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(I-AutoNewsWire.com, July 27, 2022 ) According to a new market research report titled “Parking Management Market by Component (Solution, Services), Technology (Image Processing, Reservation Based, RFID, Visible Light Communication), End User (Retail, Entertainment, and Leisure), Deployment, and Parking site - Global Forecast to 2027”, published by Meticulous Research®, the parking management systems market is expected to reach $4.03 billion by 2027, at a CAGR of 7.6% during the forecast period of 2020 to 2027.
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A parking management system automates a car parking system. It encompasses ICT-based solutions that deploy IoT and AI for a smooth and automated parking facility. It optimizes parking spaces and making processes efficient. It gives real-time car parking information, such as vehicle & slot counts, available slots display, reserved parking, pay-and-park options, easy payments, reports, and a host of other features.
The growth of the overall parking management systems market is mainly attributed to the growing demand for AI-based services, increasing need for parking spaces, and growing focus on seamless traffic flow. Moreover, the growing number of smart cities and technological advancements in autonomous cars will likely provide significant growth opportunities for players operating in the parking management systems market. However, the complexity in system integration, shift from car ownership model to car-sharing model, high initial installation & implementation cost of parking systems, and climate durability & vandalism are some of the major factors likely to hinder the market growth.
The Impact of COVID-19 on the Parking Management Systems Market
The novel coronavirus pandemic has had a major impact on all industries, with major industries either shut down following the directives issued by local governments or are running with minimal staff to keep their personnel safe. Manufacturing units worldwide have been shut down, footfall in showrooms has fallen sharply, and vehicle sales have taken a huge hit. The global economic trade impact of the COVID-19 pandemic on the automotive industry is estimated to be around USD 5.7 billion, with the European Union experiencing the worst at USD 2.5 billion due to the disruption in the automotive supply chain amid reduced supplies from China.
The overall economic impact of COVID-19 is far worse, affecting the overall purchasing capacity of consumers across the globe. Large-scale quarantines in the U.S. and Europe had led to a drop-off in consumer spending and subsequent business investments in 2020. With demand-side reductions in consumer and business spending and looming recession, a self-reinforcing downward spiral of layoffs, unemployment, and bankruptcies observed in 2020.
The construction sector is another major industry, which will affect the parking management systems market. A majority of critical infrastructures across developing and high-growth countries have been stalled. According to KPMG, critical infrastructure construction projects worth INR 59,000 billion (USD 769 billion) under the National Infrastructure Plan in India have been severely impacted due to COVID-19. The construction industry has a multiplier effect on nearly 250 allied industries.
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In conclusion, factors such as declining automotive production & sales of new vehicles and reduced purchasing power of consumers, coupled with the looming threat of recession and unemployment, have significantly affected the parking management systems market during pandemic.
Growing focus on seamless traffic flow to drive the growth of this market
Traffic congestion is rising in smart cities worldwide due to population explosion, increasing number of automobiles, aging infrastructure, and uncoordinated traffic systems. Inefficient parking management worsens the situation as drivers move around in search of parking spaces around their destination, causing traffic congestion. Advanced traffic management systems can significantly decrease traffic congestion, improve safety, and accommodate additional vehicles in the cities.
Parking solutions are an integral part of the ATMS (Advanced Traffic Management Systems). It combines sensors, street lights, smart navigation, and online payment platforms to collect real-time data, translate it into actionable insights, and relay information between the driver and parking facility operator. These systems can guide vehicles towards an available parking spot using vehicle guidance systems and notify users about parking spots across the city.
Hence, parking can reduce traffic congestions by providing drivers an overview of the least congested routes, parking options, and payment options available. Drivers can easily locate an available parking spot and get off the road quickly by understanding the availability in advance. These systems can also ensure that payments are made instantly using smartphones and parking space is made available for the next driver quickly.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (solutions and services), technology (image processing, reservation-based parking management systems, RFID-based parking management systems, visible light communication, and license plate recognition), end user (retail, entertainment, & leisure; airport, railway stations, & bus terminals, office spaces, and residential), deployment type (on-premises and cloud), parking site (on-street and off-street), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).
Based on component, the parking management systems market is segmented into solutions and services. The solutions segment accounted for the largest share of the parking management systems market in 2020. This growth of the segment is attributed to increased efforts by parking operators and city authorities to reduce traffic congestion, increasing operating revenue, better enforcement of parking laws, and rising need for real-time video surveillance for security of parking facilities. However, the services segment is expected to grow at the highest CAGR during the forecast period.
Based on end user, the parking management systems market is segmented into commercial and residential. The commercial segment accounted for the largest share of the overall parking management systems market in 2020. The segment is also expected to grow at the highest CAGR during the forecast period. This segment's growth is attributed to the optimal space usage of commercial parking spaces, reduced traffic congestion in CBDs, reduction in management cost, increasing revenue due to flexible payment options, and enhanced security of commercial parking spaces.
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Based on technology, the parking management systems market is segmented into image processing, reservation-based parking systems, RFID-based parking management systems, visible light communication, and license plate recognition. The license plate recognition segment accounted for the largest share of the overall parking management systems market in 2020. The segment is also expected to grow at the highest CAGR during the forecast period. The segment's growth is mainly attributed to its benefits, such as increased revenue through improved compliance, decreased overhead cost, improved access to limited parking spaces, gate-less entry options, enhanced customer experience, and improved operations.
Based on deployment mode, the parking management systems market is segmented into on-premise and cloud-based. In 2020, the cloud-based segment accounted for the largest share of the overall parking management systems market as well as it is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to its flexibility of access, agility, zero maintenance cost, and flexible payment.
Based on parking site, the parking management systems market is segmented into on-street and off-street sites. The off-street sites segment accounted for the largest share of the parking management systems market in 2020. The growth of this segment is attributed to the rising requirement to reduce congestion in central business districts of cities by banning on-street parking and increasing number of vehicles & parking space demand.
Based on geography, the global parking management systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe accounted for the largest share of the global parking management systems market in 2020. The growth of this region is primarily attributed to factors such as the presence of major companies engaged in R&D of ICT & their focus on developing advanced IoT and AI applications, initiatives by the EU and local governments to develop innovative parking management solutions, availability of strong communication infrastructure, and a higher rate of technology adoption in European countries. However, Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
In Europe, Germany commands largest share of the parking management systems market. The market growth in this country is primarily attributed to increasing development in their parking management system approaches and adopting various methods to implement them. Germany boasts an excellent ICT infrastructure and is fast-tracking smart technologies in its infrastructure. Nearly 74% of Germans live in cities and towns, so strategic urban development through digital solutions is widely recognized and relevant. Germany aims to use networked information and communication technologies to enable intelligent transportation and parking management systems to reduce congestion across its roads.
In Hamburg, the Department of Home Affairs and Sports and State Traffic Authority, in association with Deutsche Telekom, presented an app-based smart parking solution—Park and Joy, to simplify parking and reduce traffic congestion. The app will fetch data from numerous sensors placed by the local transport authority LBV and allow users to see free parking spaces through a smartphone.
In 2020, Cleverciti Systems GmbH, in association with RheinEnergie AG, deployed smart parking solutions in Cologne, Nippes. Cleverciti will install ClevercitiSensors and ClevercitiCirc360 guidance systems on Rheinenergie’s lampposts across 770 on-street parking spaces in Cologne. The guidance system will enable drivers to access real-time parking occupancy information and deliver live guidance to drivers.
The top four players that dominated the global parking management systems market were Amano Corporation (Japan), FLOWBIRD (France), SKIDATA GmbH (Austria), and T2 Systems, Inc. (US). Other key players operating in the parking management systems market are Xerox Corporation (US), IBM Corporation (US), Cubic Corporation (US), Robotic Parking Systems, Inc. (US), SWARCO AG (Austria), SIEMENS AG (Germany), Skyline Parking AG (Switzerland), Unitronics (1989) (RG) Ltd. (Israel), and Cleverciti Systems GmbH (Germany).
TOP 10 COMPANIES IN PARKING MANAGEMENT SYSTEM MARKET @ https://meticulousblog.org/top-10-companies-in-parking-management-system-market/