Parking Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Parking Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global parking management market size reached US$ 4.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.4 Billion by 2028, exhibiting a growth rate (CAGR) of 9% during 2023-2028.

Parking management represents various programs, strategies and implemented policies that are designed to promote the efficient utilization of different parking resources and create more walkable areas. It constitutes parking management systems, security and surveillance solutions, boom barriers and parking reservation structures. These devices assist in mitigating the demand for parking subsidies, increasing travel options, inhibiting traffic, generating a return on investments (ROI) and maintaining the safety and security of the vehicle. On account of these properties, it finds extensive applications in off-street and on-street parking sites in on-premises and cloud solutions deployment forms.

Parking Management Market Trends:
The widespread adoption of parking management policies and solutions across commercial, residential and transportation sectors can be attributed to the increasing need for improved mobility amongst service consultants and optimizing overall revenue. This, along with the favorable initiatives being undertaken by the government bodies for managing tows, resolving traffic congestion issues, and mitigating overall operational expenditure (OPEX) and capital expenditure (CAPEX) represents the key factor primarily driving the market growth. In line with this, significant technological advancements, such as the integration of various parking management solutions with near-field communication (NFC), global positioning systems (GPS) and cameras is acting as another growth-inducing factor. These systems assist in identifying vacant spots, monitoring systems, providing enhanced signage, real-time parking indicators, and reducing the wastage of spaces by promoting efficient usage of parking resources. Other factors, such as rising demand for effective parking management solutions and the continuous investments in research and development (R&D) activities to introduce automated license plate recognition solutions and mobile phone applications for monitoring speed, gaining traction, and receiving voice guidance, are creating a positive outlook for the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global parking management market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on offering type, deployment mode and parking site.

Breakup by Offering Type:

Solution
Access Control
Security and Surveillance
Revenue Management
Parking Reservation Management
Valet Parking Management
Others
Service
Consulting and Training
System Integration and Deployment
Support and Maintenance

Breakup by Deployment Mode:

On-premises
Cloud-based

Breakup by Parking Site:

Off-street
On-street

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 3M Company, Amano Corporation, Cubic Corporation, FlashParking Inc. (Arrive Mobility Inc.), Infocomm Group LLC, International Business Machines Corporation, Passport Labs Inc., Q-Free ASA, Robert Bosch GmbH, SAP SE, Siemens AG and T2 Systems Inc. (Verra Mobility).

Key Questions Answered in This Report

1. What was the size of the global parking management market in 2022?
2. What is the expected growth rate of the global parking management market during 2023-2028?
3. What are the key factors driving the global parking management market?
4. What has been the impact of COVID-19 on the global parking management market?
5. What is the breakup of the global parking management market based on the offering type?
6. What is the breakup of the global parking management market based on the deployment mode?
7. What is the breakup of the global parking management market based on parking site?
8. What are the key regions in the global parking management market?
9. Who are the key players/companies in the global parking management market?