Global Parking Management Market 2023-2030

Title: Global Parking Management Market Size, Share & Trends Analysis Report by Offering (Solutions, Parking Guidance Solution, Parking Reservation Management, Parking Permit Management, Parking Enforcement Management, Parking Access and Revenue Control (PARC), Parking Security and Surveillance, and Parking Analytics, Services, Professional Service, Consulting and Training, System Integration and Deployment, Support and Maintenance, and Managed Service), by Parking Site (Off-street Parking, and On-street Parking),Forecast Period (2023-2030).

The global parking management market is anticipated to grow at a CAGR of 7.3% during the forecast period (2023-2030). The market growth is attributed to the increasing demand for optimum utilization of parking spaces across the globe. A combination of factors, such as the lack of available land, leads parking spaces being frequently scarce around the globe. Alongside the shortage, smart parking solutions are gaining prominence, maximizing parking space utilization through comprehensive parking management systems that offer hassle-free, contactless payment for customers. For instance, in February 2023, Parqour launched its all-inclusive parking management system, providing clients with a seamless, contactless parking experience. The company utilizes 99.6% accurate license plate recognition technology to streamline the parking process for consumers. Parking lot owners can utilize the company's services to optimize their revenue through dynamic pricing, increase security, save costs, generate analytics and reports, and enhance customer service at large public facilities. This advancement in parking management technology is contributing to the growth of the market and addressing the challenges associated with limited parking spaces.

Segmental Outlook

The global parking management market is segmented by offering and parking site. Based on the offering, the market is sub-segmented into solutions which includes parking guidance solutions, parking reservation management, parking permit management, parking enforcement management, PARC, parking security and surveillance, and parking analytics; and services including professional service, consulting and training, system integration and deployment, support and maintenance, and managed service. Furthermore, based on the parking site, the market is bifurcated into off-street parking and on-street Parking. Among the parking site formats, the off-street parking sub-segment is anticipated to hold a considerable share of the market owing to the increasing traffic on the roads, creating infrastructure issues. Off-street parking tends to be picked as it is a faster, simpler, and more dependable approach.

The Parking Permit Management Sub-Segment is Anticipated to Hold a Considerable Share of the Global Parking Management Market

Among the offerings, the parking permit management sub-segment is expected to hold a considerable share of the global parking management market. The segmental growth is attributed to the growing demand for increased awareness of consumer convenience. Parking management solutions aim to enhance customer convenience by offering services such as mobile applications for parking reservations, digital payment alternatives, and real-time accessibility data. Additionally, market players are introducing several new products to cater to the demand for utilizing a Good Manufacturing Practices (GMP) Permit to conduct online business. For instance, in September 2021, Get My Parking launched the latest addition to their selection of parking management options. This latest addition of the solution will allow operators to run their permit business online by utilizing the GMP Permit, an online platform for managing parking permits. This innovation is driving the growth of the parking permit management sub-segment and addressing the increasing need for customer convenience in parking management solutions.

Regional Outlook

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.

North America is Expected to Grow at a Significant CAGR in the Global Parking Management Market

Among all the regions, North America is anticipated to grow at a considerable CAGR over the forecast period. The regional growth is attributed to the increasing demand for enhanced efficiency and convenience in parking for both residents and visitors. As a result, both the government and private institutions are introducing various smart parking projects across the region. For instance, in February 2023, Eleven-x was approved for one of North America's biggest municipal smart parking projects. The project will be deployed in Arlington County, Virginia, with the aim of increasing parking efficiency and convenience for both locals and guests. Utilizing wireless technology, Eleven-x's smart parking systems can track parking spaces and provide real-time availability information. Moreover, the data will be used to improve local traffic flow and parking enforcement, further enhancing the overall parking experience in the region.

Market Players Outlook

The major companies serving the parking management market includes 3M Co., Bond Mortgage LLC, Cubic Corp., Flashparking, Inc., Infocom Group LLC, and others. The market players are considerably contributing to market growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2022, ParkMobile, LLC partnered with the University of Louisville to provide smart parking payment solutions for parking within the university campus. Through this partnership, ParkMobile is able to provide approximately 2,700 off-street parking spaces at the university.

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.