Parking Management Market Overview
The parking management market was valued at USD 142.1 billion in 2022 and is projected to reach USD 407.9 billion by 2032, growing at a CAGR of 16.26% during the forecast period. Growth drivers include rising smart city developments globally, increasing traffic congestion and limited parking spaces in cities requiring efficient parking management, and increasing adoptions of automated parking management systems enabling contactless, faster and more convenient parking.
Based on offering, the market is bifurcated into solutions and services. The solutions segment accounts for a dominant share consisting of revenue management, security & surveillance, access control, reservation management, and others. By parking site, the market is segmented into on-street and off-street.
Market Opportunities
Key opportunities emerging in the parking management market include:
- Integration with IoT and other Smart Technologies: Integration of parking management solutions with IoT, ML, cloud and other smart technologies is a key opportunity offering capabilities like real-time monitoring, predictive analytics, greater automation etc.
- Rising Adoption of Contactless Parking Technology: Contactless parking adoption through automated pay stations, mobile payment etc. is rising driven by COVID-led shift towards touchless experiences across sectors.
- Emerging EV Charging Integration Capabilities: EV charging integrated parking management solutions enabling automated charge spot identification, billing and other features presents lucrative prospects.
- Implementation of Parking Management Analytics Solutions: Parking analytics solutions providing insights around peak usage times, frequently used slots etc. to enable data-driven decision-making has major potential.
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Market Segmentation
By Offering:
- Solutions o Revenue Management o Security & Surveillance o Access Control
o Reservation Management o Others - Services
By Parking Site:
- Off-street Parking o Garages o Lots
- On-street Parking
Key Companies
Some key vendors operating in the parking management market are Tiba Parking, IEM SA, Flowbird Group, Skidata, Passport Inc., FlashParking, Parkmobile LLC, T2 Systems, Amco SA and SpotHero.
Major players are introducing AI-based automated parking management solutions for streamlining parking operations and enhancing customer convenience. Strategic partnerships and global expansion are also among the key strategies adopted by parking management companies to tap the growth opportunities.
Regional Insights on Parking Management Market
The global parking management market is expected to witness significant growth, with a compound annual growth rate of 12.1% from 2023 to 2030, reaching USD 10.14 billion by 2030 1.
North America:
- North America dominated the parking management market with a share of 35% in 2022. The increase in the number of automobiles in countries such as Canada and the U.S. is creating the need for reducing issues such as traffic congestion, driving the demand for parking management 1.
- In terms of market share, North America generated more than 36% in 2022. The rising car population in nations like Canada and the U.S. calls for a smart parking solution to lessen traffic congestion. Additionally, the region's growing commercialization and the need to provide users with a tailored experience are driving up demand for parking management 2.
- The parking management market in Europe includes countries such as the U.K. and Germany. However, specific insights for this region are not explicitly mentioned in the provided search results.
- The Asia Pacific region, including countries like China, India, and Japan, is expected to play a significant role in the growth of the parking management market. However, specific insights for this region are not explicitly mentioned in the provided search results.
- South America, particularly Brazil, is also a part of the parking management market. However, specific insights for this region are not explicitly mentioned in the provided search results.
- The Middle East & Africa region is also a part of the parking management market. However, specific insights for this region are not explicitly mentioned in the provided search results.
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