Parking management market is anticipated to grow at a CAGR of 7.3% during the forecast period (2023–2030). The growth of the market is attributed to the growing demand for optimum utilization of parking spaces across the globe. A combination of factors, such as the lack of available land, means parking spaces are frequently scarce across the globe. In addition to the shortage, smart parking solutions that maximise parking space utilisation through the use of a comprehensive parking management system that provides hassle-free, contactless payment parking for customers. For instance, in February 2023, Parqour launched its all-inclusive parking management system, that offers clients a hassle-free, contactless parking experience. The company uses 99.6% accurate licence plate recognition technology to streamline the parking experience for consumers. Parking lot owners can utilise company to optimise their revenue through dynamic pricing, increase security, save costs, produce analytics and reports, and enhance customer service at large public facilities.
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The global parking management market is further segmented based on geography, including North America (the US and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and the Rest of Asia), and the Rest of the World (the Middle East and Africa, and Latin America). Among these, the Asia-Pacific region is anticipated to hold a prominent share of the market across the globe. The regional market growth is attributed by the government’s growing interest in creating smart cities and the requirement for a systematic, efficient flow of traffic.
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Market Segmentation
Global Parking Management Market by Offering
- Solutions
- Parking Guidance Solution
- Parking Reservation Management
- Parking Permit Management
- Parking Enforcement Management
- Parking Access and Revenue Control (PARC)
- Services
- Professional Service
- Consulting and Training
- System Integration and Deployment
- Support and Maintenance
- Managed Services
Global Parking Management Market by Parking Site
- Off-Street Parking
- On-Street Parking
Company Profiles
- 3M Co.
- Bond Mortgage LLC
- Cubic Corp
- Flashparking, Inc.
- Infocomm Group LLC
- International Business Machines Corp
- Kapsch Trafficcom AG
- Q-Free AsA
- Rober Bosch GmbH
- SAP SE
- Siemens Ltd.
- Skidata, Inc.
- Swarco AG
- Tiba Parking Systems
- Undersun Fitness
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global parking management market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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