is witnessing high growth due to increasing global competition, increasing penetration of smart devices, connected machines, and rising investments in smart cities.
This region comprises more than 40% of the world's population and has some of the fastest-growing economies. Urbanization is on the rise in several countries across the region. According to the UN database, around 2.5 billion people are expected to move to urban areas from 2018 to 2050, and 90% of urbanization is expected to happen in Asia and Africa.
Growth in Smart City Initiatives Worldwide to Drive the Market Growth During the Forecast Period
Solutions Segment and the United States to Account for Higher Shares in the North American Market in 2020
Solutions Segment and China to Account for High Shares in the Asia-Pacific Market in 2020
United Arab Emirates to Register the Highest CAGR from 2020 to 2025
Growing Demand for Seamless Traffic Flow and Reduction in Fuel Consumption
Growing Motor Vehicle Sales Across the Globe
Proliferation of Mobile and Smartphones
Exponentially Rising Urban Population to Actuate Smart Parking Management
Growing Demand for Optimum Utilization of Parking Spaces
Adoption of Cloud, IoT, and Data Analytics Technologies
System Integration Complexities
Rising Smart City Initiative Across the Globe
Emergence of Autonomous Cars
Demand for Innovative Parking Management Solutions
High Implementation Costs
Data Security and Privacy Issues Related to IoT Devices
Disruption in Logistics and Supply Chain of IoT Devices
Value Chain Analysis
Market: Technological Landscape
Big Data and Analytics
Internet of Things
Average Selling Price Trend
COVID-19 Market Outlook for Parking Management Solutions Networks
Get My Parking
Tiba Parking Systems
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