Dublin, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The "Parking Management Market by Offering (Solutions (Parking Guidance, Parking Reservation Management) and Services (Professional Services and Managed Services)), Parking Site (Off-Street and On-Street), Application and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The market is projected to grow from USD 4.4 billion in 2023 and reach USD 6.3 billion by 2028. It is projected to grow at a CAGR of 7.4% 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.
The market study covers the Parking Management market size across different segments. It aims at estimating the market size and the growth potential across different segments, including offerings, solutions, services, professional services, parking sites, applications, and regions. The study includes an in-depth competitive analysis of the leading market players, their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
Based on the parking site, the Off-Street Parking segment is expected to account for the largest market share during the forecast period
Parking facilities available in parking lots, garages, private driveways, and other areas are known as off-street parking. Commercial agencies typically manage these facilities and are highly efficient in holding vehicles. Proper design and construction are required to ensure drivers' safe and secure parking experience. This segment focuses on security, pre-booking parking spots, and parking fee management. Innovations in this sector include using robotic valet systems to improve parking management.
Based on the application, the transport transit segment is expected to grow at the highest CAGR during the forecast period
The transport transit sector is crucial in promoting parking management through various innovative measures and strategic initiatives. One of the key ways this sector contributes is by integrating public transportation options with efficient parking facilities. Transit agencies are actively developing park-and-ride facilities, strategically locating parking lots near transit hubs such as bus stations, train stations, and subway terminals. This integration encourages commuters to park their vehicles at these facilities and continue their journey using public transit, reducing the number of cars on the road and alleviating congestion in urban areas.
Based on region, the North American segment is expected to account for the largest market share during the forecast period
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.
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.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 198 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $4.4 Billion |
| Forecasted Market Value (USD) by 2028 | $6.3 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Growing Urbanization to Increase Demand for Parking Spaces
- Growing Demand for Seamless Traffic Flow and Reduction in Fuel Consumption
- Increase in Global Motor Vehicle Sales
- Proliferation of Mobile and Smartphones
- Restraints
- System Integration Complexities
- Opportunities
- Rising Smart City Initiatives Globally
- Emergence of Autonomous Cars
- Demand for Innovative Parking Management Solutions
- Challenges
- High Implementation Cost
- Data Security and Privacy Issues Related to IoT Devices
- Disruption in Logistics and Supply Chain of IoT Devices
Ethics and Implications of Parking Management
- Bias and Fairness
- Privacy and Security
- Intellectual Property
- Accountability and Responsibility
- Societal and Economic Impact
Technology Analysis
- Related Technologies
- Artificial Intelligence
- Big Data and Analytics
- Internet of Things
- Edge Computing
- 5G Network
Current and Emerging Business Models
- Mobility as a Service (MaaS)
- Shared Parking
- Smart Parking
- Parking as a Service (PaaS)
Companies Profiled
- Amano
- Atos
- Bosch Group
- Chetu
- CivicSmart
- FlashParking
- Get My Parking
- Group Indigo
- INRIX
- IPS Group
- ParkOffice
- Passport Labs
- Precise ParkLink
- Q-Free
- Siemens
- SKIDATA
- Smart Parking
- SpotHero
- Streetline
- SWARCO
- TIBA Parking Systems
- Urbiotica
For more information about this report visit https://www.researchandmarkets.com/r/c83ec7
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