LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global parking management market to grow at a CAGR of over 14% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global parking management market for 2017-2021. To determine the market size, the study considers revenue generated from government, business, and transport application segments.
The global parking management market is expected to grow to USD 9.09 billion by 2021, occupying a majority share under its parent market – the global smart parking market.
Governments across the globe are responsible for creating the highest revenue in the market, driven by a need to develop clean, safe, and efficient parking facilities across cities. The growing number of smart city projects is creating new demand for intelligent and connected solutions like parking management, thus driving market growth.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global parking management system market:
- Adoption of wireless connectivity
- Increased demand for embedded telematics solutions
- Increased adoption of smart parking solutions
Adoption of wireless connectivity
Parking management systems add a new dimension to connectivity. Smart parking systems will form a network of interconnected devices and sensors linked to back-end systems and the Internet through a common network. This will provide an efficient and real-time traffic and parking space data to seamlessly manage vehicle flow.
“Smartphones and other smart devices play a key role in linking all the components of a parking management system into one common thread. This is a key facilitator for remote monitoring and device management. In the long term, a highly profitable collaboration among smart devices, service providers, and mobile operators will emerge, propelling the market growth,” says Abhishek Sharma, one of the lead analysts at Technavio for M2M and connected devices research.
Increased demand for embedded telematics solutions
Telematics enhances parking management systems in urban areas through real-time monitoring of car park volumes, real-time forecasting of available parking space, and sending information to drivers in advance on available parking spaces. To increase customer trust and add transparency to operations, vendors are applying advanced analytics to telematics data. This is driving wide-scale adoption of parking management embedded with telematics, thereby increasing revenue to the market.
Increased adoption of smart parking solutions
“Smart parking systems incorporate connected cars equipped with sensors, applications, software, and internet connectivity to reduce traffic congestion in highly populated cities. The data gathered from these sensors is analyzed by a central algorithm to provide real-time data to consumers and ease traffic flow and reduce delays in parking,” says Abhishek.
Increasing emphasis on personalization, customization, and seamless on-the-go is pushing for the development of high-end vehicle systems in the automotive industry. Additionally, the penetration of GPS-enabled smartphones has increased significantly, and enterprises are capitalizing on this by providing mobile applications that can be connected to the parking management system to receive traffic updates and notifications.
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