The market for parking management was valued at USD 5.32 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 9.15% from 2023 to 2032, reaching approximately USD 12.81 billion.
Parking management systems help people quickly find parking spots and provide the requisite guidance to make the entire process smooth, reduce confusion and enhancing the visitor experience. Parking management systems include traveler information systems, vehicle tracking in real-time, video surveillance, parking alerts in real-time, and easy payment options. Many advanced parking management systems require users to make phone or internet reservations and pay for a parking space.
The increasing number of smart city projects
The increasing number of smart city projects and the increasing acceptance of the pay per parking usage model around the globe is driving the demand for the parking management system. As the number of vehicles is increasing in urban cities, the demand for effective parking management systems is also being increased. As a result, ample parking facilities have become an integral component of the road & building infrastructure. These parking facilities are highly capital-intensive to develop & maintain. The building authorities are therefore moving towards a pay-per-use model in order to generate revenue through these parking facilities.
The increasing demand for real-time data to assess car park space availability
The increasing demand for real-time data to assess car park space availability is anticipated to drive the global parking management market in the given analysis period. Rising adoption of technologies such as GPS, and cloud computing in order to develop easy-to-find mobile applications that help drivers locate the nearest empty car park space by providing real-time data. It is also expected that the growing adoption of parking management systems at airports, corporate campuses, and shopping malls will fuel market growth across the globe. Growing adoption of technologies such as advanced parking sensors, the Internet of Things (IoT), and digital payments in connected vehicles is further anticipated to increase the demand for parking management solutions around the world. Additionally, technological advances in sensors are expected to lead to a reduction in sensor size and greater accuracy, making them more cost-effective, powerful and compatible.
The revenue management solution segment is expected to have a significant market share
Based on solutions the global parking management market is categorized into revenue management, parking reservation management, access control, security & surveillance, and others. The revenue management solution segment is expected to have a significant share in the parking management market over the forecasted period. The ability to determine the correct pricing for all parking spaces by giving an overview of pricing rates is the reason behind the growth of revenue management solutions in the global market.
North America holds the largest share in the global market
Geographic regions included in the global parking management market study are North America, Europe, Asia Pacific, South America, and Middle East & Africa along with its major countries. Among these, North America is expected to hold the largest share in the global parking management market in a given analysis period. The increasing number of vehicles in countries like the US and Canada is generating the need to decrease traffic congestion issues and is driving the parking management growth in North America. The population in the US is growing and moving from rural to urban areas. It is recorded that, in 2018, nearly 84% of the population lived in urban areas and it is expected that it would increase up to more than 86% by 2030. Likewise, the total urban population in Canada is about 82% and continues to grow.
Key Market Players
• SKIDATA AG
• Amano Corporation
• T2 Systems
• Xerox Corporation
• Cubic Corporation
• IBM Corporation
• Kapsch TrafficCom
parking management market Scope
|Revenue forecast in 2032
|USD 12.81 billion
|CAGR of 9.15 % during 2022-2032
|By Parking Site, Solutions, Services, Deployment, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Amano Corporation, Chetu, Conduent Inc., Flowbird Group, Indigo Park Services, Q-Free ASA, SKIDATA AG, Streetline, SWARCO, and T2 Systems.
Key Segment Of The parking management market
By Parking Site, (USD Million)
Solutions, (USD Million)
• Parking Guidance Systems,
• Parking Reservation
• Parking Security & Surveillance
Services, (USD Million)
Deployment, (USD Million)
• and Cloud
Regional Overview, (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Key Questions Answered
• What are the key growth regions and countries?
• What are the important types and technologies being used?
• What are the market players doing, in terms of research and development?
• Which are the new applications for this market?
• What are the integrations happening?
• What are the recent news, developments, mergers, or large value deals?
• Technology Support Providers
• Original Equipment Manufacturers (OEMs)
• Software Service Providers
• Regulatory Authorities
• Research and Innovation Organizations
• Suppliers and Distributors
• Other Channel Partners
• Quality Control Organizations