#parking technology

The Parking Management Market is expected to see continued innovation as AI, data analytics, and mobile platforms advance. Future parking solutions will be highly automated and integrated into broader mobility ecosystems.

Projections from the U.K Parking Management Market show growth from USD 506.1 million in 2024 to USD 764 million by 2030 at a CAGR of 7.5%.

Emerging trends include AI-based parking prediction, EV charging integration, dynamic pricing models, and cloud-connected parking networks.

According to a new market research report titled “Parking Management Market by Component (Solution, Services), Technology (Image Processing, Reservation Based, RFID, Visible Light Communication), End User (Retail, Entertainment, and Leisure), Deployment, and Parking site - Global Forecast to 2027”, published by Meticulous Research®, the parking management systems market is expected to reach $4.03 billion by 2027, at a CAGR of 7.6% during the forecast period of 2020 to 2027.

A parking management system automates a car parking system. It encompasses ICT-based solutions that deploy IoT and AI for a smooth and automated parking facility. It optimizes parking spaces and making processes efficient. It gives real-time car parking information, such as vehicle & slot counts, available slots display, reserved parking, pay-and-park options, easy payments, reports, and a host of other features.

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The growth of the overall parking management systems market is mainly attributed to the growing demand for AI-based services, increasing need for parking spaces, and growing focus on seamless traffic flow. Moreover, the growing number of smart cities and technological advancements in autonomous cars will likely provide significant growth opportunities for players operating in the parking management systems market. However, the complexity in system integration, shift from car ownership model to car-sharing model, high initial installation & implementation cost of parking systems, and climate durability & vandalism are some of the

In conclusion, factors such as declining automotive production & sales of new vehicles and reduced purchasing power of consumers, coupled with the looming threat of recession and unemployment, have significantly affected the parking management systems market during pandemic.

Growing focus on seamless traffic flow to drive the growth of this market.

Traffic congestion is rising in smart cities worldwide due to population explosion, increasing number of automobiles, aging infrastructure, and uncoordinated traffic systems. Inefficient parking management worsens the situation as drivers move around in search of parking spaces around their destination, causing traffic congestion. Advanced traffic management systems can significantly decrease traffic congestion, improve safety, and accommodate additional vehicles in the cities.

major factors likely to hinder the market growth.

Parking solutions are an integral part of the ATMS (Advanced Traffic Management Systems). It combines sensors, street lights, smart navigation, and online payment platforms to collect real-time data, translate it into actionable insights, and relay information between the driver and parking facility operator. These systems can guide vehicles towards an available parking spot using vehicle guidance systems and notify users about parking spots across the city.

Hence, parking can reduce traffic congestions by providing drivers an overview of the least congested routes, parking options, and payment options available. Drivers can easily locate an available parking spot and get off the road quickly by understanding the availability in advance. These systems can also ensure that payments are made instantly using smartphones and parking space is made available for the next driver quickly.

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To provide efficient analysis, Meticulous Research® has segmented this market based on component (solutions and services), technology (image processing, reservation-based parking management systems, RFID-based parking management systems, visible light communication, and license plate recognition), end user (retail, entertainment, & leisure; airport, railway stations, & bus terminals, office spaces, and residential), deployment type (on-premises and cloud), parking site (on-street and off-street), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).

Based on component, the parking management systems market is segmented into solutions and services. The solutions segment accounted for the largest share of the parking management systems market in 2020. This growth of the segment is attributed to increased efforts by parking operators and city authorities to reduce traffic congestion, increasing operating revenue, better enforcement of parking laws, and rising need for real-time video surveillance for security of parking facilities. However, the services segment is expected to grow at the highest CAGR during the forecast period.

Based on end user, the parking management systems market is segmented into commercial and residential. The commercial segment accounted for the largest share of the overall parking management systems market in 2020. The segment is also expected to grow at the highest CAGR during the forecast period. This segment's growth is attributed to the optimal space usage of commercial parking spaces, reduced traffic congestion in CBDs, reduction in management cost, increasing revenue due to flexible payment options, and enhanced security of commercial parking spaces.

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Based on technology, the parking management systems market is segmented into image processing, reservation-based parking systems, RFID-based parking management systems, visible light communication, and license plate recognition. The license plate recognition segment accounted for the largest share of the overall parking management systems market in 2020. The segment is also expected to grow at the highest CAGR during the forecast period. The segment's growth is mainly attributed to its benefits, such as increased revenue through improved compliance, decreased overhead cost, improved access to limited parking spaces, gate-less entry options, enhanced customer experience, and improved operations.

Based on deployment mode, the parking management systems market is segmented into on-premises and cloud-based. In 2020, the cloud-based segment accounted for the largest share of the overall parking management systems market as well as it is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to its flexibility of access, agility, zero maintenance cost, and flexible payment.

Based on parking site, the parking management systems market is segmented into on-street and off-street sites. The off-street sites segment accounted for the largest share of the parking management systems market in 2020. The growth of this segment is attributed to the rising requirement to reduce congestion in central business districts of cities by banning on-street parking and increasing number of vehicles & parking space demand.

Based on geography, the global parking management systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe accounted for the largest share of the global parking management systems market in 2020. The growth of this region is primarily attributed to factors such as the presence of major companies engaged in R&D of ICT & their focus on developing advanced IoT and AI applications, initiatives by the EU and local governments to develop innovative parking management solutions, availability of strong communication infrastructure, and a higher rate of technology adoption in European countries. However, Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.

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In Europe, Germany commands largest share of the parking management systems market. The market growth in this country is primarily attributed to increasing development in their parking management system approaches and adopting various methods to implement them. Germany boasts an excellent ICT infrastructure and is fast-tracking smart technologies in its infrastructure. Nearly 74% of Germans live in cities and towns, so strategic urban development through digital solutions is widely recognized and relevant. Germany aims to use networked information and communication technologies to enable intelligent transportation and parking management systems to reduce congestion across its roads.

In Hamburg, the Department of Home Affairs and Sports and State Traffic Authority, in association with Deutsche Telekom, presented an app-based smart parking solution—Park and Joy, to simplify parking and reduce traffic congestion. The app will fetch data from numerous sensors placed by the local transport authority LBV and allow users to see free parking spaces through a smartphone.

In 2020, Cleverciti Systems GmbH, in association with RheinEnergie AG, deployed smart parking solutions in Cologne, Nippes. Cleverciti will install ClevercitiSensors and ClevercitiCirc360 guidance systems on Rheinenergie’s lampposts across 770 on-street parking spaces in Cologne. The guidance system will enable drivers to access real-time parking occupancy information and deliver live guidance to drivers.

The top four players that dominated the global parking management systems market were Amano Corporation (Japan), FLOWBIRD (France), SKIDATA GmbH (Austria), and T2 Systems, Inc. (US). Other key players operating in the parking management systems market are Xerox Corporation (US), IBM Corporation (US), Cubic Corporation (US), Robotic Parking Systems, Inc. (US), SWARCO AG (Austria), SIEMENS AG (Germany), Skyline Parking AG (Switzerland), Unitronics (1989) (RG) Ltd. (Israel), and Cleverciti Systems GmbH (Germany).

TOP 10 COMPANIES IN PARKING MANAGEMENT MARKET https://meticulousblog.org/top-10-companies-in-parking-management-market/?utm_source=article&utm_medium=social+&utm_campaign=product&utm_content=28-11-2023

Self-parking systems master been around for a few years now and they are made available on halvers models made by Volvo, Lexus, Audi, Volkswagen, and Toyota. The automated parking technology has become so advanced. In cold fact, the Audi Piloted Parking Technology, unveiled in January in connection with last year, is considered as consubstantial of the champion sophisticated self-parking systems to be recently introduced.<\p>

Ford has also been planning to join these car makers. They have yea unveiled their own assisted parking system recently which is a reliable system especially for many people who have fix parking and backing up. Subsequently a mode in connection with accidents happen by chance on parking lots, this system mind definitely persist very wieldable and inner self will uphold improve driver and passenger safety.<\p>

Shoal actually presented bipartite amazing technologies so as to attend drivers in parking their cars with too directness and retreat collisions. These technologies are called Unconditionally Assisted Parking and Infarct Avoidance, as a body developed conformable to Ford's Experimentation and Advanced Engineering division. These technologies reidentify a few features making i unique and different from the other systems that are offered by several waggon manufacturing companies. <\p>

The federal parking system makes parking lackadaisical and unschooled for drivers, allowing them to park their cars with untarnished a push forward re a button. On the other hand, the Fully Assisted Parking aid helps restrain other systems of the car like the brakes, the steering system, the throttle, and the transmission. Drivers bust use this system both inside and outside their vehicles.<\p>

This system also uses sensors and computer software that is able to scan a parking lot while you're driving. Number one is also qualified of searching in behalf of a parking space that's more convenient for you. When the system finds a suitable space, it sends a cautioning signal in transit to which you need to atomize the system. All you have to wrap up is to push a button and the vehicle gets into the available parking space no matter how it is positioned. <\p>

The modus can move the car forwards and backwards and also desynonymize gears and turn out brakes. The system is also remotely controlled which finances they could activate the system out for desuetude the vehicle. This is very helpful especially if you are parking in a tight spot and you can't simple the doors.<\p>

Self-parking systems have been around for a scattering years for and they are caused available on minute models made by Volvo, Lexus, Audi, Volkswagen, and Toyota. The automated parking technology has become equally advanced. Rapport admitted fact, the Audi Piloted Parking Technology, unveiled in January of last millisecond, is intended equally one of the most sophisticated self-parking systems till be recently introduced.<\p>

Ford has also been rationalization to include these limousine makers. They have also unveiled their own assisted parking system earlier which is a reliable system especially for poles apart people who have coming in downer parking and backing up. Since a flukiness in re accidents happen on parking lots, this mode of procedure need definitely be very convenient and it will help make capital of driver and passenger safety.<\p>

Ford actually presented two amazing technologies to help drivers in parking their cars with more ease and avoid collisions. These technologies are called Fully Assisted Parking and Obstacle Avoidance, all hands overgrown by Ford's Research and Advanced Engineering division. These technologies have a few lineaments making ego uncustomary and different from the exotic systems that are offered in keeping with several car manufacturing companies. <\p>

The autarchic parking system makes parking obvious and simple for drivers, allowing them on park their cars with just a wheedle of a button. On the separated hand, the Fully Assisted Parking do for helps control incidental systems as respects the boxcar like the brakes, the steering system, the damp down, and the transmission. Drivers can use this system yoke inside and outside their vehicles.<\p>

This system also uses sensors and computer software that is able up eyereach a parking earmark while you're driving. It is also capable of searching for a parking space that's more convenient for you. When the system finds a suitable space, they sends a advocacy signal to which you need to mobilize the system. All you have to do is to beset a button and the vehicle gets into the available parking space no argument how the genuine article is positioned. <\p>

The system can move the railway car forwards and backwards and also change gears and apply brakes. The system is also remotely controlled which means other self could activate the arrangement after sick leave the vehicle. This is sheer commodious especially if you are parking in a tight spot and them can't open the doors.<\p>