Parking Management Solutions Market – Global Industry Analysis and Forecast (2024-2030)

Parking Management Solutions Market size was valued at US$ 4.70 Bn. in 2023 and the total revenue is expected to grow at 7.4% through 2024 to 2030, reaching nearly US$ 7.75 Bn.
Parking Management Solutions Market Overview:
The transportation system relies heavily on parking. The ease of reaching destinations is influenced by parking convenience, which impacts overall accessibility. Parking management is concerned with effectively managing and utilising the resources available for parking automobiles. The parking of vehicles has become problematic as a result of urbanisation and infrastructure construction in metro cities, tier 2, tier 3, and towns. Parking management also aids in the development of more practical and efficient land use patterns, as well as other land use planning objectives.
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Parking management solutions help to boost overall revenue by optimising vacant parking spaces.. Simultaneously, they contribute significantly to the reduction of overall operational and capital expenditures (CAPEX). Governments all across the world are trying to alleviate traffic congestion by providing enough parking spaces for their citizens. As a result, the demand for parking management solutions is expected to grow in coming years.

The expansion of parking management solutions market has stalled since the start of the epidemic because of tight mobility limitations enforced by municipal and national governments. An increase in usage of modern technology to expand contactless parking facilities is projected to generate opportunities for parking management solution providers.
Parking Management Solutions Market Dynamics:
Market Drivers

Some of the societies are adopting efficient parking management solution by alerting consumers when and where a parking spot is available. The consistent parking management solutions like enhanced signage and real-time parking indicators, reduce parking space wastage are expected to increase its demand across the globe. Parking management also allows for a more efficient use of parking resources by enlightening revenue management and preventing overpricing and underpricing of parking spaces. An effective and comprehensive parking management solution can minimize parking requirements by 20–40%, which aids in city infrastructure maintenance, land consumption reduction, government revenue generation, and user convenience.

Large cities have evolved into smart cities as a result of the rapid adoption of new technology. Smart cities integrate housing, mobility, and economic activity utilizing cutting-edge information and communication technologies. Smart city initiatives supported by governments throughout the world are likely to create commercial prospects for smart parking management solution suppliers who can incorporate smart city solutions. Intelligent parking management systems can answer the demand for adaptable, scalable, easy-to-manage, and space-efficient parking systems in smart cities.

Market Restraints

Parking management includes hardware sensors, real-time messaging systems, traffic control devices, wireless and wired telecommunications networks, computer servers, and application interfaces. The parking management hardware infrastructure and software solutions are incredibly diverse and variable. In order to execute the notion of dynamic charged parking, parking data from various systems must be collected and analyzed. These parking data sources are disjointed and frequently exist on incompatible hardware and software platforms, making it impossible to combine the information into a unified whole. The integration of all of the technology and software needed in parking management into a single platform is complex, and thus works as a barrier to the market's growth.

The parking management architecture is intricate, which is involving a number of input/output devices and processors. As a result, parking lot owners are less expected to adopt innovative parking management technologies. Although parking management technologies improve the profitability of parking operators in the long run. The setting up a parking management system, which includes a software component as well as various hardware devices like system planning and design, system development, management and coordination, test evaluation, electronic signs, static signs, etc. necessitates significant upfront investments.

Furthermore, the recurring cost of operations and maintenance must be considered on a regular basis. Smaller businesses in the parking management industry must pay astronomical fees to install parking management solutions, which can be prohibitively expensive. Furthermore, the system's intricacy necessitates the use of highly experienced workers for installation and maintenance, raising overall running expenses. As a result, the high equipment cost is a significant issue for the global parking management industry.
Parking Management Solutions Market Segment Analysis:
Based on type, the parking management solutions market is segmented into solutions and services. The solutions section is expected to have a more than 5.6% rate of CAGR during the forecast period. The variables that contribute to the segment's growth are linked to rising demand since they assist in determining the optimum pricing for all car parks by offering a perspective of the price rates. These systems also allow facility providers to compare their prices to those of their competitors, allowing them to increase their revenue. Through constant monitoring, these technologies provide data on the availability of parking spaces for both parking providers and drivers. The system includes software and technology such as cameras, parking meters, automatic gates, and sensors that help maintain traffic flow while also increasing security.

Based on parking site, the parking management solutions market is segmented into on-site parking and off-site parking. The on-site parking category is expected to grow at a more than 6.45% rate of CAGR during the forecast period. The elements that have contributed to the segment's rise include quick acceptance by government agencies across the globe. Government administrations have been able to collect lawful revenue from public resources thanks to on-street parking alternatives. Large commercial organizations have also commonly used off-street parking management services to provide their customers with ample parking places.

Based on deployment type, the parking management solutions market is segmented into Cloud and On-Premises. The cloud is expected to increase at a faster rate during the predicted period because of the numerous benefits that the cloud provides, the market for cloud-based solutions is growing in popularity. The cloud deployment model not only helps businesses manage expenses, but it also helps them increase business agility. On-demand requirements are provided as SaaS solutions by parking management providers in cloud-based implementations. Web-based tools can be used to access these solutions over the internet. The pay-per-use platform allows them to be accessible at any time and from any location.
Parking Management Solutions Market Regional Insights:
North America is comprised of industrialized economies like the United States and Canada. One of the greatest contributors to the parking management market is North America. Large IT firms and quick technical breakthroughs, such as digitalization in the United States and Canada, are driving market expansion in this region. These countries' well-established economies allow them to invest extensively in top Parking Management solutions and services. In the region, various parking management projects are currently underway. Over the next few years, Asia Pacific is predicted to be the fastest-growing regional market. The growing government spending on constructing smart cities can be related to the rise of this geographical market.

The objective of the report is to present a comprehensive analysis of the Parking Management Solutions market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Parking Management Solutions market dynamics, structure by analyzing the market segments and project the Parking Management Solutions market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Parking Management Solutions market make the report investor’s guide.
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Parking Management Solutions Market


Report Coverage
Detail4


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 4.70 Bn.


Forecast Period 2024 to 2030 CAGR:
7.4 %
Market Size in 2030:
US $ 7.75 Bn.


 Segments Covered:
by Type
Solutions
Services


by Parking Site
On-Site Parking
Off-Site Parking


by Deployment Type
Cloud
On-Premises



Parking Management Solutions Market, by region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Parking Management Solutions Market, Key Players:
1. T2 Systems (U.S.)
2. Flash Parking (U.S.)
3. Passport Labs (U.S.)
4. Park Mobile (U.S.)
5. SpotHero (U.S.)
6. INRIX (U.S.)
7. Conduent (U.S.)
8. APCOA PARKING (U.S.)
9. GROUP Indigo (France)
10. Flowbird Group (France)
11. Amano (Japan)
12. Siemens (Germany)
13. Bosch Group (Germany)
14. Precise ParkLink (Canada)
15. SWARCO (Austria)
16. SKIDATA (Austria)
17. Get My Parking (Indi

Frequently Asked Questions:

1. What is the forecast period considered for the Parking Management Solutions market report?
Ans. The forecast period for the Parking Management Solutions market is 2024-2030.

2. What are the segments covered in the Parking Management Solutions Market Report?
Ans. The Parking Management Solutions Market is segmented by Type, Parking Site, Deployment Type and Regions.

3. What is the compound annual growth rate (CAGR) of the Parking Management Solutions market for the forecast period?
Ans. The compound annual growth rate (CAGR) of the Parking Management Solutions market for the forecast period is a 7.4%.

4. Which is the dominating segment by type in the Parking Management Solutions market?
Ans. The dominating segment by type in the Parking Management Solutions market is a Solutions segment.

5. Which country is expected to hold the largest share in Parking Management Solutions market?
Ans. U.S. country is expected to hold the largest share in Parking Management Solutions market.