Global Parking Management Market Report and Forecast 2023-2028

Global Parking Management Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global parking management market reached a value of USD 4.60 billion in 2022. Aided by the increasing demand for efficient parking solutions and the growing applications of parking management systems in various sectors, the market is projected to further grow at a CAGR of 9.6% between 2023 and 2028 to reach a value of USD 8.01 billion by 2028.

Parking management systems play a critical role in streamlining parking operations by optimising space usage, regulating parking time, and ensuring fair and effective enforcement of parking policies. These systems serve as key components in various domains, including malls, airports, corporate offices, and city street parking. Apart from their core functionality of managing parking, these systems also provide valuable data analytics, contribute to urban planning, and aid in revenue management.

The escalating urbanisation and proliferation of vehicles are driving the global parking management market growth. With increasing vehicle ownership, there has been a surge in the demand for efficient and effective parking solutions. Additionally, the rising trend of smart cities has further contributed to the increasing popularity of parking management systems, as they play a critical role in traffic management and urban planning.

The expanding applications of parking management systems in various sectors also play a significant role in propelling the parking management market demand. In the aviation industry, these systems are used to manage large-scale parking operations efficiently. The retail sector utilises parking management systems to enhance the customer experience by reducing parking hassles. Moreover, the integration of parking management systems with various technologies like mobile payments, IoT sensors, and automated parking solutions contributes to the growth of the global market.

Furthermore, the growing demand for environmentally sustainable solutions in urban planning has led to an increased focus on parking management systems. Efficient parking solutions can significantly reduce fuel consumption and emissions associated with vehicles searching for parking spots. With the rise of eco-conscious policies and the increasing popularity of green urban planning, parking management systems have emerged as a key tool in the creation of sustainable cities, thereby boosting the parking management market expansion.

Market Segmentation

The market can be divided based on 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

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global parking management companies. Some of the major key 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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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.