Parking Management Market 2022 By Top Trends, Growth Outlook & Forecast to 2027
Parking management solutions have come at the forefront for simplifying the parking process for both the customers and parking businesses.
The advent of digital technology has not only altered transit via parking expenses but has also highlighted the constant challenges of managing precious curb space given the rising complexity owing to the addition of new modes of transportation. This has led cities to reflect on their traditional parking operations and deploy technologies to support and accomplish both the short- and long-term goals, further creating a positive impetus on the parking management market.
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Parking management solutions have come at the forefront for simplifying the parking process for both the customers and parking businesses. These systems mainly monitor an area continuously for relaying information on parking space availability, by combining equipment and software, including parking meters, sensors, cameras, and automatic gates for improving security and ensuring the seamless flow of traffic.
Parking assistance is also suitable for regulating traffic at any point of time in public places, like offices, residencies, shopping malls, and hospitals. The higher transformation of parking technologies, along with the growing usage of integrated parking equipment and software to cater to complications, and the influx of chipcoin-and token-based parking solutions will also favor the overall market progression.
The increasing emphasis on innovations and strategic-oriented collaborations, including partnerships and acquisitions is also expected to inject a positive outlook on the product demand. For instance, in May 2020, APCOA PARKING, signed a strategic technology and commercial partnership with HERE Technologies, a well-known location data and technology platform, to develop as well as commercialize digital parking services along with HD indoor maps of parking facilities across Europe.
Penned below are a few key trends anticipated to reshape the future of the parking management market avenue through the coming years:
The growing popularity of on-street systems
In recent times, on-street parking management systems are witnessing optimum preference to assist cities’ administrations in improving the quality of city life whilst managing the parking stock efficiently. These systems ensure that the parking operators and users receive real-time data on parking availability as well as pricing.
The on-street solutions also help parking users in booking a parking spot in advance, and to pay for and extend their stays without the need of returning to their vehicle.
Rising need to counter criminal menace
The demand for parking access control solutions is likely to foresee significant momentum in the ensuing years to cater to the growing need to ensure enhanced safety and security. With the advent of different types of parking lot entries as well as exit control systems in businesses, it has become quite challenging to determine what type of gate security system will best fit the specific needs.
The escalating number of crime and security incidents in parking lots and garages, especially after-hours has triggered a higher focus on the right security in place. Hence the addition of parking lot access control systems is helping in preventing criminal activities by adding a strong physical barrier, including a gate security system, which requires authorized credentials for accessing the lot.
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Increasing deployment in transit applications
The utility of parking management strategies in transport transit, not only assists in addressing a wide range of transportation problems, but also achieves various land use development, transportation, economic, and environmental objectives. To cite an instance, the Park & Ride policy comprises parking facilities at transit stations. The growing popularity of Commuter Financial Incentives is another prominent trend impacting the overall market growth.