Parking Management Industry Overview
The global parking management market size was valued at USD 4.38 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.1% from 2023 to 2030.
The rise in the number of vehicles across the world, growing demand for an effective traffic management solution, and rapid development of smart cities are contributing to the growth of this market. Due to the COVID-19 pandemic, there was a modest decrease in growth activities as many countries imposed strict restrictions by announcing complete lockdowns. Additionally, the government of several nations invested heavily in their healthcare systems to help identify the signs of the virus and stop the spread, which included restriction measures such as no crowding of public transport stations and vehicles that hindered the growth of parking management for a short period.
Gather more insights about the market drivers, restrains and growth of the Parking Management Market
However, the ease in travel restrictions currently is expected to propel the market demand, as most of the places are opening with full occupancy which will push the demand for parking management. The rise in parking management makes cloud-native parking management also rise to the occasion, with parking operators running their infrastructure via the cloud, owing to multiple benefits such as scalability and a pay-as-you-go model.
For instance, in July 2022, Amano McGann launched Amano ONE, a cloud-based parking accessibility and revenue process control system which streamlines parking operations. The system is simple to install and administer with low maintenance requirements. It is also user-friendly.
Technological advancements such as the Internet of Things (IoT), parking sensors, and electronic payment methods are additionally supporting the growth of this market. Firms are trying to deliver an enhanced customer experience and offer hassle-free parking that can help them gain a competitive advantage over others.
With the help of real-time data and analytics, organizations can allocate spaces, provide access control, and reduce administrative overhead spent on parking. For instance, in November 2022, Robert Bosch GmbH announced a partnership with Mercedes-Benz to launch automated self-parking software. The software allows vehicles to park themselves in spaces reserved in the parking lot of Stuttgart Airport.
Parking management is a cost-effective and reliable solution that reduces the time spent by drivers in finding available carpark space and traffic congestion. Furthermore, the increased adoption of electric vehicles compels city authorities to implement charging stations to push the demand for parking management higher. Parking management helps businesses in reaching their maximum potential by offering them space optimization. Features such as hassle-free booking, simple navigation, seamless customer experience, live reports, and parking enforcement options are anticipated to fuel the demand for parking management.
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- The global Internet of Things (IoT) market size was valued at USD 605.69 billion in 2014 and is expected to grow at a compound annual growth rate (CAGR) of 15.2% from 2015 to 2022.
- 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.
Parking Management Market Segmentation
Grand View Research has segmented the global parking management market based on solution, service, deployment, parking site, off-street parking site, application, and region:
Parking Management Solution Outlook (Revenue, USD Million, 2018 - 2030)
- Access Control
- Security & Surveillance
- Revenue Management
- Parking Reservation Management
- Valet Parking Management
- Others
Parking Management Service Outlook (Revenue, USD Million, 2018 - 2030)
- Consulting Services
- System Integration and Deployment
- Support and Maintenance
Parking Management Deployment Outlook (Revenue, USD Million, 2018 - 2030)
- Cloud
- On-premise
Parking Management Parking Site Outlook (Revenue, USD Million, 2018 - 2030)
- On-street
- Off-street
Parking Management Off-street Parking Site Outlook (Revenue, USD Million, 2018 - 2030)
- Garage Parking
- Lot Parking
Parking Management Application Outlook (Revenue, USD Million, 2018 - 2030)
- Transport Transit
- Commercial
- Government
Parking Management Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- MEA
Key Companies profiled:
- 3M
- Amano Corporation
- Cubic Corporation
- IBM
- Kapsch TrafficCom
- Siemens
- SKIDATA
- SWARCO
- T2 Systems
- Robert Bosch GmbH
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.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
