Newark, July 06, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 6.0 billion parking management market will reach USD 20.3 billion by 2032. The time it takes vehicles to discover available parking spaces and traffic congestion can be decreased with parking management, a dependable and cost-effective solution. Additionally, the rising use of electric vehicles forces local government agencies to set up charging stations, which raises the demand for parking management. Businesses can maximize their potential owing to parking management's space optimisation services. The need for parking management is expected to increase due to features including hassle-free booking, straightforward navigation, smooth customer experience, live reports, and parking enforcement alternatives. Parking management assists in modifying and reserving parking spaces by corporate policies and staff needs. The emphasis quickly shifted from hardware to digital solutions because hardware solutions raised numerous security, parking, and unallocated spot issues.
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North America to account for the largest market size during the forecast period.
North America is expected to have the essential parking management market share. In North America, smart parking technologies like parking assistance systems, licence plate recognition, and mobile payment apps are commonly used. These technologies improve user experience, increase parking efficiency, and give operators access to real-time data. The parking management market in North America is integrating more and more with other technologies and systems. The purpose of streamlining parking operations, traffic control, and urban mobility entails combining smart city initiatives, intelligent transportation systems, and network platforms. In addition, the population of the United States is increasing and moving from rural to urban areas. In 2021, the world bank projects that 83% of people will reside in urban settings. By 2030, this is projected to rise to over 85%. Due to these variables, the parking management system is anticipated to continue to improve.
The on-premises segment dominated the market with the most significant revenue of USD 3.18 billion.
Due to its many advantages, the on-premises segment dominated the market with the most significant revenue of USD 3.18 billion. These advantages include increased security, a lower likelihood of downtime, and improved accessibility. Data is kept on the premises of the organisation, allowing it more control and better data protection. The on-premise deployment can be clearly advantageous in terms of compliance worries.
The off-street segment dominated the market with the most significant revenue of USD 3.48 billion.
The off-street segment dominated the market with the most significant revenue of USD 3.48 billion because of the rising number of cars on the road, creating infrastructure problems. Off-street parking is frequently chosen as it is a quicker, more straightforward, and more dependable solution, playing a significant part in traffic management. This solution's inexpensive installation and maintenance costs are also anticipated to contribute to the segment's growth. Expanding smart city programmes also drives the need for off-street parking locations.
The revenue management segment dominated the market with the most significant revenue of USD 2.28 billion.
The revenue management segment dominated the market with the most significant revenue of USD 2.28 billion. This is because of various advantages, including improved smart inventory prioritization, demand-driven dynamic pricing, ongoing monitoring, and redesign. Every day, using past data, algorithms, and business rules, this division uses advanced analytics to forecast and suggest future prices.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 6.0 Billion |
| Market Size in 2032 | USD 20.3 Billion |
| CAGR | 13% |
| No. of Pages in Report | 236 |
| Segments covered | Deployment Type, Parking Site, Solution |
| Drivers | Increasing Tourism |
| Opportunities | Rising Need |
| Restraints | High cost of implementation |
Market Dynamics:
Drivers: Increasing Need for Traffic Management and Fuel Saving
Parking operators are given the flexibility to scale up as needed, access to new technologies and an increased level of mobility in an entire pay-as-you-go approach by operating their whole infrastructure on a hyper-scale public cloud. Off-street parking contributes to the high and favourable growth rates of the Parking Index and Parking Turnover. Some parking spaces are left vacant as developers build extra spaces to comply with regulations on the size and number of parking spaces. By letting customers know when and where a parking space is available, clear parking management solutions, such enhanced signage and real-time parking indicators, reduce the wasting of parking spaces.
Restraint: Security Concerns
Parking management includes a variety of hardware sensors, real-time message systems, traffic control software, wireless and wired telephone systems, computer servers, and application interfaces. The software and hardware architecture used for parking management are incredibly diverse and variable. The gathering and analyzing parking data from various systems are also crucial to enforce dynamically charged parking. These parking data repositories are different and frequently present on incompatible hardware and software platforms, making it challenging to merge the data into a coherent whole. The difficulty of integrating all parking management hardware and software into a unified framework prevents the parking management market from expanding.
Opportunity: Technological Development
Major cities are becoming "smart cities" due to the explosion in newly developed technologies. Smart cities use cutting-edge information and communications technologies to connect their residential, transportation, and economic operations. Governments worldwide are projected to implement innovative city projects, creating new markets for businesses that provide smart parking management systems that can interface with smart city solutions. Intelligent parking management systems can offer flexible, controllable, space-efficient, and scalable parking solutions.
Challenge: The parking management system is Expensive
Several processors and input/output devices are employed in the complex parking management architecture. It has lowered the motivation of parking lot operators to adopt modern parking management systems. Even though they eventually boost the profitability of the parking operator, parking management solutions are expensive.
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Some of the major players operating in the parking management market are:
● 3M Company
● Amano Corporation
● Cubic Corporation
● Infocomm Group LLC
● International Business Machines Corporation
● Passport Labs Inc.
● Q-Free ASA
● Robert Bosch GmbH
● Siemens AG
Key Segments cover in the market:
By Deployment Type:
● On-premises
● Cloud
By Parking Site:
● Off-street
● On-street
By Solution:
● Access Control
● Security & Surveillance
● Parking Reservation Management
● Revenue Management
● Valet Parking Management
● Others
About the report:
The global parking management market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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