MARKET OUTLOOK
Triton’s research report estimates the global market for parking management to snowball with a compound annual growth rate of 11.68% in the forecast years of 2019-2027.
The parking management market deals with the efficient utilization of parking space and available resources with the help of parking management systems. Parking management offers the users to quickly search parking spots and provide guidance to enhance the visitors’ experience by making the whole process smooth. Information technology companies, city infrastructure suppliers, telecommunications providers and service companies are investing in smart parking technology. Smart parking solution providers, mobile payment companies and parking data aggregators are improving the smart parking technology.
The introduction of real-time information in parking management, increased number of automotive thefts, growing necessity of eliminating traffic jams and the evolving automotive industry have been instrumental in driving the growth of the market. However, restraints such as high costs of implementation and difficulties in upgradation of old-fashioned parking places are hampering the market growth. Opportunities such as growing smart city projects across the globe, optimal utilization of space and the emergence of advanced LPR technology aid in market growth. The market is facing challenges like costs associated with licensing & maintenance and the high cost for training the workforce at the moment.
REGIONAL OUTLOOK
The global market for parking management spans across five major regions of the globe: the Asia-Pacific, North America, Europe, Latin America and the Middle East and Africa.
The Asia-Pacific parking management market is the fastest-growing market in the world with the highest CAGR. India is amongst the fastest-growing parking management markets across the globe. Increasing investments in infrastructure projects, increasing incidence of car thefts, expanding automotive industry and presence of a large pool of IT vendors are the main drivers of this market in India. The parking management market in Japan is showing strong growth. The increasing number of vehicles, the rising number of infrastructure projects, the growing demand for technology integration for sustainable infrastructure management and the Tokyo Olympics 2020 are the factors driving the market in Japan.
COMPETITIVE OUTLOOK
The companies that have been mentioned in the market report are Xerox Corporation, T2 Systems, Inc., Synapt (division of Prodapt), Swarco AG, SKIDATA AG, Siemens AG, Serco Group Plc, Q-Free A.S.A., Parkopedia, ParkMe, Orange Business Services, On Track Innovations (OTI) Ltd., Nedap Mobility Solutions, MSR-Traffic, Kapsch Trafficcom AG, INRIX, Inc., Indigo, International Business Machines Corporation (IBM), HCL Infotech Ltd., Gemalto N.V., Deutsche Telekom AG, Cubic Corporation, Cisco Systems, Inc., Amano McGann, Inc. and 3M Company.
International Business Machines Corporation (IBM) is an integrated IT company that offers cloud & cognitive offerings, systems & financing solutions, EAS and delivery, consulting and implementation services. IBM is based in the US and operates in countries across Europe, Latin America, North America, the Middle East, Africa and APAC. The company reported revenues of US $79,919 million for FY2016, with a decrease of 2.2% over FY2015. IBM is a leader in the application infrastructure and middleware market. The company’s focus on research and development will help it to reach new market areas. In January 2017, IBM completed the acquisition of Agile 3 Solutions, a provider of dashboard and intuitive data risk control center.