Parking Management Solutions Market Size, Share, Trends, Growth And Forecast To 2033

The parking management solutions global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Parking Management Solutions Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The parking management solutions market size has grown strongly in recent years. It will grow from $3.9 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%.  The  growth in the historic period can be attributed to urbanization and population growth, rising number of vehicles, environmental concerns and sustainable urban planning, government initiatives and regulations.

The parking management solutions market size is expected to see strong growth in the next few years. It will grow to $6.01 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.  The growth in the forecast period can be attributed to integration with smart city initiatives, mobile payment and contactless solutions, real-time data analytics, electric vehicle (ev) charging integration, autonomous vehicle integration, focus on user experience. Major trends in the forecast period include smart city initiatives, iot and sensor technologies, mobile applications and payment systems, contactless and touchless solutions.

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Scope Of Parking Management Solutions Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Market Drivers –

Cloud-native parking management solutions are expected to propel the growth of the parking management solutions market going forward. Cloud-native technology is a way of designing, building, and running workloads in the cloud that reaps the benefits of the cloud computing model. Cloud-native technology in parking management solutions will help the parking management solutions market to provide better service for their customers. For instance, according to Tigera, a US-based cloud-native application protection company, in 2022, 75% of companies are putting their focus on using and developing cloud-native applications. Also, according to another report published by Cloud Native Computing Foundation, a US-based computer software company, in May 2022, the global cloud-native developer population has increased by one million in 2021. As of now, there are an estimated 7.1 million cloud-native developers worldwide.  Therefore, cloud-native parking solutions are driving the parking management solutions market growth.

Market Trends –

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

The parking management solutions market covered in this report is segmented –

1) By Type: Solutions, Services
2) By Parking Site: On-Site Parking, Off-Site Parking
3) By Technology: Parking Meters, Parking Kiosks
4) By Application: Transport, Commercial, Government

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Regional Insights –
North America was the largest region in the parking management solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the parking management solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Key Companies –

Major companies operating in the parking management solutions market report are Amano Corporation, Bosch Group, Siemens AG, Skidata GmbH, Swarco Corporation, T2 Systems, Flowbird Group, TIBA Parking Systems, IPS Group, Chetu Inc., Conduent Inc., Q-Free ASA, FlashParking Inc, ParkMobile Inc, SpotHero, Get My Parking, INRIX Inc., Skyline Parking AG, Unitronics, Cleverciti Systems GmbH, Bond Traffic Solutions, Infocomm Group LLC, International Business Machines Corporation (IBM), Robotic Parking Systems Inc., Xerox Corporation, Streetline, Pavemint

Table of Contents

1. Executive Summary

2. Parking Management Solutions Market Characteristics

3. Parking Management Solutions Market Trends And Strategies

4. Parking Management Solutions Market – Macro Economic Scenario

5. Global Parking Management Solutions Market Size and Growth

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32. Global Parking Management Solutions Market Competitive Benchmarking

33. Global Parking Management Solutions Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Parking Management Solutions Market

35. Parking Management Solutions Market Future Outlook and Potential Analysis

36. Appendix

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