Parking Management Market Solutions Analysis (Access and Revenue Control, Security & Surveillance, Others), Deployment Type Analysis (Cloud, On-premise), By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast 2023-2032

Report Overview

Parking Management Market size is expected to be worth around USD 11.9 Bn by 2032 from USD 4.6 Bn in 2022, growing at a CAGR of 10.2% during the forecast period from 2023 to 2032.

The parking management market, a sector experiencing exponential expansion, is at the vanguard of contemporary markets. Globally, corporations and industries recognize the urgent need for structured parking solutions and effective management systems, resulting in substantial investments. The parking management market has experienced a meteoric rise in popularity in recent years, with projections indicating substantial future growth.

Utilizing cutting-edge technology to expedite the allocation of parking spaces is the primary focus of the parking management market. The primary objective of this domain is to provide parking solutions that are user-friendly, secure, and universally accessible. Utilizing an innovative perspective, parking management strives to ensure that businesses, institutions, and individuals have access to a sufficient number of parking spaces.

Utilizing the strength of technology, the parking management market strives to introduce innovative, parking-space-specific management solutions. These solutions are inclusive and user-friendly, catering to people with disabilities. The overarching objective is to maximize the use of available parking spaces, reduce traffic congestion, and promote the efficient use of limited space.

The introduction of revolutionary innovations has revolutionized the parking management market and fundamentally altered its trajectory. Specifically, the emergence of intelligent parking operators is a game-changer. Utilizing technology, these administrators streamline the process of locating parking spaces and mitigate congestion effectively. Moreover, the proliferation of electric vehicles and the accompanying electric vehicle charging stations represent an additional significant innovation in this field.

Both the public and private sectors have made significant investments in parking management solutions. Governments around the world recognize the importance of employing parking management solutions in order to reduce congestion and advance sustainable transportation. Similarly, notable companies such as ParkMe, Parking Panda, and SpotHero have made substantial investments in parking management solutions, catering to the ever-increasing consumer demand.

There are no indications of a slowdown in the parking management market's expansion, which is accelerating toward a future characterized by rapid expansion. This advancement is fueled by the industry's unwavering dedication to technological advances and innovative innovations. These developments cultivate a favorable environment for all parties to realize the benefits of deploying advanced parking management solutions.

Aware of the crucial role performed by parking management, numerous industries have invested in cutting-edge solutions, thereby enhancing their customer service. Several prominent sectors, including real estate, retail, healthcare, and hospitality, recognize the importance of parking management in enhancing customer experiences and maintaining a competitive advantage.

Driving factors

Smart Parking Effectiveness

As the number of vehicles on the roads rises, the need for efficient and effective parking management solutions increases. Traditional parking methods, including parking meters and pay-and-display systems, are no longer sufficient. To optimize the use of available parking spaces, many cities are now turning to cutting-edge parking management systems that use smart technology. These systems take into consideration factors such as peak parking hours, vehicle type, and parking fees to provide a seamless parking experience for customers.

Solutions for On-Demand Parking

Smart parking systems use sensors and other technology to monitor parking spaces in real-time, providing drivers with information on available spaces and assisting them in locating the most convenient spots. This not only makes the parking experience more convenient for drivers, but it also reduces traffic congestion on the roads because drivers no longer need to drive in circles to find parking.

Data-Driven Parking Management

Moreover, smart parking systems can provide cities with valuable data on parking usage patterns, enabling them to better understand and manage parking resources. This data can be used to inform future urban planning and development decisions, resulting in more sustainable and efficient cities.

Superior Sensor Innovation

Innovations in sensor technology are also driving the development of the parking management market. Sensors are becoming more affordable and sophisticated, making them more accessible to cities of all sizes. These sensors can be used to detect the presence of vehicles in parking spaces, as well as other parameters including vehicle size and parking duration.

Intelligent Parking Management

This data can be used to optimize the use of available parking spaces, reduce traffic on the roads, and improve the parking experience for customers. Additionally, sensor technology can be used to detect and notify authorities of parking violations, reducing the need for parking enforcement personnel.

Restraining Factors

In the Face of Challenges, the Parking Industry Seeks Optimisation

For many years, the parking industry has sought to optimize the efficient utilization of limited parking resources, reduce congestion, increase revenues, and enhance the overall customer experience. Unfortunately, the parking management market still confronts a number of obstacles, such as infrastructure limitations, high costs, regulatory constraints, and user adoption obstacles.

Infrastructure Restriction Encumbers Parking Management

The lack of infrastructure in many urban and suburban locations is one of the greatest obstacles facing the parking management market. The parking infrastructure required to meet the requirements of modern customers is frequently absent or obsolete, forcing customers to choose between taking a chance on finding a spot or spending more time and money searching for parking.

Smart Solutions Transform the Parking Experience

Governments and parking management companies should collaborate to develop innovative solutions that facilitate the optimization of parking spaces and reduce the need for additional parking infrastructure in order to overcome this challenge. Implementing intelligent parking systems that use sensors, cameras, and other technologies to optimize available parking spaces and make it simpler for customers to locate, reserve, and pay for parking is one solution.

High Costs Impede Progress in Parking Management

High costs are an additional significant obstacle in the parking management market. To establish new parking garages, maintain existing sites, and invest in new technologies such as automated parking systems and smart parking platforms, parking management companies incur high costs. However, the costs are not limited to infrastructure expenses.

Automation and Outsourcing Decrease Parking Costs

In addition to employee salaries, insurance, and equipment, other factors contribute to the high costs. To reduce these costs, parking management companies can consider outsourcing a portion of their services, implementing automated parking systems that reduce or eliminate the need for employees, and investing in energy-efficient lighting, HVAC, and other technologies that reduce utility costs.

Impact of Regulatory Restrictions on the Parking Industry

The parking management industry is also subject to regulatory restrictions. Public safety, environmental impact, zoning, and land use laws and regulations can have a significant impact on the operations and profitability of parking management companies. For instance, parking management companies may be required to acquire multiple permits, which can be costly and time-consuming.

Solutions Analysis

With the emergence of new technological solutions that are superseding conventional parking management systems, the Parking Management Market is expanding at a rapid rate. With its advanced and interconnected systems, the Parking Access and Revenue Control (PARC) Segment has remarkably dominated the market. Significant parking management issues, such as traffic congestion, parking space utilization, and revenue management, have been effectively addressed by PARC solutions.

In addition to developed economies, demand for parking management solutions is also prevalent in emerging economies. In fact, economic growth in emerging economies such as India, China, and Brazil has driven the adoption of PARC Segment solutions. These nations are making substantial investments in their technological infrastructures, and the parking situation in urban areas is becoming increasingly difficult due to population growth and urbanization.

The adoption of PARC solutions is driven not only by government regulations and economic development but also by the changing preferences and behaviors of consumers. Increasingly, consumers seek convenience, quickness, and safety when parking their vehicles. These demands are met by PARC solutions that offer real-time parking availability, contactless payment options, and 24-hour surveillance to ensure the safety of parked vehicles.

Given the increasing adoption rate and consumer demand, the Parking Access and Revenue Control (PARC) Segment of the Parking Management Market is anticipated to register the quickest growth rate over the next few years. Traditional parking management systems have been rendered effective and efficient by PARC solutions, which eliminate time-consuming manual operations, reduce traffic congestion, and enhance revenue management.

Deployment Type Analysis

Cloud deployment is one of the most important factors that have reshaped the Parking Management Market by providing scalable and adaptable parking management solutions. The integration of cloud computing with parking management solutions has effectively addressed the difficulties of managing large volumes of parking data, reducing hardware costs, and enhancing system performance.

Emerging economies, especially in Asia-Pacific and the Middle East and Africa (MEA), are experiencing rapid economic growth, and governments are investing extensively in technological infrastructures. Cloud computing has made parking management more accessible, cost-effective, and efficient, especially in emerging economies where capital expenditure is a significant challenge.

Consumer preferences and behaviors regarding cloud-based parking management systems are centered on convenience, adaptability, and dependability. Cloud-based parking management solutions offer clients online access to parking-related information from any location. This information comprises parking availability, occupancy rates, and pricing in real-time.

Cloud-based parking management systems are anticipated to register the fastest growth rate in the parking management market, which is expected to expand significantly in the coming years. Urbanization, vehicle growth, and the adoption of advanced technologies such as IoT, AI, and Big Data are expected to drive the growth of the cloud segment of the parking management market.

Key Market Segments

Solutions Analysis

• Access and Revenue Control
• Security & Surveillance
• Parking Reservation Management
• Valet Parking Management
• Others

Deployment Type Analysis

• Cloud
• On-premise

Growth Opportunity

Rising Demand for Smart Parking

As the world continues to experience unprecedented urbanization and digitalization, there has never been a greater need for efficient parking management solutions. In recent years, the parking industry has undergone a major transformation, with smart parking expansion, navigational and IoT integration, collaboration, predictive analytics, and optimization serving as the leading growth drivers.

Effective Parking Services

The lack of parking spaces has always been a significant source of annoyance for drivers. To address this issue, smart parking systems have been developed. These systems are outfitted with sensors that detect vacant parking spaces, relay the data to a central system, and direct drivers to the available spots. With these systems in place, motorists can save time, lessen traffic congestion, and reduce air pollution.

Integration of Positioning and IoT

The parking management market has incorporated navigation systems. They direct vehicles to the closest parking spaces, display real-time parking availability, and assist them in navigating to their destinations. The parking management system becomes more efficient when IoT technologies are incorporated, enabling predictive analytics and remote monitoring.

Collaboration Drives Innovation in Parking

Collaboration among parking industry stakeholders is essential for development. Public-private partnerships have been established to facilitate resource sharing, cost reductions, and the creation of innovative parking solutions. Cities and private operators can collaborate to offer more efficient parking solutions, such as shared parking and parking capacity optimization.

Analytics Predictive of Optimal Parking

The process of using historical data to predict future outcomes is predictive analytics. Predictive analytics is used in parking management to forecast parking demand, identify peak periods, and develop optimization strategies. Finding the optimal method to allocate parking resources, reduce wait times, and increase the turnover of parking spaces is the objective of optimization. Utilizing predictive analytics and optimization, parking operators can increase customer satisfaction and maximize revenue.

Latest Trends

Intelligent Parking Drives Smart Cities

The parking management market is evolving rapidly, propelled by key market trends that are transforming the way we park. These trends are transforming obsolete analog parking technologies into connected, intelligent, and smart parking systems that offer efficiency, convenience, and safety.

IoT Reconfigures Parking

The integration of smart parking solutions in smart cities is one of the most significant market trends that is reshaping the parking management market. Smart parking is an innovative parking management system that harnesses the power of technology to maximize parking utilization, decrease traffic congestion, and improve the parking experience. Smart parking solutions, such as parking sensors, mobile apps, and data analytics, enable drivers to locate and reserve parking spaces with ease and allow parking managers to optimize parking operations, reduce expenses, and increase revenue.

The Evolution of Mobile Payment Modifies Parking

In addition to transforming the parking industry, the adoption of IoT and cloud technologies in parking management is reshaping the parking sector. Utilizing the power of connected devices, IoT-enabled parking systems automate parking operations, enhance security, and enhance the parking experience. Examples of parking technology facilitated by the Internet of Things include license plate recognition, real-time parking availability, and remote monitoring.

Future Parking Practices Automation

The expansion of mobile payment and reservation systems is another significant market trend that is shaping the parking management market. Increasing customer satisfaction and loyalty, mobile payment and reservation systems enable drivers to pay for parking with their smartphones and reserve parking spaces in advance.

Smart Technology Revolutionizes Parking

Lastly, the increasing demand for automated parking systems is upending the conventional parking industry. Automated parking systems utilize the power of robotics, sensors, and algorithms to park and retrieve vehicles automatically, removing the need for drivers to park manually. Automated parking systems provide a number of advantages, including optimized parking space utilization, reduced parking infrastructure, increased safety, and increased customer satisfaction.

Regional Analysis

Parking management is a crucial component of contemporary urban planning aimed at providing residents and visitors with adequate, safe, and accessible parking. The Asia-Pacific region, however, dominates this market. In this report, we analyze the driving forces behind Asia-Pacific's parking management industry so that other regions can replicate its success.

The growth of parking management in the Asia-Pacific region is driven by a combination of macroeconomic and microeconomic factors. Population growth is a significant macroeconomic factor. The Asia-Pacific region has a population of over 4.5 billion people, making it the world's largest and most populous region. This population growth has led to the accelerated development of cities, which has increased the demand for effective urban planning, including the provision of sufficient parking facilities.

In addition, rising urbanization and income levels have contributed significantly to the growth of parking management in the region. Increased car ownership in the region has led to a surge in parking facility demand, necessitating the development of innovative, modern parking solutions. As a result, parking management companies have utilized technology such as parking meters, cameras, and sensors to increase operational efficiency and revenue collection.

Moreover, governments in the Asia-Pacific region have adopted proactive policies aimed at fostering the growth of parking management within their respective jurisdictions. In Singapore, for example, the government has implemented a sophisticated Intelligent Transport System (ITS) consisting of an electronic road pricing system, parking guidance, and information system, and a centralized parking management system.

Key Regions and Countries

North America

• US
• Canada
• Mexico

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

Parkmobile, LLC, one of the most significant players, provides parking solutions for cities and private garages. The company offers mobile applications that enable users to locate, reserve, and pay for parking spaces, thereby making parking a simple process. Conduent Incorporated is another significant player in the parking management market. It offers end-to-end parking solutions that integrate cutting-edge technology to support cities, municipalities, and private parking lot operators.

Flowbird Group and IBM Corporation are two other notable players in the parking management market. Flowbird Group offers intelligent parking solutions that enable cities to better manage their parking infrastructure and meet the requirements of their citizens. IBM Corporation offers a suite of parking management solutions that utilize artificial intelligence (AI) and the Internet of Things (IoT) to optimize parking spaces and aid commuters in locating parking.

Several entrepreneurs, including SpotHero and ParkWhiz, have emerged in the parking management market in response to the rising demand for digital parking systems. These businesses provide parking reservation services and help motorists save time and money on parking.

Top Key Players in Parking Management Market

• Amano McGann Inc
• Kapsch
• Siemens AG
• SKIDATA
• Xerox Corporation
• Parkmobile, LLC.
• Conduent Incorporated
• Flowbird Group
• IBM Corporation.
• SpotHero  ParkWhiz
• Other Prominent Vendors

Recent Development

• In 2023, EV Charging Infrastructure Will Be Expanded 2023 witnessed significant advancements in parking management to meet the requirements of EV charging as the adoption of electric vehicles continues to rise.
• In 2022, Parking guidance systems gained traction as a crucial part of parking management.
• In 2021, LPR technology gained widespread adoption in parking management systems.
• In 2020, The use of mobile payment solutions in parking management became more and more common.
• In 2019, Smart parking systems, such as sensors, cameras, and data analytics for the efficient management of parking spaces, began to garner significant attention in the parking management industry.

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