The major growth drivers for the parking management market includes the growing focus on seamless traffic flow and reduction in fuel consumption and increasing motor vehicle sales.
The global Parking Management Market size is estimated to be USD 3.39 billion in 2018 and is expected to reach USD 5.15 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period. Major growth factors for the parking management market include the growing focus on seamless traffic flow with fuel consumption reduction, adoption of cloud computing and IoT technologies, increasing vehicular sales, and proliferation of smart phones.
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Why technological advancement in autonomous cars is creating an opportunity for market growth?
Carmakers are slowly building the market for autonomous cars by first releasing connected and partially automated cars. Autonomous cars sense their surroundings with GPS and sensor technologies, such as ultrasonic and radar.
Advanced control systems in these cars interpret the sensory information to identify appropriate navigation paths, identify parking spaces, obstacles, and relevant signage. Autonomous driving is expected to grow, as driver assistance systems become more sophisticated.
Many technology giants, such as Google and Microsoft, and major car manufacturers including Daimler, BMW, Volkswagen, Audi, Tesla, and Volvo, are expected to launch fully automated cars by 2025. ZF Friedrichshafen AG is developing an advanced urban vehicle, a solution for the urban individual transport in the compact and sub-compact segments.
The advanced urban vehicle will be able to identify suitable parking spaces and autonomously park itself in parallel and perpendicular spaces. The introduction of autonomous vehicles will disrupt the business model for parking management and will offer a new revenue stream for vendors in the parking management market.
Are rapid changes in technologies challenging market growth?
Technological changes require the solution vendors to update solutions on the upcoming technology, along with gaining the required technical expertise. The parking management solutions have witnessed the transition from on-premises to cloud-based deployments.
Additionally, there are solutions which offer advanced analytics functionalities. These differentiated offerings lead to a different set of demand by end users, which needs to be catered to by the vendors, else they lose out on the customer base, and customers may switch to a different vendor who can offer the features/functionalities as per their requirements.
It intensifies competition among the vendors and makes them rethink their product offering strategy as to how they can differentiate their offerings from their counterparts.
The key market players profiled in this report are Conduent (US), Amano Corporation (Japan), Q-Free ASA (Norway), Indigo Park Services (UK), Chetu (US), Streetline (US), SWARCO (Austria), T2 Systems (US), SKIDATA (Austria), Flowbird Group (France), INRIX (US), Flashparking (US), Parkmobile (US), Passport (US), SpotHero (US), TIBA Parking Systems (US), Urbiotica (Spain), Smart Parking (Australia), SAP (Germany), Siemens (Germany), APCOA (US), Bosch Mobility Solutions (Germany), GET MY PARKING (India), Nester (UAE), and NuPark (US). These players offer parking management solutions and services to cater to the needs and demands of the market.
They have adopted various growth strategies, such as partnerships, agreements and collaborations, business expansions, and new product launches. Partnerships have been the major strategic trend, followed by partnerships, agreements, and collaborations.
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