Global Parking Management Solutions Market 2019-2023
About this market
Use of LPWAN technologies to drive market growth. loT is the foundation on which the connectivity platform for smart parking projects is built. LPWAN is one such technology that loT devices use to communicate with one another. LoRa, Sigfox, and NB-IoT are different types of LPWAN technologies that are being tested and deployed in smart parking projects. The choice of technology is dependent on their communication range and their scalability to support many loT devices. Technavio’s analysts have predicted that the parking management solutions market will register a CAGR of over 10% by 2023.
Need for convenient and assured parking
With the growth in parking spaces being comparatively slower than the number of users, the demand for assured parking space, reduced waiting time at payment ticket collection counters, and faster parking process has increased. Advanced parking solutions based on wireless connectivity, mobile applications for parking management, and near-field communication help meet this demand.
Threat of cyberattack
Parking management software such as vehicle access management, auto pay parking systems, active RFID parking systems, and pre-book cloud parking platforms collect and save personally identifiable customer- and organization-related data for their operations. These types of software typically store customer data such as name, phone number, and address and run the risk of being hacked by cyber attackers.
For the detailed list of factors that will drive and challenge the growth of the parking management solutions market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Siemens and SKIDATA the competitive environment is quite intense. Factors such as the need for convenient and assured parking and the use of LPWAN technologies, will provide considerable growth opportunities to parking management solutions manufactures. Amano, Conduent, Kapsch TrafficCom, Siemens, and SKIDATA are some of the major companies covered in this report.
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