MARKET OUTLOOK
The parking management market in Latin America has been projected to depict growth and proliferate with a CAGR of 11.38% throughout the forecasting years 2019-2027, according to a report by Triton Market Research.
Mexico, Brazil and countries in rest of Latin America together form the parking management market for the Latin American region.
The Latin America parking management market is primarily growing owing to the increasing adoption of smart parking systems by the government sector. The successful implementation of the smart parking system in Las Condes, Chile, resulted in a 20% reduction in the search time, improvement in vehicle commuters and an increase in users’ satisfaction. The increasing awareness about the benefit of these systems among the governments of various countries is anticipated to boost the industry growth over the forecast period. Further, Urbiotica plans to use smart parking or intelligent parking solutions in Latin American cities because of the existing needs of the citizens and the more economical technological improvements. The main objective is to improve the mobility and guide the user with real-time information on the availability of parking place in a parking lot. Similarly, implementing the smart parking system at Estapar has provided several benefits, such as the real-time gathering of data and the increase in efficiency of detecting rotation & occupancy. However, the slowing economy may negatively affect the government’s capacity to invest in the new smart parking projects.
COMPETITIVE OUTLOOK
The biggest brands in the market are 3M Company, Cisco Systems, Inc., Deutsche Telekom AG, HCL Infotech Ltd., Indigo, Kapsch Trafficcom AG, Nedap Mobility Solutions, Orange Business Services, Parkopedia, Serco Group Plc, Skidata AG, Synapt (division of Prodapt) and Xerox Corporation.