Parking Management Market

The innovative License Plate Recognition (LPR) technology is driving the parking management market. LPR-based solutions key feature of being contactless and automatic is enhancing their popularity, as they provide extreme level of comfort to the vehicle drivers. The major LPR-based parking management solutions such as Automatic Vehicle Identification (AVI) and Pay-by-plate are eating up market share of the traditional technologies used in parking access control and revenue management.

The increase in number of vehicles worldwide, with high growth rates in emerging economies like Asia-Pacific and Latin America, are creating business potential for the parking management industry. The holistic idea of smart cities is taking off with significant momentum. There is a prime focus on spending in emerging areas such as smart transportation (AVI). These factors clearly indicate the growth potential of the parking management market in the coming years. Since the parking management market is growing rapidly, companies are increasing their product portfolio by extensive research and development, acquiring and integrating with market players possessing special expertise related to parking management.

The "Parking Management Market (Access Control, Security and Surveillance, Revenue Management, Reservation Management, Valet Management, Enforcement and Permit Management, Guidance and Slot Management) Worldwide Market Forecasts & Analysis (2013 - 2018)" report provides key insights on the market dynamics, industry trends, adoption trends, competitive landscape and end-user analysis in this market. The report speaks about the expected revenue from different types of parking sites, such as on-street and off-street. It explores business potential of parking management solutions across varied industry verticals such as academia, government and municipalities, transportation, recreation, healthcare, hospitality, retail, corporate and commercial parks, and Banking, Financial Services, and Insurance (BFSI) and others.

Case Studies

T2 Systems developed a solution for the citation revenue management solution for George Mason University, Virginia. The system enabled the parking authority of George Mason University to have real-time information of the citation collection. The user of the solution was benefited with automated data management, efficiency and transparency in the parking citation collection process.

The increase in vehicle ownership ratio globally is rendering parking spaces from being scarce to scarcer. This in turn is making the parking authorities starve for resources. Finding a proper parking space has turned out to be a tedious task for the urban vehicle drivers, and it is resulting in traffic clogging. How to achieve efficient parking site administration providing customer comfort is the question of the moment; and the answer lies in smart ways of parking management.

 

Parking management is about smartening the parking operations. Intelligent parking management systems automates and smartens the parking management functions by providing solutions such as access control, revenue management, parking enforcement and permit management, security and surveillance, automated valet parking, and parking guidance and slot management. Todays smart parking management systems enables parking site operators to offer their customers various parking conveniences such as minimal time wastage, cashless and contactless payment options, enhanced vehicle security, and options for pre-booking parking spots. According to industry data, usage of smart parking management can prevent up to 30% of traffic congestion, and save up to 5% of the parking revenue loss due to employee pilferages and vehicle drivers malpractices. These advantages are making parking management an immense necessity for the parking site operators, thereby enhancing the market potential of the parking management industry. The leading players in parking management market are Affiliated Computer Services, 3M, Siemens, HCL, Cubic Corporation, T2 Systems, SKIDATA, and various others.

 

The report describes about revenues expected from the various parking management solutions such as access control, security and surveillance, parking fee and revenue management, parking reservation management, valet parking management, parking enforcement and permit management, and parking guidance and slot management. The report also analyzes market sizes and revenue forecasts across different regions.