Pune India, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Parking Management Market Size By Deployment Type (On-Premise and Cloud), By Parking-Site (Off-Street and On-Street), By Service (Support & Maintenance, System Integration & Deployment, and Consulting Services), By Application (Government, Commercial, and Transport Transit), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the parking management market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the parking management market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the deployment type, parking-site, service, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global parking management market are 3M Company, Amano Corporation, Cubic Corporation, FlashParking Inc. (Arrive Mobility Inc.), Infocomm Group LLC, International Business Machines Corporation, Passport Labs Inc., among other. To achieve a substantial market share in the worldwide parking management market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Parking management refers to a variety of programmes, techniques, and policies that result in better utilisation of parking resources. Parking management assists drivers in locating available parking spaces by installing sensors in each parking space. Managing parking prices and availability, particularly in high-traffic and congested areas, can help to alleviate congestion in nearby corridors. Demand for safety, security, and connectivity, as well as increased parking concerns due to an increase in the number of vehicles, are driving the expansion of parking management. The growing number of vehicles on the road is reducing the availability of parking lots, necessitating the use of parking management systems, which aid in the methodical allocation and maximum usage of parking space. Furthermore, rising usage of the internet of things (IoT) in parking and rising smartphone prevalence are expected to drive the growth of parking management systems over the forecast period. Furthermore, advancements such as the development of electric and self-driving automobiles are likely to create new opportunities in the parking management sector. The increasing adoption of parking management systems by multi-story parking services, as well as residential and commercial locations, is driving market expansion.
Scope of Parking Management Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Deployment Type, Parking-Site, Service, Application, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | 3M Company, Amano Corporation, Cubic Corporation, FlashParking Inc. (Arrive Mobility Inc.), Infocomm Group LLC, International Business Machines Corporation, Passport Labs Inc., among other. |
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Segmentation Analysis
The cloud segment is expected to be the fastest-growing segment in 2022.
The deployment type segment is the on-premise and cloud. The cloud segment is expected to witness the highest growth rate during the forecast period. This expansion can be attributed to the advantages of cloud deployment, such as ease of deployment. Cloud solutions do not require hardware installation and offer adaptability, allowing enterprises to design solutions that are fitted to their specific requirements. Cloud solutions can also be readily scaled. Many businesses prefer a strategy that permits them to expand as needed rather than investing heavily in infrastructure from the start. Cloud computing provides a pay-as-you-go model in which organizations only pay for what they use. This is one of the most crucial factors driving the market's rise.
The on-street segment is expected to be the fastest-growing segment in 2022.
The parking-site segment is off-street and on-street. The on-street segment is expected to witness the highest growth rate during the forecast period. This expansion can be attributed to the advantages of cloud deployment, such as ease of deployment. Cloud solutions do not require hardware installation and offer adaptability, allowing enterprises to design solutions that are fitted to their specific requirements. Cloud solutions can also be readily scaled. Many businesses prefer a strategy that permits them to expand as needed rather than investing heavily in infrastructure from the start. Cloud computing provides a pay-as-you-go model in which organisations only pay for what they use. This is one of the most crucial factors driving the market's rise.
The system integration & deployment segment is expected to be the fastest-growing segment in 2022.
The service segment is the support & maintenance, system integration & deployment, and consulting services. The system integration & deployment segment is expected to witness the highest growth rate during the forecast period. This expansion has been aided by customization, add-on features, and centralised data management systems. Digital signs, licence plate recognition, and fast improvements that do not necessitate the replacement of existing hardware can all help to improve the customer experience. It also gives you a competitive advantage. System integration and deployment facilitate payment import, demographic import and export of receivables, vehicle owner retrieval, and user authentication.
The government segment is expected to be the fastest-growing segment in 2022.
The application segment is government, commercial, and transport transit. The government segment is expected to witness the highest growth rate during the forecast period. This is due to the need for safe, clean, and efficient public parking facilities in the city. The government is taking several steps to reduce the load on public property by making better use of available resources. For example, in December 2022, IDFC FIRST Bank and the Jammu Development Authority (JDA) collaborated to develop a FASTag-enabled parking management solution at a general bus stop in Jammu & Kashmir. The initiative would help the union territory build a traffic management system and provide cashless and paperless parking facilities.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the parking management include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. The total rate of car ownership in the United States has been increasing. According to OICA, about 9.2 million motor vehicles would be produced in the United States in 2021, with the figure projected to rise in the coming years. As the number of cars increases, so will the demand for parking spaces and effective administration, facilitating total market expansion in the region. According to the INRIX survey, New York drivers squander 107 hours per year looking for a parking spot, which costs more than USD 2,200 in time, fuel, and emissions each driver. Furthermore, vehicles in Los Angeles and San Francisco require 85 and 83 hours, respectively, to find parking.
Country Analysis
- Germany
Germany's parking management market size was valued at USD 0.33 billion in 2022 and is expected to reach USD 0.72 billion by 2030, at a CAGR of 10.3% from 2023 to 2030. Because of factors such as increased concern about safety and security, as well as a greater emphasis on smooth traffic flow. Germany, for example, is a prominent player in the parking management system. Because they have less than a 50% market share in their home countries, Europe's major corporations are expected to expand further.
- China
China’s parking management market size was valued at USD 0.35 billion in 2022 and is expected to reach USD 0.78 billion by 2030, at a CAGR of 10.6% from 2023 to 2030. Parking management systems are becoming increasingly significant in smart city projects as a result of expanding urbanization in the region and the expansion of smart city initiatives focusing on infrastructure and connectivity.
- India
India's parking management market size was valued at USD 0.27 billion in 2022 and is expected to reach USD 0.60 billion by 2030, at a CAGR of 10.5% from 2023 to 2030. Users benefit from growing smartphone usage and the advent of mobile parking apps; as a result, they are quickly adapting to new parking demands. Rising commercialization in the region, as well as a drive to deliver personalized user experiences, are driving increased demand for parking management.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the parking management market is mainly driven by the rising usage of vehicles.
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