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

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May 29, 2024, 10:46 ET

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.

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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.

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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.

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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).

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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

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