Parking Management Market worth $6.3 billion by 2028, growing at a CAGR of 7.4%: Report by MarketsandMarkets™

Chicago, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The Parking Management Market 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 a new report by MarketsandMarkets™.  The market growth can be attributed to several factors, such as the increasing traffic congestion and adoption of 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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206 - Tables
38 - Figures
205 - Pages

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Scope of the Report

Based on the offering, the solution segment is expected to hold the highest market size during the forecast period.

 The Parking Management Market offers various solutions and services that aim to improve the efficiency, speed, and convenience of parking for consumers. These solutions also benefit parking operators by adopting parking management technologies, driving growth, and enabling seamless communication between commuters and parking space operators. As a result, the solutions segment is expected to lead the Parking Management Market in revenue during the forecast period. As technology advances, automation is becoming more prevalent in parking management solutions in cities worldwide. These solutions maximize revenue by optimizing available parking spaces while reducing operational and capital expenditures. Governments worldwide prioritize improving traffic congestion by supplying adequate parking spaces to their citizens. As a result, the demand for parking management solutions is expected to grow significantly in the coming years. Leading parking management solution providers are embracing smart technologies like cloud computing, analytics, and big data to deliver an integrated suite of solutions. They offer cloud-based and on-premises solutions tailored to the specific needs of parking operators.

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Based on solutions, the parking guidance segment is expected to grow at the highest CAGR during the forecast period

Parking guidance solutions capture real-time information on available parking spaces and provide drivers with easy-to-follow directional signs to help them find vacant spots effortlessly. By accurately informing drivers of parking locations and availability, these solutions reduce traffic congestion and pollution while increasing occupancy and revenue for parking facilities. A typical parking guidance solution includes an ultrasonic parking guidance sensor, indicator, indoor parking space display, outdoor parking signboard, outdoor parking space display, parking guidance controller, parking guidance software, and parking management application. Using the parking management application, drivers can quickly locate available parking spaces in real-time. This solution is especially beneficial for medical centers, where patients and disabled patrons can be automatically guided to vacant parking spaces.

Based on region, the Asia Pacific is expected to grow at the highest CAGR during the forecast period

Asia Pacific is expected to experience the fastest growth in the Parking Management Market during the forecast period. The Asia Pacific region, consisting of countries like China, Japan, and Australia, is rapidly advancing technologically. With over 40% of the world’s population, it boasts some of the fastest-growing economies. In many countries, urbanization is on the rise, with an estimated 2.5 billion people expected to move to urban areas from 2018 to 2050, with 90% of the growth in Asia and Africa. China, India, and Nigeria are expected to account for 35% of the global urbanization growth during this period. As a result, the demand for vehicles is increasing, with China being a major contributor to global vehicle sales. However, limited parking spaces in densely populated areas like China and India have reached saturation. Urban planning authorities in the region are now focusing on implementing smart solutions to derive real benefits from existing infrastructure instead of focusing on infrastructure development.

Top Key Companies in Parking Management Market:

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. are some of the major players in this market ecosystem. These companies have an established product portfolio, robust market presence, and strong business strategies.

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Top Trends in Global Parking Management Market:

• A significant development has been the blending of smart technology like IoT (Internet of Things), sensors, and mobile apps. Real-time parking space monitoring, effective space distribution, and navigation allowing drivers to find open places quickly are all made possible by these technologies.
• Mobile payment apps and digital wallets are popular examples of contactless payment methods. This trend fits nicely with the broader movement towards digitization occurring across numerous industries.
• Data analytics is being used more and more by parking management systems to learn about usage patterns, peak times, and other trends. Parking companies can optimise space allocation and pricing strategies with the use of this data.
• The use of integrated parking guidance systems, which use real-time information to direct drivers to available parking spaces, has increased. This improves the parking experience overall and lessens congestion.
• Many parking lots now feature sustainable elements like EV charging stations and environmentally friendly architecture. This is consistent with the drive for cleaner transit options and rising environmental consciousness.
• Initiatives for urban planning are becoming more seamlessly integrated with parking management. Cities are putting more of an emphasis on developing multi-modal transportation systems that prioritise walking, cycling, and public transportation, which has an impact on how parking spots are allotted and managed.
• Parking as a Service is a business model that outsources parking management to outside companies, much like the Software as a Service (SaaS) model does. With parking management being handled by specialised organisations, this trend enables businesses and governments to concentrate on their primary businesses.
• Dynamic pricing methods, where parking prices alter based on demand and other factors, are being used by several parking management systems. This can encourage improved space utilisation and optimise revenue generating.

Key Industry Development:

• The use of artificial intelligence (AI) and machine learning (ML) to improve many areas of parking operations has been investigated by the parking management sector. Predictive analytics, demand forecasting, and optimal space allocation all make use of these technologies.
• The creation of user-friendly parking platforms and apps has picked up steam. These apps increase motorist convenience by offering real-time parking availability data, directions to parking spaces, and contactless payment alternatives.
• The parking management industry has been concentrating on incorporating EV charging stations into parking facilities as electric vehicle use has increased. This change is consistent with the move towards environmentally friendly transportation.
• Parking management is frequently included in plans for smart cities, which are being implemented in numerous cities all over the world. Smart parking options aid in easing traffic congestion, improving urban mobility, and enhancing the general functionality of cities.
• Data privacy and security have become a top priority as parking management systems collect and keep sensitive information. Industry participants have been working to put strong cybersecurity protections in place to safeguard user information.
• In parking facilities, the use of Internet of Things (IoT) sensors has grown, enabling real-time monitoring of parking spaces and resource optimisation based on actual demand.
• As part of broader sustainability initiatives, the design and construction of parking facilities with ecologically friendly elements, such as green roofs, solar panels, and rainwater collecting systems, have drawn attention.
• By allowing different businesses or residences to use the same parking lot at different times, shared parking concepts maximise parking spots while minimising the need for overly extensive parking infrastructure.

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