Overview and Scope
Parking management refers to solution and service systems focused on managing and using parking sources effectively and efficiently, providing simple parking tactics to the authorities to meet the requirements of controlled parking, and aiding in the reduction of long-waiting times and costs through advanced technologies.
Sizing and Forecast
The parking management market size has grown strongly in recent years. It will grow from $3.54 billion in 2023 to $3.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to urbanization and population growth, government initiatives for smart cities, rising concerns about traffic congestion, increased vehicle ownership, environmental sustainability initiatives.
The parking management market size is expected to see strong growth in the next few years. It will grow to $5.4 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to emergence of autonomous vehicles, data analytics and predictive parking solutions, regulatory compliance and parking policies. Major trends in the forecast period include integration of smart technologies, advancements in payment technologies, contactless payment systems, environmentally sustainable solutions.
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Segmentation & Regional Insights
The parking management market covered in this report is segmented –
1) By Solution: Access Control, Security & Surveillance, Revenue Management, Parking Reservation Management, Valet Parking Management, Other Solutions
2) By Parking Site: On Street, Off Street
3) By Application: Transport Transit, Commercial, Government
North America was the largest region in the parking management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the parking management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for optimal parking space utilization across the globe is driving the growth of the parking management market. In the current era, an increase in vehicles results in the mismanagement of parking spaces across the globe. The authorities operating parking spaces are increasingly investing in advanced parking management solutions for optimal business performance and error-free operations. For instance, in August 2022, Parking Network, a Netherlands-based statistical company, stated that, in large centers and non-residential regions, between 50 and 70% of the land is set aside for parking, compared to an average of 35% in residential areas across the globe, whereas there are 8 parking places available for every vehicle in the US. Therefore, the growing demand for optimum utilization of parking spaces is expected to boost demand for parking management market during the forecast period.
Key Industry Players
Major companies operating in the parking management market report are Bosch Group, Siemens AG, IBM Corporation, SAP SE, Atos SE, DEPLOT, Xerox Corporation, Globe Group Indigo, Flowbird Group, SWARCO, Amano Corporation, SKIDATA, Precise Parklink, IPS Group, Inrix Inc., Q-Free ASA, Chetu, Passport Labs Inc., SpotHero, Nex Valet LLC, FlashParking Inc., Streetline, TIBA Parking, ParkMobile LLC, T2 Systems, Get My Parking, Bond Traffic Solutions, Cleverciti Systems, Robotic Parking Systems Inc., Infocomm Group LLC
The parking management market report table of contents includes:
1. Executive Summary
2. Parking Management Market Characteristics
3. Parking Management Market Trends And Strategies
4. Parking Management Market – Macro Economic Scenario
5. Global Parking Management Market Size and Growth
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32. Global Parking Management Market Competitive Benchmarking
33. Global Parking Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Parking Management Market
35. Parking Management Market Future Outlook and Potential Analysis
36. Appendix
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