Australia Parking Management Market Outlook to 2028

Australia Parking Management Market Outlook to 2028

Market Overview

The Parking Management market has been experiencing robust growth, driven by a convergence of factors. Increasing urbanization and population growth result in higher demand for parking spaces in both residential and commercial areas. Additionally, the growing number of vehicles, coupled with infrastructure investments in parking facilities and smart parking solutions, contributes to the increased need for efficient parking management services.

Changing demographics, such as the rise of urban dwellers and the need for innovative parking solutions in densely populated areas, impact the demand for parking management services. Government policies and incentives, such as parking regulations, parking permits, and smart city initiatives, also play a crucial role in shaping the growth of the parking management market.

Australia parking management industry is catered by the domestic and international players. Ace Parking, Wohr Parking Systems, Hercules Carparking Systems, Secure Parking, TPS Traffic and Parking Systems are the top players of the Australia Parking Management industry.

Australia Parking Management Market Analysis

Moreover, technology enhancement in connectivity and communication is also expected to make it a more affordable and sought-after solution. Mobile-based App support for parking solutions is expected to bring new growth opportunities to the market.

Further, technologies such as AI, machine learning, speed monitoring, image recognition, and tracking capabilities are expected to improve and enhance the user's experience in the market. For instance, in May 2021, L&T Technology Services developed a smart parking solution collaborating with the Intel Corporation. The solution comprises four essential parts and uses AI's effective capabilities. They are a digital camera, a mobile application for the end-user interface, a digital signage module for safe and secure access, and an operator portal that contains user information. The AWS cloud platform connects all of these parts, making it readily available and reachable.

Key Trends by Market Segment:

By Deployment Type:Based on deployment type, the on-premise segment is estimated to command the largest share of the overall parking management market in 2020. This is primarily attributed to the speed of access and easier data management process by the on-premise servers. In addition, the data stored by on premise servers are highly secured and can be accessed by the parking official only inside the premise.

By Parking Site:Based on parking site, the off-street parking segment is estimated to command the largest share of the overall parking management market in 2020. This is primarily attributed to the rising requirement of parking spaces in CBDs and efforts to reduce congestion levels on street, making parking safe and convenient for both driver and vehicle.

Recent Developments:

The parking market in Australia has likely seen further adoption of contactless payment methods and mobile apps. Many parking facilities now offer cashless payment options, making it more convenient for drivers to pay for parking using their smartphones or credit cards.

Smart Parking Technologies: The implementation of smart parking technologies, such as parking sensors, real-time data analytics, and mobile apps, has likely continued to expand. These technologies help drivers find available parking spaces easily and allow parking operators to optimize parking space utilization.

Future Outlook:

The future of parking management in Australia will see a significant integration of smart parking technologies. This includes the widespread adoption of IoT (Internet of Things) devices such as sensors and cameras to monitor parking spaces in real-time. These technologies will enable drivers to easily locate available parking spots through mobile apps or navigation systems, reducing the time spent searching for parking and minimizing traffic congestion.

With a growing focus on sustainability and reducing carbon footprints, the future of parking management in Australia will witness an increased emphasis on eco-friendly initiatives. This may include the implementation of electric vehicle (EV) charging stations in parking lots, incentivizing electric vehicle usage, and integrating renewable energy sources to power parking infrastructure.

As urban centers become denser and car ownership patterns shift, parking management will evolve to align with Mobility as a Service (MaaS) solutions. MaaS aims to provide seamless, integrated transportation options, combining public transit, ridesharing, bike-sharing, and car rentals. Parking management systems will work in tandem with MaaS platforms to provide dynamic parking information based on changing mobility needs and preferences.

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