Parking Management Market to be Worth $12.3 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 29, 2024 /PRNewswire/ -- According to a new market research report titled, ''Parking Management Market by Component (Solutions, Services), End User (Commercial, Residential), Technology (Image Processing, RFID, Visible Light Communication), Deployment Mode, and Parking Site, & Geography- Global Forecast to 2031,' the global parking management market is projected to reach $12.3 billion by 2031, at a CAGR of 14.2% during the forecast period of 2024 to 2031.

Download Sample Report Now- https://www.meticulousresearch.com/download-sample-report/cp_id=5094 

Parking Management is a system designed to streamline and automate various aspects of parking operations. Parking management systems refer to a set of technologies and strategies used to optimize the use of parking spaces in urban and suburban areas. These systems typically involve a combination of hardware and software, including sensors, cameras, and management software. The system helps people, companies, and organizations to manage their parking spaces. It captures the entry and exit times of vehicles entering and leaving the parking area to allocate the parking spaces efficiently, ensuring maximum utilization of available space. It allows users to reserve parking spaces in advance and handle the payments for parking, including options for hourly, daily, or monthly rates, as well as different payment methods such as cash, credit/debit cards, and mobile payments.

The growing number of vehicles, the increasing need to reduce traffic congestion, and the increasing adoption of smart parking management systems in smart cities support the market growth. Also, the adoption of parking management systems is increasing in the commercial sector to enhance efficiency, improve customer experience, and maximize revenue generation, supporting market growth.

In this market study, a comprehensive analysis of recent dynamics related to parking management was conducted to accurately forecast the future of the global parking management market. The study also includes an in-depth profile of key stakeholders in the global parking management market, categorized based on their market positions.

Get a Glimpse Inside: Request Sample Pages-

https://www.meticulousresearch.com/request-sample-report/cp_id=5094

Based on component, the parking management market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of the global parking management market. The large market share of this segment is attributed to the growing need for robust and seamless solutions to improve the parking experience for users and increase revenue and operational efficiency. In addition, the high focus of transport authorities across the world to reduce traffic congestion and encourage daily commuters to use more and more park-and-ride facilities is further supporting the growth of this market.

Based on end user, the parking management market is segmented into commercial and residential. In 2024, the commercial segment is expected to account for the larger share of the global parking management market. The large market share of this segment is attributed to the increasing adoption of parking management systems in the commercial sector to manage security concerns, obstructive parking, and unallocated spots in many companies.

Based on technology, the parking management market is segmented into license plate recognition, reservation-based parking management systems, image processing, RFID-based parking management systems, visible light communication, and other technologies. In 2024, the reservation-based parking management systems segment is expected to account for the largest share of the global parking management market. However, the RFID-based parking management systems segment is projected to register the highest CAGR during the forecast period. The growth of the segment is attributed to the rise in the adoption of RFID tags in intelligent transportation systems and increasing government initiatives on integrating RFID technology in the commercial sector.

Have Specific Research Needs? Request a Customized Report-

https://www.meticulousresearch.com/request-customization/cp_id=5094 

Based on deployment mode, the parking management market is segmented into cloud-based deployments and on-premise deployments. In 2024, the on-premise deployments segment is expected to account for the larger share of the global parking management market. However, the cloud-based deployments segment is projected to register the highest CAGR during the forecast period. The growth of the segment is attributed to the growing demand to automate parking operations and the increasing adoption of cloud-based intelligent car parking solutions in smart cities.

Based on parking site, the parking management market is segmented into off-street and on-street. In 2024, the off-street segment is expected to account for the larger share of the global parking management market. The large market share of this segment is attributed to the rising requirement for parking spaces in CBDs and efforts to reduce congestion levels on streets, making parking safe and convenient for both the driver and the vehicle.

Based on geography, the parking management market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the global parking management market. Factors such as the increase in the number of vehicles across the U.S. and Canada, increasing adoption of smart parking solutions, and increasing integration of advanced technologies in parking management solutions by market players in the region contribute the the large market share.

However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period. The growth of this region is attributed to the increasing adoption of automation and advanced technologies across the region, favorable government initiatives for smart cities, and investments by major ICT companies for developing AI and IoT-based solutions.

Some of the key players operating in the parking management market are Xerox Corporation (U.S.), Amano Corporation (Japan), IBM Corporation (U.S.), Cubic Corporation (U.S.), Robotic Parking Systems, Inc. (U.S.), Swarco AG (Austria), SKIDATA AG (Austria), Siemens AG (Germany), Skyline Parking AG (Switzerland), Unitronics (Israel), Robert Bosch GmbH (Germany), Precise Parklink Inc. (Canada), Flowbird S.A.S (France), T2 Systems, Inc. (U.S.), and Cleverciti Systems GMBH (Germany).

Browse In-depth Report- https://www.meticulousresearch.com/product/parking-management-market-5094 

Scope of the Report:

Parking Management Market Assessment - by Component

• Solutions
  • Parking Guidance System
  • Security & Surveillance Solutions
    • Surveillance Cameras
    • Alarms & Locators
    • Other Security and Surveillance Solutions
  • Parking Access & Revenue Control (PARC) Solutions
    • Automated Gates
    • Parking Meters
    • Handheld Ticket Writers
  • Permit Management Solutions
  • Reservation Management Solutions
• Services
  • Support & Maintenance Services
  • System Integration Services

Parking Management Market Assessment - by End User

• Commercial
  • Retail, Entertainment, and Leisure
  • Airports, Railway Stations, & Bus Terminals
  • Office Spaces
  • Other Commercial Parking Spaces
• Residential

Parking Management Market Assessment - by Technology

• License Plate Recognition
• Reservation-Based Parking Management Systems
• Image Processing
• RFID-Based Parking Management Systems
• Visible Light Communication
• Other Technologies

Parking Management Market Assessment - by Deployment Mode

• Cloud-based Deployments
• On-Premise Deployments

Parking Management Market Assessment - by Parking Site

• Off-street
• On-street

Parking Management Market Assessment - by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia & New Zealand
  • Rest of Asia-Pacific
• Latin America
• Middle East & Africa

Unlock Opportunities: Buy Now- https://www.meticulousresearch.com/Checkout/64407235 

Related Reports

Traffic Management Systems Market by Offering (Hardware (Sensors, Cameras, Others), Solution (Traffic Monitoring, Remote Enforcement, Others), Services), Deployment (Cloud, On-premise), Technology (IoT, AI, Others) & Geography - Global Forecasts to 2030

Smart Building Market by Offering (Solution (Energy Management, Infrastructure Management, Safety & Security Management, Network Management) & Services), End User (Residential, Commercial, and Industrial) and Geography - Global Forecast to 2029

Smart Airports Market by Offering (Systems, Services), Application (Terminal Side (Baggage Management, Passenger Management, Resource Management, Others), Airside, Ground Side), Technology (AI, IoT, 5G, Others), and Geography - Global Forecast to 2030

Smart Transportation Market by Transportation Mode, Product Type (Solutions & Services), Application (Mobility as a Service, Route Information, Route Guidance, Public Transport, Transit Hubs, Connected Cars), and Region - Global Forecast to 2028

Related Blogs

Top 10 Companies in Parking Management Market

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- [email protected]
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/75/parking-management-market-2031

Logo: https://mma.prnewswire.com/media/1757980/Meticulous_Research_Logo_1.jpg

SOURCE Meticulous Market Research Pvt. Ltd.