The global parking management market was valued at USD 6.0 billion in 2022, growing at a CAGR of 13% from 2023 to 2032. The market is expected to reach USD 20.3 billion by 2032. Since many governments in developing nations are luring foreign direct investment (FDI) to reduce traffic congestion and expand parking operations, the demand for parking management is anticipated to soar in the upcoming years. Additionally, smart city initiatives are gaining steam in developed nations, which is anticipated to stimulate the market for cutting-edge, intelligent parking management solutions. Additionally, it is anticipated that the need for various solutions for managing on-street and off-street Parking will increase due to expanding commercialization and urbanization in emerging countries, as well as an increase in the number of vehicles on the road.
Parking management is called programmes, initiatives, and policies implemented to encourage the effective use of various parking resources and increase the amount of walking space. It consists of boom barriers, security and surveillance systems, parking reservation systems, and management systems for parking. These gadgets help reduce the need for parking subsidies, expand the number of viable travel options, slow down traffic, produce a return on investment (ROI), and protect the security and safety of the car. Due to these characteristics, it has many uses in both on-premises and cloud solution deployment models for off-street and on-street parking spaces. The extensive adoption of parking management policies and solutions in the business, residential, and transportation sectors can be due to service consultants' increasing demand for better mobility and revenue optimization. This is the main element fuelling the market expansion, along with the beneficial activities being implemented by the government authorities for managing tows, resolving traffic congestion concerns, and mitigating overall operational expenditure (OPEX) and capital expenditure (CAPEX). Significant technology improvements, such as incorporating various parking management solutions with GPS, cameras, and near-field communication (NFC), are functioning as another growth-inducing factor in conjunction with this.
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July 2022 - Flowbird, one of the world leaders in urban mobility, has acquired YourParkingSpace, one of the U.K.'s fastest-growing parking technology companies.
June 2022 - In Cologne, APCOA Parking Deutschland has begun a new collaboration with the Danish car-sharing service GreenMobility. Customers can pick up and drop off the Renault ZOE e-cars from GreenMobility at no cost. Ten parking spots are provided in the underground parking garages at Klapperhof and Rheinauhafen.
In June 2022, In conjunction with a regional distributor, Devo & Associates, the Palisades Interstate Park Commission will implement an Automated Parking integrated fee collecting system. Flowbird Group is a global pioneer in unattended payment technology and mobile payment apps.
In July 2021, Flowbird released Park and Sanitise, a contactless hydro-alcoholic gel dispenser attached to parking and transit ticketing terminals. Its purpose is to help protect potentially millions of drivers and passengers from the risks related with the Covid-19's spread.
In July 2021, GROUP Indigo expanded its European presence by opening a subsidiary there.
In April 2021, German people began having access to the PARCO parking app through SWARCO. PARCO already has parking data for over 1,200 cities in Germany, Austria, and Switzerland, and it intends to expand its operations.
Increasing Tourism- The present relaxation of travel limitations is anticipated to drive market demand, as most establishments operate to full occupancy, driving the demand for parking management. Due to several advantages, including scalability and a pay-as-you-go approach, cloud-native parking management is also rising as parking operators run their infrastructure via the cloud. For example, Amano McGann introduced Amano ONE in July 2022, a cloud-based parking accessibility and revenue process control system that simplifies parking operations. The system requires little maintenance and is easy to administer. It is also easy to use.
High cost of implementation- Several factors constrain the parking management market's expansion. Parking management includes a variety of hardware sensors, traffic control equipment, computer servers, wireless and wired systems, and apps. Parking data from numerous systems must be analyzed to put the idea of dynamic pricing into practice. Data integration is complex since the hardware on which these parking data are kept is incompatible. The procedure is extensive, and one of the main restraints is the integration of all parking management hardware and software into one.
Rising Need- This market is expanding as a result of factors like an increase in global vehicle ownership, the rising need for efficient traffic management solutions, and the quickening development of smart cities. Additionally, several governments made significant investments in their healthcare systems to aid in detecting the virus' symptoms and preventing its spread. These investments included prohibitions against overcrowding in public transport stations and on the roads, which temporarily hampered the development of parking management.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest market for global parking management, with a 47% market revenue share in 2022.
Smart parking solutions are expanding to relieve traffic congestion as the number of vehicles rises in nations like Canada and the U.S. Additionally, customers are finding it convenient to utilize cell phones and the availability of mobile apps for parking spaces, which is why they are quickly adjusting to contemporary parking demands. The need for parking management is growing throughout the region due to the rising commercialization and the desire to provide personalized user experiences.
March 2020 - Q-Free installed a complete parking guidance system in Sparks, Nevada's Victorian Square parking garage. This technology will make it easier for cars to find spots by giving real-time information about available parking spaces. This agreement will enable Q-Free to compete in the American market more effectively.
North America Region Parking Management Market Share in 2022 - 47%
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The deployment type segment is divided into on-premises and cloud. The on-premises segment dominated the market, with a market share of around 53% in 2022, due to its many advantages, which include improved accessibility, lower risk of downtime, and improved security. The company has better control and data protection because it is stored on its own premises. Regarding compliance concerns, the on-premise solution can be advantageous. The fact that staff members may still access the data even in the event of a network breakdown or lost internet connection, preventing downtime, is another reason why many businesses adopt this distribution strategy.
The parking site segment is divided into off-street and on-street. The off-street segment dominated the market, with a market share of around 58% in 2022. The crucial component is off-street. The off-street segment is expanding due to more people using mobile applications, better parking tickets and payment options, and the introduction of assistive technology. Both transient and permanent customers use the off-street parking programmes. Numerous governments are investing significantly in off-street parking management systems to lessen traffic congestion on roadways.
The solution segment is divided into access control, security & surveillance, parking reservation management, revenue management, valet parking management, and others. The revenue management segment dominated, with a market share of around 38% in 2022. Since they provide a visual depiction of the price rates, revenue management systems are highly sought since they help establish the proper pricing for all parking lots. These technologies also help facility providers compare their costs to rivals', enabling them to make money.
Report Description:
Attribute | Description |
---|---|
Market Size | Revenue (USD Billion) |
Market size value in 2022 | USD 6.0 Billion |
Market size value in 2032 | USD 20.3 Billion |
CAGR (2023 to 2032) | 13% |
Historical data | 2019-2021 |
Base Year | 2022 |
Forecast | 2023-2032 |
Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
Segments | Deployment Type, Parking Site, Solution |
As per The Brainy Insights, the size of the parking management market was valued at USD 6.0 billion in 2022 to USD 20.3 billion by 2032.
The global parking management market is growing at a CAGR of 13% during the forecast period 2023-2032.
North America emerged as the largest parking management market.
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis by Deployment Type
4.3.2. Market Attractiveness Analysis by Parking Site
4.3.3. Market Attractiveness Analysis by Solution
4.3.4. Market Attractiveness Analysis by Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. Increasing Need for Traffic Management and Fuel Saving
5.3. Restraints
5.3.1. Security Concerns
5.4. Opportunities
5.4.1. Technological Development
5.5. Challenges
5.5.1. The parking management system is Expensive
6. Global Parking Management Market Analysis and Forecast, By Deployment Type
6.1. Segment Overview
6.2. On-premises
6.3. Cloud
7. Global Parking Management Market Analysis and Forecast, By Parking Site
7.1. Segment Overview
7.2. Off-street
7.3. On-street
8. Global Parking Management Market Analysis and Forecast, By Solution
8.1. Segment Overview
8.2. Access Control
8.3. Security & Surveillance
8.4. Parking Reservation Management
8.5. Revenue Management
8.6. Valet Parking Management
8.7. Others
9. Global Parking Management Market Analysis and Forecast, By Regional Analysis
9.1. Segment Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.5. South America
9.5.1. Brazil
9.6. Middle East and Africa
9.6.1. UAE
9.6.2. South Africa
10. Global Parking Management Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in Global Parking Management Market
10.2.1. Global Company Market Share
10.2.2. North America Company Market Share
10.2.3. Europe Company Market Share
10.2.4. APAC Company Market Share
10.3. Competitive Situations and Trends
10.3.1. Product Launches and Developments
10.3.2. Partnerships, Collaborations, and Agreements
10.3.3. Mergers & Acquisitions
10.3.4. Expansions
11. Company Profiles
11.1. 3M Company
11.1.1. Business Overview
11.1.2. Company Snapshot
11.1.3. Company Market Share Analysis
11.1.4. Company Product Portfolio
11.1.5. Recent Developments
11.1.6. SWOT Analysis
11.2. Amano Corporation
11.2.1. Business Overview
11.2.2. Company Snapshot
11.2.3. Company Market Share Analysis
11.2.4. Company Product Portfolio
11.2.5. Recent Developments
11.2.6. SWOT Analysis
11.3. Cubic Corporation
11.3.1. Business Overview
11.3.2. Company Snapshot
11.3.3. Company Market Share Analysis
11.3.4. Company Product Portfolio
11.3.5. Recent Developments
11.3.6. SWOT Analysis
11.4. Infocomm Group LLC
11.4.1. Business Overview
11.4.2. Company Snapshot
11.4.3. Company Market Share Analysis
11.4.4. Company Product Portfolio
11.4.5. Recent Developments
11.4.6. SWOT Analysis
11.5. International Business Machines Corporation
11.5.1. Business Overview
11.5.2. Company Snapshot
11.5.3. Company Market Share Analysis
11.5.4. Company Product Portfolio
11.5.5. Recent Developments
11.5.6. SWOT Analysis
11.6. Passport Labs Inc.
11.6.1. Business Overview
11.6.2. Company Snapshot
11.6.3. Company Market Share Analysis
11.6.4. Company Product Portfolio
11.6.5. Recent Developments
11.6.6. SWOT Analysis
11.7. Q-Free ASA
11.7.1. Business Overview
11.7.2. Company Snapshot
11.7.3. Company Market Share Analysis
11.7.4. Company Product Portfolio
11.7.5. Recent Developments
11.7.6. SWOT Analysis
11.8. Robert Bosch GmbH
11.8.1. Business Overview
11.8.2. Company Snapshot
11.8.3. Company Market Share Analysis
11.8.4. Company Product Portfolio
11.8.5. Recent Developments
11.8.6. SWOT Analysis
11.9. Siemens AG
11.9.1. Business Overview
11.9.2. Company Snapshot
11.9.3. Company Market Share Analysis
11.9.4. Company Product Portfolio
11.9.5. Recent Developments
11.9.6. SWOT Analysis
List of Table
1. Global Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
2. Global On-premises, Parking Management Market, By Region, 2019-2032 (USD Billion)
3. Global Cloud, Parking Management Market, By Region, 2019-2032 (USD Billion)
4. Global Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
5. Global Off-street, Parking Management Market, By Region, 2019-2032 (USD Billion)
6. Global On-street, Parking Management Market, By Region, 2019-2032 (USD Billion)
7. Global Parking Management Market, By Solution, 2019-2032 (USD Billion)
8. Global Access Control, Parking Management Market, By Region, 2019-2032 (USD Billion)
9. Global Security & Surveillance, Parking Management Market, By Region, 2019-2032 (USD Billion)
10. Global Parking Reservation Management, Parking Management Market, By Region, 2019-2032 (USD Billion)
11. Global Revenue Management, Parking Management Market, By Region, 2019-2032 (USD Billion)
12. Global Valet Parking Management, Parking Management Market, By Region, 2019-2032 (USD Billion)
13. Global Others, Parking Management Market, By Region, 2019-2032 (USD Billion)
14. North America Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
15. North America Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
16. North America Parking Management Market, By Solution, 2019-2032 (USD Billion)
17. U.S. Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
18. U.S. Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
19. U.S. Parking Management Market, By Solution, 2019-2032 (USD Billion)
20. Canada Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
21. Canada Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
22. Canada Parking Management Market, By Solution, 2019-2032 (USD Billion)
23. Mexico Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
24. Mexico Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
25. Mexico Parking Management Market, By Solution, 2019-2032 (USD Billion)
26. Europe Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
27. Europe Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
28. Europe Parking Management Market, By Solution, 2019-2032 (USD Billion)
29. Germany Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
30. Germany Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
31. Germany Parking Management Market, By Solution, 2019-2032 (USD Billion)
32. France Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
33. France Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
34. France Parking Management Market, By Solution, 2019-2032 (USD Billion)
35. U.K. Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
36. U.K. Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
37. U.K. Parking Management Market, By Solution, 2019-2032 (USD Billion)
38. Italy Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
39. Italy Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
40. Italy Parking Management Market, By Solution, 2019-2032 (USD Billion)
41. Spain Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
42. Spain Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
43. Spain Parking Management Market, By Solution, 2019-2032 (USD Billion)
44. Asia Pacific Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
45. Asia Pacific Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
46. Asia Pacific Parking Management Market, By Solution, 2019-2032 (USD Billion)
47. Japan Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
48. Japan Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
49. Japan Parking Management Market, By Solution, 2019-2032 (USD Billion)
50. China Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
51. China Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
52. China Parking Management Market, By Solution, 2019-2032 (USD Billion)
53. India Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
54. India Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
55. India Parking Management Market, By Solution, 2019-2032 (USD Billion)
56. South America Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
57. South America Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
58. South America Parking Management Market, By Solution, 2019-2032 (USD Billion)
59. Brazil Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
60. Brazil Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
61. Brazil Parking Management Market, By Solution, 2019-2032 (USD Billion)
62. Middle East and Africa Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
63. Middle East and Africa Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
64. Middle East and Africa Parking Management Market, By Solution, 2019-2032 (USD Billion)
65. UAE Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
66. UAE Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
67. UAE Parking Management Market, By Solution, 2019-2032 (USD Billion)
68. South Africa Parking Management Market, By Deployment Type, 2019-2032 (USD Billion)
69. South Africa Parking Management Market, By Parking Site, 2019-2032 (USD Billion)
70. South Africa Parking Management Market, By Solution, 2019-2032 (USD Billion)
List of Figures
1. Global Parking Management Market Segmentation
2. Global Parking Management Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Parking Management Market Attractiveness Analysis by Deployment Type
9. Global Parking Management Market Attractiveness Analysis by Parking Site
10. Global Parking Management Market Attractiveness Analysis by Solution
11. Global Parking Management Market Attractiveness Analysis by Region
12. Global Parking Management Market: Dynamics
13. Global Parking Management Market Share by Deployment Type (2023 & 2032)
14. Global Parking Management Market Share by Parking Site (2023 & 2032)
15. Global Parking Management Market Share by Solution (2023 & 2032)
16. Global Parking Management Market Share by Regions (2023 & 2032)
17. Global Parking Management Market Share by Company (2022)
This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global parking management market based on the below-mentioned segments:
Global Parking Management Market By Deployment Type:
Global Parking Management Market By Parking Site:
Global Parking Management Market By Solution:
Global Parking Management Market By Region:
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