According to the report by Expert Market Research (EMR), the global Parking Management Market Size reached a value of USD 5.04 billion in 2023. Aided by the increasing urbanisation and the need for efficient traffic flow and space utilisation in crowded city, the market is projected to further grow at a CAGR of 9.6% between 2024 and 2032 to reach a value of USD 11.56 billion by 2032.
Parking management encompasses software and solutions that integrate technology to make the parking of vehicles more efficient, user-friendly, and sustainable. These systems help manage demand, control entry and exit, enforce regulations, and collect parking fees automatically. They are crucial in reducing traffic congestion, minimising carbon emissions, and maximising the use of space, particularly in urban areas.
As more people move to urban areas and vehicle ownership rates rise, the demand for efficient parking solutions becomes critical to avoid congestion and optimise limited urban space. Additionally, many cities around the world are investing in smart technologies to improve infrastructure and public services, including parking solutions, as part of broader smart city projects, consequently driving up the parking management market share.
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Innovations such as the Internet of Things (IoT), cloud-based technologies, and mobile applications are enhancing the efficiency and user-friendliness of parking management systems. Moreover, in many regions, governments are implementing regulations that promote the adoption of advanced parking management solutions to reduce traffic congestion and environmental impact, leading to parking management market development.
Cloud technology plays a substantial role in the parking management market. By utilising cloud parking systems, users can access real-time parking information such as spot availability, pricing, and occupancy duration, resulting in time and cost savings. Additionally, these systems minimise the reliance on manual labour, thereby improving the cost-effectiveness for operators. Furthermore, the increasing prevalence of smartphones enables the monitoring of parking data and analytics through mobile applications, contributing to the parking management market growth.
North America dominates the market, as per the analysis. This is primarily attributed to the increasing acceptance of parking management services and solutions by IT companies and enterprises. The market growth in the region is further fuelled by the rising implementation of smart parking management solutions in various commercial spaces like malls and museums.
Parking Management Market Segmentation
The market can be divided based on the offering, deployment type, parking site, application, and region
Market Breakup by Offering
- Solutions
- Access Control
- Security and Surveillance
- Revenue Management
- Parking Reservation Management
- Valet Parking Management
- Others
- Services
- Consulting Services
- System Integration and Deployment
- Support and Maintenance
Market Breakup by Deployment Type
- Cloud
- On-Premise
Market Breakup by Parking Site
- On-Street
- Off-Street
Market Breakup by Application
- Transport Transit
- Commercial
- Government
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Parking Management Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global parking management market. Some of the major players explored in the report by Expert Market Research are as follows:
- Xerox Corporation
- T2 Systems, Inc.
- Cleverciti Systems GmbH
- SKIDATA GmbH
- Cubic Corporation
- Siemens AG
- Swarco Holding
- Robert Bosch GmbH
- FlashParking, Inc.
- Conduent Business Services, LLC
- Apcoa Parking AG
- Precise ParkLink Inc.
- Others
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