Northbrook, IL 60062 -- (SBWIRE) -- 08/08/2023 -- The global Parking Management Market size 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 research 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.

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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.

Market Players

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.

Key Dynamic Factors For Parking Management Market:

The Parking Management Market was experiencing significant growth and evolution driven by several dynamic factors. Here are some of the key dynamic factors that were influencing the Parking Management Market:

Rapid urbanisation and population growth have raised demand for effective parking solutions, which has resulted in an increase in supply. The supply of parking spaces decreases as cities grow more densely inhabited, prompting the implementation of modern parking management systems to maximise space utilisation.

Technology Developments: Smart parking systems, Internet of Things (IoT) sensors, mobile apps for parking reservations and payments, licence plate recognition (LPR) systems, and real-time data analytics have all been adopted by the parking management industry. These innovations have increased parking effectiveness, decreased traffic, and improved consumers' overall parking experiences.

Initiatives for Sustainability: Environmental preservation and sustainability are top priorities for many communities and corporations. The promotion of environmentally friendly travel options, such as boosting the use of public transport, shared mobility services, and cycling, is consequently becoming more and more popular. By enabling effective parking for different types of transportation, parking management technologies help these endeavours.

Integration with Smart City projects: More and more smart city projects are integrating parking management systems. Cities may improve traffic flow, ease congestion, and increase urban mobility by utilising data from parking sensors and other sources.

Change to Digital Payments: There has been a change in the parking business from traditional cash-based payments to possibilities for digital payments. Users now have convenient and secure payment alternatives because to the rise of mobile apps and contactless payment systems.

Demand for Real-Time Parking Information: Drivers are looking for real-time information on locations, costs, and available parking spaces. Drivers may make more educated decisions thanks to parking management technologies that offer accurate, current information, cutting down on search time and traffic congestion.

Changes in rules and policies, such as the establishment of specific parking limits, dynamic pricing models, or congestion pricing, might affect the need for parking management solutions.

Public-private partnerships are used to establish some parking management initiatives. In these collaborations, private businesses work with local governments to implement and maintain parking solutions. Such alliances can hasten the implementation of cutting-edge parking systems and aid in financing infrastructure upgrades.

Parking management systems' collection and processing of personal data has raised worries about security and data privacy, which are on the rise. For the parking management business to grow sustainably, user data must be protected, and strong cybersecurity measures must be maintained.

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Competitive and Segmentation Analysis:

The increasing need for effective parking solutions in metropolitan areas has created a highly competitive market for parking management with a broad segmentation landscape. Siemens AG, Amano Corporation, Indigo Group, TIBA Parking Systems, ParkMobile, Passport Labs, Inc., Flowbird Group, Conduent Incorporated, FlashParking, Inc., and Parkopedia Limited are some of the major players in the market. Each of them provides a variety of parking management solutions to meet the needs of different clients.

Solutions, parking facility types, end-user industries, geographical regions, parking management ownership models, and size of parking management are used to segment the market. Some of the solution categories include parking guidance systems, PARCS, mobile parking applications, and parking reservation platforms. Each is intended to maximise parking space utilisation and enhance the user experience when parking. On-street and off-street parking are included in the parking facility type sector, and government and municipalities, healthcare, hospitality, and commercial parking are included in the end-user industry segment.

Geographically, the markets in North America, Europe, and the Asia-Pacific region are all major; but, because to different rates of urbanisation and smart city efforts, these markets have different growth paths. The ownership model is another way to divide the parking management market, with privately owned and publicly managed parking solutions serving various operational needs. As for parking management size, many solutions are available for large-scale parking facilities like airports and transportation hubs as well as localised, smaller parking structures in homes and businesses. The market's fragmented and competitive structure continues to spur innovation, and as a result, parking management will change to match the changing needs of contemporary urban environments thanks to technological improvements and data-driven insights.

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