The parking management systems market across the globe is highly fragmented, as several players are operating in the industry with their respective technologies and services. This has created substantial complexities among the end users of parking management systems. The need and demand for technologically enhanced parking management system is continuously increasing in the developed regions as well as emerging areas across the globe. The parking management market players have a significant opportunity to grow it the near future by partnering with other parking management service providers and governments. Partnerships among the service providers facilitate to provide bespoke services which are expected to drive the market to a great extent. For instance, in July 2021, Passport has enabled parking payments to be paid directly through the Uconnect infotainment system in Chrysler, Dodge, Jeep, and Ram cars, thanks to a partnership with Xevo, a leader in connected-car technologies and innovative user experiences. Similarly, in 2020, T2 Systems, a parking technology company, has collaborated with TEZ, the creators of TEXT2PARK, to offer T2 MobilePay, a mobile parking payment solution that gives users an easy and convenient method to pay for parking on their cellphones while giving operators control over their data and revenue. Similarly, various other municipalities are awarding contracts to other parking management service provider to optimize their parking systems, which is creating a substantial growth opportunity in the parking management market. Partnerships among the service providers are also becoming a mainstream activity in the current parking management market scenario, which is influencing the procurement of the services, thereby, driving the parking management market. The trend is anticipated to continue over the years, which is expected to boost the demand for parking management in the coming years.
Indigo Parking, Smart Parking, Swarco, TIBA Parking System, Flowbird – PROMINENT MARKET PARTICIPANTS IN PARKING MANAGEMENT MARKET
According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent. The outbreak has led to disruptions in primary industries including electronics, semiconductor, and automotive. A sharp decline in the growth of mentioned industries is limiting the Parking Management market growth. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have impacted the working of many commercial and corporate buildings across the world.
Indigo Parking, Smart Parking, Swarco, TIBA Parking System, Flowbird are some of the key market players operating in the global Parking Management market. The listing of key players is derived by considering multiple factors such as overall revenue, current Parking Management product portfolio, geographical reach, new product launches, market initiatives, and investment in technology up gradation, partnerships, and other market related activities. In addition to these, there are several other global, regional, and local players operating in the global Parking Management market ecosystem, which were studied to get a holistic view of the entire market.
Most of the market initiatives were observed in North America region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:
| Year | News | Region |
| 2021 | TIBA Parking Systems, the North American Leader in parking and mobility technology, and part of the FAAC Group family of companies, had announced that it has agreed to acquire the Parking Access and Revenue Control System of the Dallas, Texas-based, Associated Time Instruments (ATI). | North America |
| 2020 | INDIGO Group, a global pioneer in parking and individual mobility, has expanded its European footprint by establishing a subsidiary in Poland. The Group’s objective is to dominate this new market, which has a plethora of potential projects | North America |
