MARKET OUTLOOK
Triton Market Research determines the Europe parking management market to upsurge with a compound annual growth rate of 11.14% during the forecasting period 2019-2027.
The United Kingdom, France, Germany, Spain, Russia, Italy and countries in rest of Europe together constitute the market for parking management in the European region.
The parking management market in Italy is estimated to show an upward growth in the coming years. Parking management extends its applications to various sectors such as healthcare, automotive industry and hospitality. According to the statistics by the OICA, in the year 2015, Italy produced approx. 663139 passenger cars and 351084 commercial vehicles, which has generated a rise in the demand for parking management solutions. Thus, due to the rising awareness regarding the safety of motor vehicles enables the parking management market to grow in the country. Since February 2006, the tariffs have been changed to optimize the use of parking availability, in order to improve the attractiveness of some parking areas. The application on the parking regulation was approved by the City Council in May 2007. In addition, the control on parking infringements by the Municipal Police and the officers of ASM was enforced.
COMPETITIVE OUTLOOK
Few of the prime players in the parking management market are Orange Business Services, International Business Machines Corporation (IBM), Nedap Mobility Solutions, INRIX, Inc., Parkopedia, HCL Infotech, Ltd., Serco Group Plc, On Track Innovations (OTI), Ltd., Indigo, Kapsch Trafficcom AG, ParkMe, Q-Free A.S.A. and MSR-Traffic.