Parking Management Market Opportunities and Key Market Players

The Parking Management Market size was USD 3.39 billion in 2018 ­and is projected to reach USD 5.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period as per a report by MarketsandMarkets. The major factors expected to drive the growth of the market are the growing focus on seamless traffic flow and fuel consumption reduction, and increasing motor vehicle sales.

Why technological advancement in autonomous cars is creating an opportunity for market growth?

Carmakers are slowly building the market for autonomous cars by first releasing connected and partially automated cars. Autonomous cars sense their surroundings with GPS and sensor technologies, such as ultrasonic and radar. Advanced control systems in these cars interpret the sensory information to identify appropriate navigation paths, identify parking spaces, obstacles, and relevant signage. Autonomous driving is expected to grow, as driver assistance systems become more sophisticated. Many technology giants, such as Google and Microsoft, and major car manufacturers including Daimler, BMW, Volkswagen, Audi, Tesla, and Volvo, are expected to launch fully automated cars by 2025. ZF Friedrichshafen AG is developing an advanced urban vehicle, a solution for the urban individual transport in the compact and sub-compact segments. The advanced urban vehicle will be able to identify suitable parking spaces and autonomously park itself in parallel and perpendicular spaces. The introduction of autonomous vehicles will disrupt the business model for parking management and will offer a new revenue stream for vendors in the parking management market.

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Key Market Players for Parking Management Market

The key market players profiled in this report are Conduent (US), Amano Corporation (Japan), Q-Free ASA (Norway), Indigo Park Services (UK), Chetu (US), Streetline (US), SWARCO (Austria), T2 Systems (US), SKIDATA (Austria), Flowbird Group (France), INRIX (US), Flashparking (US), Parkmobile (US), Passport (US), SpotHero (US), TIBA Parking Systems (US), Urbiotica (Spain), Smart Parking (Australia), SAP (Germany), Siemens (Germany), APCOA (US), Bosch Mobility Solutions (Germany), GET MY PARKING (India), Nester (UAE), and NuPark (US). These players offer parking management solutions and services to cater to the needs and demands of the market. They have adopted various growth strategies, such as partnerships, agreements and collaborations, business expansions, and new product launches. Partnerships have been the major strategic trend, followed by partnerships, agreements, and collaborations.

Amano Corporation has adopted a strategic mix of organic and inorganic growth strategies, such as partnerships, new product launches, mergers and acquisitions, and business expansions. Additionally, in the same period, Amano McGann, a subsidiary of Amano in the US, acquired Computerized Valet Parking Systems (CVPS), a division of Service Tracking Systems, Inc. This acquisition enables Amano to expand and enhance its capabilities in marketing, technology, and customer services in the US.

SWARCO has also adopted a strategic mix of organic and inorganic growth strategies. Additionally, in the same period, SWARCO acquired a majority stake in Bergauer Holding AG, a leading traffic solution provider in Switzerland. This acquisition would reinforce SWARCO’s market position in Switzerland.

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