Global Parking Management Solutions Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Parking Management Solutions Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Parking Management Solutions automate a car parking system. It encompasses ICT-based solutions that deploy IoT and AI for a smooth and automated parking facility. It optimizes parking spaces and making processes efficient. It gives real-time car parking information, such as vehicle & slot counts, available slots display, reserved parking, pay-and-park options, easy payments, reports, and a host of other features. Parking Management Solutions offer a range of technologies and digital services that enable a parking operator working in the ‘on-street’ or ‘off-street’ environment complete control over who can access their sites, and where it is important to do so, enable users to pay for those services in an efficient and friendly way.

Market Overview:

The latest research study on the global Parking Management Solutions market finds that the global Parking Management Solutions market reached a value of USD 3847.02 million in 2022. It’s expected that the market will achieve USD 6179.74 million by 2028, exhibiting a CAGR of 8.22% during the forecast period.

Short-term negative impact

The worldwide spread of COVID-19 has affected the global economy. This pandemic, the overall lockdown, and the rapid increase in the number of infected patients have brought the entire manufacturing and service industries to a standstill. This has severely affected the global manufacturing supply chain and service providers.
In the current situation that governments of various countries have implemented complete lockdowns due to the spread of the coronavirus, the global market share has fallen sharply. This global economic crisis has affected the income of various industries. Therefore, the investment reserved for the purchase of advanced parking management systems by the public or private sectors is disrupted, because this amount will inevitably be used to make up for economic losses and rebuild business foundations. This may result in lower sales demand for new parking management solutions. In addition, due to the decline in income levels, this epidemic may affect the auto industry, and people may pay more attention to utilities than to buy new cars. Due to social distancing, shopping malls, amusement parks, restaurants and other entertainment activities may be hindered, thereby affecting parking space operators. The supply and demand sides of the market have been hit, which will have a short-term negative impact on the industry.

Gradually recover over a long period of time

With the promotion of vaccines and the implementation of epidemic prevention and control measures, the supply chain has gradually recovered, market vitality has been restored, and capital market confidence has been reshaped. During the pandemic, the increasing use of advanced technologies to add non-contact parking facilities is expected to create opportunities for parking management solution providers. People’s greater reliance on digital lifestyles will help promote the digital transformation of enterprises and the promotion and implementation of smart solutions.

Political Factors

Government support
Traffic is becoming congested gradually, and the government is paying more and more attention to the parking management market. The government participates in the parking management market and actively promotes the development of the smart parking market.
The growth of the German market is mainly due to the continuous development of their parking management system approach. Germany has an excellent ICT infrastructure and is fast-tracking smart technologies in its infrastructure. Nearly 74% of Germans live in cities and towns, so strategic urban development through digital solutions has been widely recognized and relevant. Germany's goal is to use network information and communication technologies to implement intelligent traffic and parking management systems to reduce road congestion. In Hamburg, the Department of Home Affairs and Sports and State Traffic Authority, in association with Deutsche Telekom, presented an app-based smart parking solution—Park and Joy, to simplify parking and reduce traffic congestion. The app will fetch data from numerous sensors placed by the local transport authority LBV and allow users to see free parking spaces through a smartphone.

Environmental Factors

The external competitive environment is fierce
The market for parking management solutions is fiercely competitive, especially with the improvement of the level of intelligence, the market competition is becoming increasingly fierce. With the government's emphasis on parking management and the leading direction of smart city construction, the prospects and demands of the parking management solution market have expanded. An effective integrated parking management solution helps maintain urban infrastructure, reduce land consumption, increase government revenue generation and improve user convenience. All authorities around the world are trying to improve traffic congestion by providing enough parking spaces for their citizens. Therefore, in the next few years, the demand for parking management solutions is expected to increase and competition is fierce.

Region Overview:

Geographically, North America held the largest market share – 38% in 2021.

Company Overview:

Amano is one of the major players operating in the Parking Management Solutions market, holding a share of 14.12% in 2022.

Amano

Amano Corporation manufactures electric time recorders and information systems. The Company also produces time stamps and parking lot traffic and fee collection management systems. The Company produces environment related systems such as dust collectors, air filters, and gas/water cleaning equipment.

FLOWBIRD

Flowbird is a French-headquartered company specializing in payment and ticketing systems, notably for car parks and public transport systems. The company was formed as a spin-off from Schlumberger in 2003.

Segmentation Overview:

Among different product types, On-street parking segment is anticipated to contribute the largest market share in 2027.

Application Overview:

In the Parking Management Solutions market, 36.4% of the total value was generated through the Revenue management segment by application in 2021.

Key Companies in the global Parking Management Solutions market covered in Chapter 3:

Bosch
FLOWBIRD
T2 Systems, Inc.
Amano
Kapsch TrafficCom
IBM Corporation
Cleverciti Systems
Robotic Parking Systems, Inc
Conduent
Indigo
SKIDATA
Siemens

In Chapter 4 and Chapter 14.2, on the basis of types, the Parking Management Solutions market from 2018 to 2029 is primarily split into:

Off-street parking
On-street parking

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Parking Management Solutions market from 2018 to 2029 covers:

Revenue management
Security and surveillance
Access control
Reservation management
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)