PARKING MANAGEMENT MARKET ANALYSIS

Market Challenges And Opportunities

Global Parking Management Market Drivers:

Rise in demand for fuel saving and traffic management to boost the market growth

Management of parking system mainly requires traffic management strategy, as it helps control the flow vehicles into a restricted or parking area. Traffic flows observed in modern cities are highly complex, which makes the traffic management a difficult task. The networking of each traffic control systems is important for making efficient and meaningful decisions for the entire system. Thus, the demand for traffic management solutions is increasing all over the world along with the need for saving fuel used in these scenarios. This in turn is expected to fuel growth of the global parking management market over the forecast period.

Increase in adoption of cloud computing technologies to drive the market growth

The adoption of Internet of Things (IoT) is increasing rapidly all over the world. This is further driving growth of the parking management platforms in several regions. Various devices equipped with IoT technology consist devices such as actuators, sensors, and smartphones that are connected in different environments. These devices, sensors, and gateways are connected through communication networks to cloud applications and services, and are centrally managed in the cloud. Such cloud-based solutions offer several advantages in parking management, which is leading to rise in adoption of these technologies all over the world. This is further likely to boost the market growth in coming future.

Global Parking Management Market Opportunities:

Increasing number of market vendors leveraging advanced technology in parking management is anticipated to create a lucrative environment for growth opportunities in the global parking management market over the forecast period. Increasing demand for parking capacity is likely to create challenge, as the scarcity of available urban spaces is growing all over the world. Thus, many of the major vendors in the market are focused on leveraging newer business models, advanced analytics, and experience engineering to boost the efficient of parking management systems with an urban optimization strategy fringing both dimensions of mobility and space. This is anticipated to create several growth opportunities in the market over the forecast period.

Moreover, increasing motorization across smart cities is expected to provide market players with multiple opportunities in the global parking management market over the forecast period. Due to increasing motorization, smart cities are facing traffic congestion, and are focusing on strategizing the implementation of smart parking management systems by development and deploying advanced technological solutions. Such plans of smart cities are likely to take place in the coming five years. Moreover, the parking management systems will be leveraging external ecosystems and will be involving bigger community. This in turns is anticipated to benefit the global parking management market.

Global Parking Management Market Restraints:

Complexity in integration of system and security concerns to obstruct the market growth

The adoption of IoT platforms used for parking management is increasing around the world due to the strong demand for IoT. This has further resulted into increase in vulnerabilities of smart parking systems to data breaches. The demand for uniform security platform is growing, as many providers offer multiple solutions. For instance, as per the IBM X-Force threat intelligence report, the number of IoT vulnerabilities increased by 74% in 2021 compared to the numbers reported in the previous year. Moreover, this adds into the cost of deployment and integration of these systems in order offer secure environments. Thus, these factors are expected to impede growth of the market in the coming future. However, market players are focusing on providing solutions to reduce such vulnerabilities and overcome the security concerns of parking management systems, which is likely to support the market growth.

High cost and lack of awareness regarding benefits of parking management solutions to limit the market growth

The tight budgets in security domain in organizations poses risk, if they are not managed appropriately. Many regions face lack of resources and economic constraints to deploy proper parking management solutions. Moreover, the high cost of deployment and management of smart parking systems restrains the adoption of parking management, which in turns is expected to obstruct growth of the global parking management market over the forecast period. Along with this, lack of awareness regarding benefits of parking management solutions in underdeveloped and some emerging countries, is also anticipated to restrain the market growth in the near future.

Global Parking Management Market Restraints:

Complexity in integration of system and security concerns to obstruct the market growth

The adoption of IoT platforms used for parking management is increasing around the world due to the strong demand for IoT. This has further resulted into increase in vulnerabilities of smart parking systems to data breaches. The demand for uniform security platform is growing, as many providers offer multiple solutions. For instance, as per the IBM X-Force threat intelligence report, the number of IoT vulnerabilities increased by 74% in 2021 compared to the numbers reported in the previous year. Moreover, this adds into the cost of deployment and integration of these systems in order offer secure environments. Thus, these factors are expected to impede growth of the market in the coming future. However, market players are focusing on providing solutions to reduce such vulnerabilities and overcome the security concerns of parking management systems, which is likely to support the market growth.

High cost and lack of awareness regarding benefits of parking management solutions to limit the market growth

The tight budgets in security domain in organizations poses risk, if they are not managed appropriately. Many regions face lack of resources and economic constraints to deploy proper parking management solutions. Moreover, the high cost of deployment and management of smart parking systems restrains the adoption of parking management, which in turns is expected to obstruct growth of the global parking management market over the forecast period. Along with this, lack of awareness regarding benefits of parking management solutions in underdeveloped and some emerging countries, is also anticipated to restrain the market growth in the near future.