The global parking management market reached a value of US$ 3.94 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 6.85 Billion by 2027, exhibiting a CAGR of 9.30% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Parking management represents various programs, strategies and implemented policies that are designed to promote the efficient utilization of different parking resources and create more walkable areas. It constitutes parking management systems, security and surveillance solutions, boom barriers and parking reservation structures. These devices assist in mitigating the demand for parking subsidies, increasing travel options, inhibiting traffic, generating a return on investments (ROI) and maintaining the safety and security of the vehicle. On account of these properties, it finds extensive applications in off-street and on-street parking sites in on-premises and cloud solutions deployment forms.
Parking Management Market Trends:
- The widespread adoption of parking management policies and solutions across commercial, residential and transportation sectors can be attributed to the increasing need for improved mobility amongst service consultants and optimizing overall revenue. This, along with the favorable initiatives being undertaken by the government bodies for managing tows, resolving traffic congestion issues, and mitigating overall operational expenditure (OPEX) and capital expenditure (CAPEX) represents the key factor primarily driving the market growth. In line with this, significant technological advancements, such as the integration of various parking management solutions with near-field communication (NFC), global positioning systems (GPS) and cameras is acting as another growth-inducing factor. These systems assist in identifying vacant spots, monitoring systems, providing enhanced signage, real-time parking indicators, and reducing the wastage of spaces by promoting efficient usage of parking resources. Other factors, such as rising demand for effective parking management solutions and the continuous investments in research and development (R&D) activities to introduce automated license plate recognition solutions and mobile phone applications for monitoring speed, gaining traction, and receiving voice guidance, are creating a positive outlook for the market.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global parking management market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on offering type, deployment mode and parking site.
Breakup by Offering Type:
- Access Control
- Security and Surveillance
- Revenue Management
- Parking Reservation Management
- Valet Parking Management
- Consulting and Training
- System Integration and Deployment
- Support and Maintenance
Breakup by Deployment Mode:
Breakup by Parking Site:
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- The competitive landscape of the industry has also been examined along with the profiles of the key players being 3M Company, Amano Corporation, Cubic Corporation, FlashParking Inc. (Arrive Mobility Inc.), Infocomm Group LLC, International Business Machines Corporation, Passport Labs Inc., Q-Free ASA, Robert Bosch GmbH, SAP SE, Siemens AG and T2 Systems Inc. (Verra Mobility).
Key Questions Answered in This Report:
- How has the global parking management market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global parking management market?
- What are the key regional markets?
- What is the breakup of the market based on the offering type?
- What is the breakup of the market based on the deployment mode?
- What is the breakup of the market based on the parking site?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global parking management market and who are the key players?
- What is the degree of competition in the industry?