The North American parking management market is expected to progress with a compound annual growth rate of 10.80% during the forecast.
Parking management solutions refer to a set of hardware designed and developed to manage and maintain parking availability in areas of high demand, especially in road parking spaces. Single-space parking meters and multi-space parking meters are the leading hardware used in integrated parking management solutions with automated payment systems and centralized data management to help people find parking spaces in the desired location.
Recent Developments and Trends
In February 2018, Amano McGann, Inc., a division of Amano Corporation, has completed the acquisition of Valet Parking Systems, a subsidiary of Service Tracking Systems, Inc. The previous company aimed to strengthen its market position in North America through this acquisition.
February 2019: Parkmobile collaborated with the city of Amarillo, allowing its residents to pay with their mobile device and skip the meter.
In 2018, Keptop, an intelligent parking solutions provider, conducted a fundraising round at Tencent Holdings. This fund is intended to expand business operations internationally. The company also launched a "High-Speed Parking" intelligent parking application platform to help drivers quickly find empty parking spaces.
November 2018: Siemens Mobility has signed a significant contract in the United Kingdom. As per the deal, London Underground (LUL), a subsidiary of Transport for London, responsible for the urban rail system of the capital of the United Kingdom, has signed a contract with Siemens Mobility to design and build 94 next-generation subway trains.
Market Drivers
The increase in public sector financing and favorable government initiatives are expected to drive North America market growth. Demand for parking management solutions is presumed to be high in commercial and government applications due to the variety of features such as towing management, ticket issuance, payment processing and appointment tracking provided by these solutions through of a single platform. In addition, the image recognition, machine learning, tracking and speed monitoring capabilities offered by these solutions are likely to improve the consumer experience. The market is foreseen to attract attention due to the development of systems with sophisticated features, such as automatic payment options and voice messages. More and more vehicles negatively affect the use of parking and, consequently, increase the demand for the implementation of intelligent solutions for parking management across the region.
Restraints
It is anticipated that the development of parking facilities that do not require the use of gate arms and have a minimal negative impact on the environment will lead to market growth. But the complexity of integration, lack of knowledge, user skills and high costs can hinder the market growth.
Market Segmentation
By Solution:
Based on solution, parking access and revenue control (PARC) solutions are foreseen to occupy the largest share in the North American business during the forecast period. The solution allows the parking operator to manage the entry and exit of the vehicle within the parking facilities and completely control parking revenue. This solution automates access control and revenue collection in parking lots.
By Parking Site:
Based on the parking site, Outdoor parking is expected to maintain a larger market size during the forecast period due to large-scale investments by multi-level parking authorities and the private parking facilities sector. Also, off-street parking has witnessed many innovations that allow adequate parking. For example, today's luxury garages are equipped with a robotic valet system that helps with parking management.
By Deployment Type:
Based on the deployment type, cloud implementation is estimated to grow at a faster rate during the forecast period due to the mounting adoption rate in different companies. Because cloud implementations require less capital investment, fewer operational and maintenance costs, and minimal administrative effort, SMEs consider and prefer cloud-based parking management solutions.
By End-User:
Based on the end-user, the government sector held the principal portion in the North America parking management industry in 2018 and is likely to continue its dominion in the forecast period. The increasing workforce in the USA and Canada has resulted in frequent traffic congestions, which made it essential to implement a competent and state-of-the-art parking management solution by the local authorities.
Regional Analysis
North America is predicted to have a broader market due to high investments in infrastructure facilities, which requires a better driver and transportation convenience. The increase in the number of cars in countries such as Canada and the United States has created the need to reduce problems such as traffic congestion and plays a vital role in promoting the growth of local markets.
The population of the United States is growing and changing from rural to urban areas. In 2018, approximately 83% of the population lived in urban areas, which is supposed to increase by more than 85% by 2030. This shift towards urban vicinities will propel the need for smart parking management systems.
Leading Company
IBM Corporation is partnering with car manufacturers to develop advanced parking assistance solutions for ADAS applications. It also helps public and private facilities generate revenue from existing parking lots.
Key Players
Famous suppliers in the market include T2 Systems, Amano Corporation, 3M, Cubic Corporation, Kapsch TrafficCom, IBM Corporation, Siemens, Swarco, SKIDATA AG and Xerox Corporation.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Parking Management Market, By Solution
6.1.1 Parking Guidance
6.1.2 Reservation Management
6.1.3 Permit
6.1.4 Enforcement
6.1.5 Parking Access and Revenue Control
6.1.6 Security & Surveillance
6.1.7 Analytics
6.1.8 Market Size Estimations & Forecasts (2019-2024)
6.1.9 Y-o-Y Growth Rate Analysis
6.1.10 Market Attractiveness Index
6.2 Parking Management Market, By Deployment Type
6.2.1 On-Premise
6.2.2 Cloud
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Parking Management Market, By Parking Site
6.3.1 On-Street
6.3.2 Off-Street
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Parking Management Market, By End-User
6.4.1 Government
6.4.2 Commercial
6.4.3 Transporation Transit
6.4.4 Hospitality
6.4.5 Market Size Estimations & Forecasts (2019-2024)
6.4.6 Y-o-Y Growth Rate Analysis
6.4.7 Market Attractiveness Index
7. Geographical Landscape
7.1 Identity Governance and Administration Market, by Country
7.2 North America - Market Analysis (2019 - 2025)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Solution
7.2.3 By Deployment Type
7.2.4 By Parking Site
7.2.5 By End-User
8. Key Player Analysis
8.1 T2 Systems
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 3M Corporation
8.3 Kapsch TrafficCom
8.4 IBM Corporation
8.5 Cubic Corporation
8.6 Xerox Corporation
8.7 Amano Corporation
8.8 Siemens
8.9 Swarco
8.10 Skidata AG
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
North America Parking Management Market By Solution, From 2020-2025 ( USD Billion )
North America Parking Gudance Market By Region, From 2020-2025 ( USD Billion )
North America Reservation Management Market By Region, From 2020-2025 ( USD Billion )
North America Permit Market By Region, From 2020-2025 ( USD Billion )
North America Enforcement Market By Region, From 2020-2025 ( USD Billion )
North America Parking Access and Revenue Control Market By Region, From 2020-2025 ( USD Billion )
North America Security & Surveillance Market By Region, From 2020-2025 ( USD Billion )
North America Analytics Market By Region, From 2020-2025 ( USD Billion )
North America Parking Management Market By Deployment Type, From 2020-2025 ( USD Billion )
North America On-Premise Market By Region, From 2020-2025 ( USD Billion )
North America Cloud Market By Region, From 2020-2025 ( USD Billion )
North America Parking Management Market By Parking Site, From 2020-2025 ( USD Billion )
North America On-Street Market By Region, From 2020-2025 ( USD Billion )
North America Off-Street Market By Region, From 2020-2025 ( USD Billion )
North America Parking Management Market By End-User, From 2020-2025 ( USD Billion )
North America Government Market By Region, From 2020-2025 ( USD Billion )
North America Commercial Market By Region, From 2020-2025 ( USD Billion )
North America Transporation Transit Market By Region, From 2020-2025 ( USD Billion )
North America Hospitality Market By Region, From 2020-2025 ( USD Billion )
United States Parking Management Market By Solution, From 2020-2025 ( USD Billion )
United States Parking Management Market By Deployment Type, From 2020-2025 ( USD Billion )
United States Parking Management Market By Parking Site, From 2020-2025 ( USD Billion )
United States Parking Management Market By End-User, From 2020-2025 ( USD Billion )
Canada Parking Management Market By Solution, From 2020-2025 ( USD Billion )
Canada Parking Management Market By Deployment Type, From 2020-2025 ( USD Billion )
Canada Parking Management Market By Parking Site, From 2020-2025 ( USD Billion )
Canada Parking Management Market By End-User, From 2020-2025 ( USD Billion )
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