Categories: Transport & Logistics

Parking Management Solutions Market Size & Trends – 2032

The Parking Management Global Market Report 2023 by The Business Research Company, provides parking management market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Parking Management Global Market Report 2023, the market size is expected to grow from$3.31 billion in 2022 to $3.64 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the parking management is expected to grow to $5.24 billion in 2027 at a CAGR of 9.5%.

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.

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The parking management market 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

The growing automation of services is a key trend that is gaining popularity in the parking management market. Automated services help to solve parking-space conundrums while reducing the land use for parking and maximizing space usage efficiency without a human intervention system navigating the parking space and parking the vehicle. For instance, In June 2020, TATA ELXSI, an Indian-based provider of design and technology services across automotive, broadcast, communications, healthcare, and transportation developed two smart auto-parking solutions named Park By Memory and Parking Slot Detection, which help drivers save time and make hassle-free parking with the help of machine learning, automation, and data collection.

The parking management market report table of contents includes: