The revolutionary technologies have a great impact on public services such as parking management. Transformation of the urban area into ‘smart cities’ all over the globe is the key motivator for the growth of the markets such as parking management market. Although the current COVID-19 pandemic situation and subsequent ‘lockdowns’ has slowed the pace of the market, the parking management market is expected to gain a steady rise over the next few years.
Parking management systems offer a host of services in real time, varying from required operational assistance in parking the vehicle to optimum utilization of the parking spaces to increase revenue and optimize the user experience. Parking management systems include a number of traffic controller devices, various hardware sensors, live, instant messaging systems, both wireless & wired telecommunications systems, computer servers, and management application interfaces.
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Design of the parking management sites is one of the most important factor that impacts the market as it has a high initial set up cost. The technical and design complexity is also a barrier for the new players of the market.
Technological advancement is the key growth strategy for this highly competitive market
The market of parking management solutions is highly competitive. A few of the large vendors hold considerable amount of revenue share within the market. Some of the key players in the market include Siemens, Precise Park Link, Flash Parking, Smart Parking, Streetline, etc.
The top players in the market are constantly looking for ways to digitalize and innovate the parking management market through technological advancements. Constant efforts for improvement in the quality of parking management solutions, along with focus on improving the service features to enhance the user experience are two of the widely used growth strategies by big players in this market.
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Largest substantial revenue in the parking management solutions market is accounted to the North America region, due to the presence of two developed countries, i.e. USA and Canada, which need higher parking infrastructure.