The global parking management market size was valued around USD 3.23 Billion in 2018 and is now expected to reach USD 6.82 Billion by 2024, by growing at a Compound Annual Growth Rate (CAGR) of 9.67% during the forecast period of 2019-2024.
Recent Industry Developments
March 2018: TIBA launched an application called ParkBlue to help access the parking for all car parks. With ParkBlue, parking operators will probably be able to create a cloud-based service that allows them to convert temporary customers into registered users. Drivers may be able to register, book, navigate, and pay for parking with an intuitive and user-friendly application.
June 2018: Q-Free ventured with 2Park to collaborate in designing a frictionless ANPR parking to its North American portfolio through a strategic partnership with ANPR's number one solution in Northern Europe- Autopay.
November 2018: Kapsch TrafficCom (Kapsch) announces the acquisition of eTrans Systems, a Virginia-based provider of connected and autonomous vehicle solutions, which forms the foundation for a broad range of security and mobility applications. This acquisition enriches the Kapsch V2X solution in the rapidly changing landscape of connected and autonomous vehicles.
September 2015: GreenPeak Technologies, in collaboration with Dusun Electron Ltd., launched a low-cost, smart parking application in China that reduces congestion and increases revenue for parking operators. ParkPlus is working in Boulder, Colorado, to deploy a fully automated parking garage in the western United States through Pearl's Boulder mixed-use development. The company's automated parking system uses lasers to scan cars and a robot valet to park vehicles. The vehicles are transported by a robotic cart that lifts them and transfers them to storage media.
Drivers & Restraints:
The parking management sector is expected to experience substantial growth over the coming years, mainly due to three factors, which are technological advances, traffic congestion, and the need to develop urban infrastructure. Apart from these, some factors like growing focus on seamless traffic flow, the decrease in fuel consumption rates and increasing motor vehicle sales, etc. are also aiding to the growth of the market. However, linking a wide variety of vendors, technologies, and revenue models to a single platform should be the primary restraint faced by this market sector, which is hindering the growth of the market globally. Also, the complexity in system integration can be treated as another hurdle, which is affecting the pace of the market.
The global Parking Management Market report is segmented and sub-segmented as follows:
North America Parking Management Market is expected to occupy the leading position during the forecast period, thanks to large-scale investments in the implementation of parking management solutions responding to the growing need for better driving conditions for drivers and commuters. Whereas, it is the Asia Pacific region that is expected to experience the fastest growth in the global parking management market owing to the factors like the rapid adoption of advanced technologies and the increasing urbanization in developing countries.
Key Market Players:
Some of the key market players actively working in this domain are:
For 30 years, TIBA has been providing innovative solutions in the parking market, resulting in reliable and user-friendly products that lower the price of the first acquisition and the cost of on-going maintenance. TIBA has successfully implemented this solution with a focus on software development while continuing to enhance and support its reliable hardware platforms. TIBA serves the operators and owners of car parks around the world, in various sectors, such as the hotel and hospitality industry, airports, universities, shopping centers, hospitals, and medical centers, as well as local, provincial and federal governments.
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