Parking Management Industry Overview

The global parking management market was valued at USD 4.38 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 12.1% from 2023 to 2030. This growth is driven by several factors, including the increasing number of vehicles worldwide, the rising demand for efficient traffic management solutions, and the rapid development of smart cities. The expansion of urban areas and the subsequent need for better traffic flow management have made parking management systems more essential in contemporary urban infrastructure.

The COVID-19 pandemic, however, had a temporary dampening effect on the growth of the parking management market. Many countries enforced strict restrictions and lockdowns, which led to reduced mobility and a decline in demand for parking services. During this period, several governments focused their resources on strengthening healthcare systems to combat the pandemic, which led to a brief slowdown in public transportation and parking management systems. Measures such as limiting crowds in public transport stations and restricting vehicle movement hindered the parking management market in the short term.

As travel restrictions ease and the global economy begins to recover, the parking management market is expected to experience significant growth. Many places are reopening at full capacity, increasing the demand for efficient parking solutions. With more vehicles on the road and increased movement of people, the need for organized and streamlined parking management systems is becoming more pronounced. This shift is particularly benefiting cloud-native parking management solutions, where parking operators manage their infrastructure via the cloud. Cloud-based systems offer multiple advantages, including scalability and a pay-as-you-go model, making them more attractive to operators looking for cost-effective and flexible solutions.

An example of this trend is Amano McGann, which launched Amano ONE in July 2022. This cloud-based parking accessibility and revenue process control system helps streamline parking operations by offering simple installation and low maintenance requirements. The system is designed to be user-friendly, allowing parking operators to efficiently manage operations without heavy technical overhead.

Technological advancements are also playing a crucial role in shaping the future of the parking management market. Innovations like the Internet of Things (IoT), parking sensors, and electronic payment systems are helping create more seamless and efficient parking experiences for customers. These technologies enable real-time data collection, monitoring, and payment processing, further enhancing the overall parking experience. Businesses that adopt these innovations can provide a hassle-free experience for their customers, which, in turn, helps them gain a competitive edge in the increasingly crowded parking management market. As the demand for smart parking solutions continues to grow, these technologies are expected to further propel the market's expansion over the coming years.

Gather more insights about the market drivers, restrains and growth of the Parking Management Market

Regional Insights:

North America:

• Dominated the parking management market with over 35% market share in 2022.
• The increase in the number of vehicles in countries like Canada and the U.S. is driving the demand for smart parking solutions aimed at reducing traffic congestion.
• The growing adoption of smartphones and the rise of mobile apps for locating available parking spaces are enhancing user convenience. This trend is pushing consumers to rapidly adapt to modern parking solutions.
• Increased commercialization in the region is further accelerating the demand for customized user experiences in parking management systems.
• The region's focus on integrating technology for seamless parking solutions is expected to maintain its dominance in the market over the forecast period.

Asia Pacific:

• Expected to register significant growth in the parking management market over the forecast period.
• Governments in the region are increasingly focusing on smart city development, which is promoting the growth of smart parking systems.
• The region's rapid pace of industrialization and urbanization is expected to boost demand for efficient parking management systems, as these developments require modern solutions for transportation and logistics.
• The rise in the number of municipalities in emerging countries like India, South Korea, and China is fueling the need for smart traffic management techniques, further supporting the growth of parking management solutions.
• As these countries continue to modernize infrastructure, the demand for systematic traffic flow management will continue to drive parking management advancements across the region.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

• The global Internet of Things (IoT) market size was valued at USD 1.18 billion in 2023 and is projected to grow at a CAGR of 11.4% from 2024 to 2030.
• The global parking sensor market size was valued at USD 10.26 billion in 2023 and is projected to grow at a CAGR of 15.4% from 2024 to 2030.

Key Parking Management Company Insights

Market players are observed to invest resources in research & development activities to support growth and enhance their internal business operations. Companies can be seen engaging in mergers & acquisitions and partnerships to further upgrade their products and gain a competitive advantage in the market. Moreover, governments are taking various initiatives to solve the problem of traffic congestion across the cities, and many private players are expanding their geographical presence to gain more market share. Some prominent players in the global parking management market include:

• 3M Company
• Amano Corporation
• Cubic Corporation.
• International Business Machines Corporation
• Kapsch TrafficCom.
• Siemens AG
• Skidata
• Swarco Corporation
• T2 Systems
• Robert Bosch GmbH

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