Parking Management Market worth $6.3 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 3, 2023 /PRNewswire/ -- The future of the Parking Management Market will be shaped by smart parking solutions, integration with mobility services, IoT, sustainability initiatives, AI, autonomous vehicles, and demand management in urban planning. These advancements aim to optimize resources, enhance user experience, and align with smart city and sustainability goals.

The Parking Management Market is estimated at USD 4.4 billion in 2023 and is projected to reach USD 6.3 billion by 2028, at a CAGR of 7.4% from 2023 to 2028, according to a new report by MarketsandMarkets™. The market growth can be attributed to several factors, such as the increasing traffic congestion and adoption smart technologies, such as big data, cloud, and the Internet of Things (IoT). Other factors supporting the market growth include the proliferation of smartphones, followed by the increasing vehicle sales rate. During the forecast period, introducing autonomous vehicles is expected to provide a wholesome opportunity for brisk growth of the Parking Management Market. However, system integration issues may restrict the overall market growth.

Browse in-depth TOC on "Parking Management Market"

206 - Tables
38 - Figures
205 - Pages

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Scope of the Report

 

Based on services, the professional service segment is expected to account for the largest market size during the forecasted period

Businesses can access specialized support services from professionals, experts, and specialists to foster growth. These professional services may include consulting and training, system integration and deployment, and support and maintenance. Companies that offer professional services have a team of technical consultants, project managers, and parking management experts who design and provide essential decision support tools, services, and expertise. Professionals in this field use the latest techniques, strategies, and skills to encourage customers to adopt innovative parking management solutions. They also provide tailored implementation and assessment services, assist clients with system integration, and deploy solutions with industry best practices. Service vendors cover all phases of the solution deployment, from auditing to implementation, support, and ongoing performance optimization.

The Parking Access and Revenue Control (PARC) segment is expected to account for the largest market size during the forecast period

The PARC solution is the most used solution by parking operators, allowing them to manage their revenue while regulating access to parking facilities. PARC is responsible for managing the entry and exit of vehicles in parking facilities. It also handles payments for both transient and non-transient vehicles. This system utilizes a combination of hardware, such as alarms, barrier gates, ticket validator machines, encoding stations, exit verifiers, lane controllers, and software to ensure smooth parking operations. Access control systems offer numerous benefits, including reduced manpower requirements, internal access restriction levels, and access and restriction to multiple entry and exit points. These systems are divided into biometrics, LPR-based Automatic Vehicle Identification (AVI), and ID management.

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Based on region, North America is expected to dominate the market during the forecast period

North America has witnessed significant growth in the Parking Management Market, leading the market in market share. The North American Parking Management Market is the top revenue generator among all regional markets. This is due to the introduction of advanced parking management technologies and the increasing sale of vehicles in the region. The development of ICT has made it possible to reduce congestion, provide real-time information, prevent accidents, enforce speed and traffic rules, and decrease revenue leakages. The North American market has stringent government standards and regulations, ensuring parking management is regulated and controlled. The region's major growth driver is the investment in parking management solutions to enhance driver and commuter convenience. The US and Canada are extensively implementing parking management solutions, primarily due to the increasing adoption of mobile devices and the growing focus on managing traffic congestion.

Top Key Companies in Parking Management Market:

The major players in the Parking Management Market are globe Group Indigo (France), Amano (Japan), Siemens (Germany), Bosch Group (Germany), Atos (France), SWARCO (Austria), SKIDATA (Austria), Chetu (US), Precise Parklink (Canada), FlashParking (US), Passport Labs (US), SpotHero (US), Get My Parking (India), INRIX (US), IPS Group (US), Smart Parking (Australia), TIBA Parking Systems (Israel), Q-Free (Norway), Streetline (US), ParkOffice (US), Urbiotica (Spain), CivicSmart (US), etc. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their footprint in the Parking Management Market.

Recent Developments

• In June 2023, Group Indigo launched a new mobile app for parking payments called Indigo Park which Group Indigo launched a new mobile app for parking payments called Indigo Park.
• In June 2023, Amano launches new parking management platform in the United Kingdom. The new Amano ONE platform is designed to provide cities and businesses with a single platform to manage their parking operations.
• In June 2023, Atos collaborated with the University of Oxford to launch a new research project on the use of artificial intelligence for parking management. The project will explore how AI can be used to improve the efficiency and convenience of parking operations.
• In March 2023, Group Indigo and Mastercard partnered to provide contactless payments for parking.
• In March 2023, Amano partners with PayByPhone to offer contactless payments for parking in the United States. This partnership will allow drivers to pay for parking with their PayByPhone app at Amano's parking facilities in the United States.

Parking Management Market Advantages:

• The utilisation of available parking spaces is optimised via parking management technologies like smart parking systems. They can direct drivers to available parking spaces using sensors, cameras, and data analytics, cutting down on the time spent looking for parking and maximising the use of parking facilities.
• As a result of drivers spending less time searching for parking, efficient parking management can result in smoother traffic flow. Congestion relief improves traffic management generally and helps create a more sustainable urban environment.
• By using parking management technologies, businesses and operators of parking lots can boost their profits. Better revenue generation is possible with the use of smart parking systems, which can enable dynamic pricing models where parking rates are changed in response to demand.
• Parking management systems gather useful information on user behaviour, occupancy rates, and parking trends. Informed decisions about the extension of parking facilities, pricing schemes, and upcoming infrastructure expenditures can be made using this data.
• Parking management solutions offer simplicity and usability to end customers. Drivers can search for and pay for parking spots online and using mobile apps, which eliminates the burden of conventional payment methods and improves the parking experience overall.
• Air pollution and greenhouse gas emissions can both be decreased with effective parking management. Vehicles spend less time idle and emit less greenhouse gases as a result, which improves the quality of the air.
• Smart parking systems frequently come along with security and surveillance tools like cameras and buttons for making emergency calls. This increases user safety in parking lots and lowers the possibility of theft or vandalism.

Report Objectives

• To determine and forecast the global Parking Management Market based on offerings, solutions, services, professional services, parking site, application, and regions from 2018 to 2028, and analyze various macro and microeconomic factors that affect the market growth
• To forecast the size of the market segments with respect to five key regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA)
• To provide detailed information related to the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Parking Management Market
• To analyze each sub-segment for individual growth trends, prospects, and contributions to the total Parking Management
• To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the Parking Management
• To profile key market players comprising top vendors and start-ups; provide comparative analysis based on business overview, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscapes
• To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities, in the market.

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