Parking Management Market by Technology (GSM-Based Parking Management Systems, Image Processing, License Plate Recognition), Component (Services, Solutions), Parking Site, Deployment, End User - Global Forecast 2024-2030

Parking Management Market by Technology (GSM-Based Parking Management Systems, Image Processing, License Plate Recognition), Component (Services, Solutions), Parking Site, Deployment, End User - Global Forecast 2024-2030

The Parking Management Market size was estimated at USD 6.14 billion in 2023 and expected to reach USD 6.67 billion in 2024, at a CAGR 9.51% to reach USD 11.61 billion by 2030.

Parking management refers to various policies and strategies employed to regulate the use of parking spaces with the primary aim of ensuring efficient utilization of existing parking infrastructure. It encompasses a range of practices including the design, implementation, and administration of systems that facilitate orderly parking. This includes considerations for pricing strategies, enforcement of parking regulations, and technological solutions for monitoring and managing parking supply and demand. The overarching goal of parking management is to improve accessibility, reduce traffic congestion caused by vehicles searching for parking, and promote sustainable transport options by aligning parking policies with broader urban development objectives. The need for efficient use of urban space due to increasing vehicle ownership, the emerging trend of smart cities incorporating intelligent transportation systems, and environmental concerns pushing for a reduction of vehicular exhaust emissions are primarily raising the adoption of parking management solutions. Despite growth, the parking management market faces challenges, including the high initial costs of implementing advanced parking management solutions and the lack of standardization across different regions, which can hinder interoperability. However, the integration of big data analytics and AI offers the potential to enhance user experience, optimize parking operations, and present future growth avenues for the parking management market.

Regional Insights

In the Americas, the parking management market demonstrates robust growth, largely driven by increasing urbanization and the need for efficient vehicular flow in densely populated cities. Technological advancements such as intelligent parking solutions and a rise in smart city initiatives are further propelling market performance. North America, with the United States at the forefront, is a significant contributor to market development owing to its robust adoption of advanced parking management systems aimed at addressing congestion and ensuring sustainability. The EMEA region shows a diverse market performance in parking management. Europe, with its high vehicle ownership rates and stringent regulations for reducing carbon emissions, displays a strong demand for efficient parking solutions. The Middle East, with its focus on infrastructure development and smart city projects, particularly in the Gulf Cooperation Council (GCC) countries, is also seeing market expansion. Africa's market is developing at a slower pace due to economic variability but is expected to grow with urbanization trends and infrastructure advancements. The APAC region is currently experiencing rapid growth in the parking management market, attributed to the extensive urbanization in China and India, which are grappling with significant traffic congestion and vehicle population. Economic development and the increasing prevalence of smart parking technologies through initiatives in smart cities are key drivers of market growth in this region. Additionally, the region is witnessing a heightened awareness of the environmental impact of traffic congestion, motivating the adoption of eco-friendly and efficient parking management solutions.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Parking Management Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Growing Number of Vehicles Globally with the Increasing need for Optimum Utilization of Parking Spaces
    • Exponentially Rising Urban Population to Actuate Parking Management at Residential Spaces
    • Growing Adoption of Cloud, IoT, and Video Analytics Technologies in Parking Management
    • Market Restraints
      • High Installation Cost and Problems Related to System Breakdown
      • Market Opportunities
        • Rising Smart City Initiatives Across the Globe
        • Strong System Integration Opportunities with Mobile Application and Networking Technologies
        • Market Challenges
          • System Connectivity, Interoperability, and Integration Complexities
          • Market Segmentation Analysis
            • Technology: Development of specialized RFID solutions for high-level security and convenience
            • End User: Growing deployment of parking management solutions in the commercial sector to handle a high throughput of vehicles
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Parking Management Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Parking Management Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Haltian RADAR Aims to Revolutionise Parking Management
              
              Haltian has launched RADAR, an innovative wireless sensor poised to revolutionize vehicle detection through its precise radio wave signal-based measurements. This advancement in their IoT sensor lineup streamlines the collection of real-time vehicle occupancy data, facilitating enhanced management of parking spaces, improved operational efficiency, and increased safety for vehicle fleets.
              
              i-PRO Brings License Plate and Vehicle Identification to Latest Version of Active Guard
              
              i-PRO Co. Ltd. has announced active guard v1.7, an advanced upgrade to its robust security application. This enhancement integrates Vaxtor's automatic license plate recognition (ALPR) and vehicle attribute identification technology that recognizes the make, model, and color (MMC) of vehicles with exceptional accuracy. Optimized to operate on the edge through AI-enabled i-PRO cameras, this integration ensures high performance typically associated only with sophisticated PC-based processors. This unique feature bolsters real-time monitoring and also accelerates event analysis in post-event investigations, proving to be an indispensable tool across urban surveillance, parking management, access control, and various other security-focused applications.
              
              Dormakaba and Scheidt & Bachmann Agree Collaboration in Parking and Building Access Management
              
              Dormakaba has forged a strategic partnership with Scheidt & Bachmann, a company in intelligent mobility solutions, including innovative parking management. This collaboration aims to deliver a comprehensive parking and building access management solution by integrating Scheidt & Bachmann's parkoneer system with Dormakaba's exos and MATRIX access systems. This integration signifies a transformative approach that aligns with the evolving flexibility of the modern workplace, enabling seamless transitions from car park to office for employees.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Parking Management Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Parking Management Market, highlighting leading vendors and their innovative profiles. These include Amano Corporation, APCOA Parking Holdings GmbH, Chetu Inc., CivicSmart, Inc., Cleverciti Systems GmbH, Conduent Incorporated, FlashParking, Inc., Flowbird, Get My Parking, IEM S.A., Indigo Group, INRIX, Inc., IPS Group, Inc., Klaus Multiparking GmbH, Nedap N.V., Parkpnp Limited T/A Wayleadr, Passport Labs, Inc., Precise Parklink, Inc., Robert Bosch GmbH, Siemens AG, SKIDATA GmbH, Smart Parking Limited, Stanley Robotics, Streetline, SWARCO AG, T2 Systems, Inc., TIBA Parking LLC, Total Parking Solutions Ltd., UKCPS Ltd., Urbiotica, VersionX Innovations Private Ltd., WISEGO, and Xerox Holdings Corporation.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Parking Management Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Technology
              • GSM-Based Parking Management Systems
              • Image Processing
              • License Plate Recognition
              • RFID-Based Parking Management Systems
              • Visible Light Communication
              • Component
                • Services
                  • Support & Maintenance Services
                  • System Integration Services
                  • Solutions
                    • Parking Access & Revenue Control Solutions
                      • Automated Gates
                      • Handheld Ticket Writers
                      • Parking Meters
                      • Parking Guidance System
                      • Permit Management Solutions
                      • Reservation Management Solutions
                      • Security & Surveillance
                        • Alarms & Locators
                        • Surveillance Cameras
                      • Parking Site
                        • Off-Street
                        • On-Street
                        • Deployment
                          • On-Cloud
                          • On-Premise
                          • End User
                            • Commercial
                              • Airports, Railway Stations, & Bus Terminals
                              • Office Spaces
                              • Retail, Entertainment, and Leisure
                              • Residential
                              • Region
                                • Americas
                                  • Argentina
                                  • Brazil
                                  • Canada
                                  • Mexico
                                  • United States
                                    • California
                                    • Florida
                                    • Illinois
                                    • New York
                                    • Ohio
                                    • Pennsylvania
                                    • Texas
                                    • Asia-Pacific
                                      • Australia
                                      • China
                                      • India
                                      • Indonesia
                                      • Japan
                                      • Malaysia
                                      • Philippines
                                      • Singapore
                                      • South Korea
                                      • Taiwan
                                      • Thailand
                                      • Vietnam
                                      • Europe, Middle East & Africa
                                        • Denmark
                                        • Egypt
                                        • Finland
                                        • France
                                        • Germany
                                        • Israel
                                        • Italy
                                        • Netherlands
                                        • Nigeria
                                        • Norway
                                        • Poland
                                        • Qatar
                                        • Russia
                                        • Saudi Arabia
                                        • South Africa
                                        • Spain
                                        • Sweden
                                        • Switzerland
                                        • Turkey
                                        • United Arab Emirates
                                        • United Kingdom
                                        
                                        
                                        Please Note: PDF & Excel + Online Access - 1 Year