Global Parking Management System Market Size, Share, Growth Analysis, By Solutions(Parking Guidance Solution, Parking Reservation Management), By Deployment Type(Cloud, On-premises) - Industry Forecast 2022-2028

Parking Management System Market was valued at USD 4.18 Billion in 2021, and it is expected to reach a value of USD 8.84 Billion by 2028, at a CAGR of more than 11.3% over the forecast period (2022- 2028).

A parking management system automates a parking system for vehicles. These strategies are executed at the level of your building or company, and they may include priority systems or shared spaces for users in addition to the development of suitable use standards. Parking managers generally use a parking management system to help with their operations because maintaining parking spaces is challenging.

Procedures are made efficient and parking space is optimised. It offers a wide range of services that provide real-time car parking data, such as reports, vehicle and slot counts, available slot displays, reserved parking, pay-and-park options, straightforward payment ways, and a host of others.

Due to the increased smartphone penetration and the availability of mobile applications with features that help users find parking spaces, the Parking Management System Market is also predicted to grow over the course of the forecast period.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Parking Management System and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

Global Parking Management System Market is segmented based on the Solution, Deployment Type and region. Based on the Solution, the Global Parking Management System Market is segmented as, Parking Guidance Solution, Parking Reservation Management, Parking Permit Management, Parking Enforcement Management, Parking Access and Revenue Control (PARC), Parking Security and Surveillance, Parking Analytics, and Others. Based On Deployment Type, the Global Parking Management System Market is segmented as Cloud, On-premises, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

The growth of connectivity and communication technologies is predicted to increase the demand for parking management systems. Market opportunity is anticipated to grow as a result of rising mobile device usage and the use of parking solution-supporting apps. As self-parking technology for cars advances, so does the demand for parking management systems.

A fraction of parking spots are left empty as developers end up building additional space to meet regulations governing the size and number of parking spaces. Consistent parking management strategies, such as improved signage and real-time parking indicators, cut down on the wasting of parking spaces by informing customers when and when a spot is available. Parking management also results in a more efficient use of parking resources through improved revenue management, which fights against overcharging and undercharging for parking spaces. With an effective and complete parking management solution, parking needs can be decreased by 20-40% in order to maintain city infrastructure, take up less space, bring in more money for the government, and enhance user comfort.

Restraint

The existence of stringent laws and regulations from various governments regarding the utilisation of parking spaces is predicted to be the key barrier to market expansion during the forecast period. The market's potential growth for parking management solutions may also be constrained by concerns with installation and maintenance expenses.

The high installation cost is one of the greatest issues facing the market for parking management solutions internationally. The lack of qualified workers for system installation and maintenance would limit market growth in the approaching years.

Market Trends

The increasing number of vehicles on the planet is having an impact on the parking space available, which raises the demand for parking management systems since they help with the effective distribution and optimal use of parking space. Over the projection period, it is also anticipated that increasing smartphone and internet of things (IoT) adoption in parking will accelerate the expansion of parking management systems.

Additionally, it is projected that recent innovations like the growth of electric and autonomous vehicles would create new opportunities for the parking management industry. Due to the rise in popularity of parking management systems, multi-story parking services, and residential and commercial locations, the market is growing.