Parking Management Market By Offering (Solutions, Services); By Technology (Image Processing, Reservation Based Parking System, RFID Parking Management System, Visible Light Communication, License Plate Recognition, Others); By Parking Site (Off-street Parking, On-street Parking); By Deployment Type (Cloud,On-premises); By Application (Transport Transit, Commercial, Residential, Government); By Vertical (BFSI, Recreation, Healthcare, Corporate & Commercial Parks, Hospitality, Academia, Retail, Transportation, Government, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Parking Management Market Overview
The global parking management market size was valued at around USD 5.8 billion in 2022 and is projected to grow at a compound annual rate of growth (CAGR) of around 8.5% from 2022 to 2032.The market size is projected to succeed in USD 13.2 billion by 2032.
Parking is a pivotal aspect of the current transportation system. Substandard parking management leads to overcrowding of vehicles and contributes to air and noise pollution.
Parking management system refers to various laws, policies, programs and technologies aimed at more efficient use of parking resources. It relates to managing and using the resources available efficiently, conveniently and completely.
Some benefits include; ease in finding parking spots, enhanced visitor experience, decreased total street area, decreased demand for parking subsidies, financial savings to lower-income households and the creation of more walkable areas.
It changes the overall accessibility through better revenue management, by countering over-pricing and under-pricing parking spaces. An effective and integrated parking management solution offers maintenance of city infrastructure, reduced land consumption and increased revenue generation for the government. It also decreases hardware and connectivity costs.
Parking Management Market Drivers
The growth of this market is attributed towards major relying factors including; the burgeoning number of vehicles across the world, the increasing demand for maximum utilization of parking spaces, the increasing concerns relating to traffic congestion, accident, and environmental hazards, the growing adoption of parking management systems worldwide, the increasing investments by private sector players and governments in the parking management system and the growing deployment of smart parking solutions by authorities and parking owners etc.
Additionally, there is high proliferation in the use of smartphones and technologies such as the GPS currently around the globe. Keeping this in mind, various easy way-finding mobile applications that provide real-time data to help drivers navigate the nearest vacant parking space are being developed. Furthermore, the use of mobile wallets and electronic payment systems in car park management is becoming increasingly popular among online and smartphone users. They allow the customers to pre-book their parking spaces, reduce the time spent in looking for empty parking spaces and also reduce traffic congestion. This growing demand and availability of real-time parking data and increasing use of mobile applications is expected to fuel the growth of the parking management market comprehensively in the upcoming years.
Moreover, surge in the emergence of advanced technologies and adoption of cloud based software and systems are witnessed robustly across regions. The streets are being deployed with sensors to track data both on the roads and through citizens’ cars and smartphones to gain insights on traffic flow patterns, road blockages, roadwork, road conditions, etc. These sensors, devices, and gateways are centrally connected via communication networks to cloud services and applications. â€‹Thus, the growing number of smart city initiatives across the globe will considerably propel the demand for parking management systems while compelling the parking management service providers to develop and offer advanced technologies to facilitate the municipalities and private spaces to efficiently make use of the available spaces.
Furthermore, other factors such as the advent of wireless parking sensors, the rising demand for safety of pedestrians, the increasing concerns on reducing pollution and the increasing demand for smooth traffic movement further bolsters the growth of this market. Adding to that, the increasing commercialization, urbanization and population in developing countries, the reduction in the cost of technology and services by the solution service providers also tremendously contribute in the fueling of the growth of the parking management market.
However, factors such as the limited availability of Parking Management, the high cost of development & maintenance of advanced parking facilities and the system integration complexities associated with parking management hinder the growth of this market.
Parking Management Market Segmentation
- Parking Guidance Solution
- Parking Reservation Management
- Parking Permit Management
- Parking Enforcement Management
- Parking Access and Revenue Control (PARC)
- Parking Security and Surveillance
- Parking Analytics
- Valet Parking Management
- Professional Service
- Consulting and Training
- System Integration and Deployment
- Support and Maintenance
- Managed Service
- Professional Service
- Image Processing
- Reservation Based Parking System
- RFID Parking Management System
- Visible Light Communication
- License Plate Recognition
By Parking Site:
- Off-street Parking
- On-street Parking
By Deployment Type:
- Transport Transit
- Corporate & Commercial Parks
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Parking Management Market Regional Insight
The North American region followed by the European region is the largest parking management market in terms of region which is also set to continue its domination on account of the massive growth predicted in the region in the next few years also. The growth in the region can be attributed to various factors such as the increasing number of automobiles in the region, the rising presence of large IT companies in the region, the rapid technological advancements in the major economies of the region and the increasing use of cloud-based car park management solutions across several areas in the region. Furthermore, the growing changes in parking regulations and the increasing investments in infrastructural development and Parking Management solutions in the region also contribute significantly to the growth of the market in this region. The major contributors in the region include the U.S and Canada.
The Asia Pacific region is the fastest growing regional market for parking management and which is also poised to grow robustly in the foreseeable years on account of factors such as the increasing government spending on developing smart cities across major economies of the region, the increasing development and implementation of smart solutions for car park management by various companies in the region, the increasing governmental introduction of new guidelines to promote the development of modern parking facilities in the region and the increasing number of municipalities in developing economies of the region. The growing global competition, rising urbanization and the increasing adoption of automation and advanced technologies by the increasing population in the region also comprehensively enhance the need and demand for efficient parking management in the region. The major contributors in the region include India, Japan and China.
Parking Management Market Key Players
- Bosch Group
- Get My Parking
- Amano Corporation
- IBM Corporation
- Cubic Corporation
- Robotic Parking Systems Inc.
- Skyline Parking AG
- T2 Systems Inc.
- Passport Labs
- Flowbird Group
- Bond Traffic Solutionsâ€‹
- FlashParking Inc.
- Infocomm Group LLCâ€‹
- Indigo Parking Service
- Smart Parking Limited
- APCOA PARKING
- Precise ParkLink
- TIBA Parking Systems
- Xerox Corporation
- Cleverciti Systems GmbH
- Kapsch TrafficCom
- Other Players
- In January 2021, TIBA Parking Systems introduced to parking operators and asset owners the addition of a comprehensive mobile valet solution. It offers ways to deliver an engaged parking experience and allows operators to maximize revenue while providing a best-in-class valet experience. As per reports, TIBA is partnering with TEZ to leverage its industry-leading technology, and power TIBA’s valet solution as part of an end-to-end PARCS portfolio. This simple, ticketless system is a fully cloud-based management platform that utilizes advanced Near Field Communications (NFC) to provide a “ticketless” valet solution. This advanced technology also provides continued communication between the valet parking operator and their customer mobile devices throughout the duration of their stay.
- In January 2021, REEF Technology, announced a partnership with TIBA Parking Systems, a leader in parking technology. This collaboration is said to revolutionize the way landlords and operators will monetize their parking real estate. Through the partnership, REEF and TIBA will provide parking operators and landlords with a best-in-class PARCS system (Parking Access and Revenue Control System) paired with built-in access to REEF’s ecosystem of applications and additional revenue sources.