GVR Report cover Parking Management Market Size, Share & Trends Report

Parking Management Market Size, Share & Trends Analysis Report By Solution, By Service, By Deployment, By Parking Site, By Off-Street Parking Site, By Application, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68039-913-0
  • Number of Pages: 110
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Report Overview

The global parking management market size was valued at USD 4.38 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.1% from 2023 to 2030. The rise in the number of vehicles across the world, growing demand for an effective traffic management solution, and rapid development of smart cities are contributing to the growth of this market. Due to the COVID-19 pandemic, there was a modest decrease in growth activities as many countries imposed strict restrictions by announcing complete lockdowns. Additionally, the government of several nations invested heavily in their healthcare systems to help identify the signs of the virus and stop the spread, which included restriction measures such as no crowding of public transport stations and vehicles that hindered the growth of parking management for a short period.

U.S. parking management market size, by solution, 2020 - 2030 (USD Million)

However, the ease in travel restrictions currently is expected to propel the market demand, as most of the places are opening with full occupancy which will push the demand for parking management. The rise in parking management makes cloud-native parking management also rise to the occasion, with parking operators running their infrastructure via the cloud, owing to multiple benefits such as scalability and a pay-as-you-go model.

For instance, in July 2022, Amano McGann launched Amano ONE, a cloud-based parking accessibility and revenue process control system which streamlines parking operations. The system is simple to install and administer with low maintenance requirements. It is also user-friendly.

Technological advancements such as the Internet of Things (IoT), parking sensors, and electronic payment methods are additionally supporting the growth of this market. Firms are trying to deliver an enhanced customer experience and offer hassle-free parking that can help them gain a competitive advantage over others.

With the help of real-time data and analytics, organizations can allocate spaces, provide access control, and reduce administrative overhead spent on parking. For instance, in November 2022, Robert Bosch GmbH announced a partnership with Mercedes-Benz to launch automated self-parking software. The software allows vehicles to park themselves in spaces reserved in the parking lot of Stuttgart Airport.

Parking management is a cost-effective and reliable solution that reduces the time spent by drivers in finding available carpark space and traffic congestion. Furthermore, the increased adoption of electric vehicles compels city authorities to implement charging stations to push the demand for parking management higher. Parking management helps businesses in reaching their maximum potential by offering them space optimization. Features such as hassle-free booking, simple navigation, seamless customer experience, live reports, and parking enforcement options are anticipated to fuel the demand for parking management.

Parking management helps in customizing and reserving parking spaces as per company guidelines and staff requirements. The focus is rapidly shifting from hardware to digital solutions as hardware solutions had multiple concerns relating to security, obstructive parking, and unallocated spots. Currently, office-centric parking solutions, also called employee parking software, are witnessing significant growth due to the increased capacity they can offer without having to increase the actual space.

For instance, in February 2022, Yellowbrick International BV, a subsidiary of Flowbird Group acquired PICONET, a parking payment solution provider. Through the acquisition, the former company expanded its presence in the Romanian market for mobile parking apps.

Solution Insights

The revenue management segment accounted for the largest market share of over 25% in 2022. This is due to multiple benefits such as optimizing smart inventory prioritization, demand-driven dynamic pricing, continuous monitoring, and re-modeling. This segment utilized advanced analytics to predict and recommend future prices every day based on historical data, algorithms, and business rules.

Revenue management can include services such as digital payments, audit and verification of transactions, client banking, and comprehensive reporting. Additionally, revenue management also helps facility providers to compare their prices with the price of other competitors and help them manage their pricing strategy.

The parking reservation management segment is anticipated to grow with the fastest growth during the forecast period. This is majorly due to the shortfall of parking spaces in residential and commercial places. With the help of these solutions, drivers can pre-book spaces and avoid the hassle that goes with limited parking space. Reservation management systems comprise equipment and software such as cameras, parking meters, wireless sensors, and automatic gates, among others.

These help in the smooth flow of traffic and provide additional security. Firms implementing this solution can have various advantages, including better customer experience, customer loyalty, reduced operating cost, and less human intervention, which are expected also to fuel market growth.

Service Insights

The support and maintenance segment accounted for the largest market share of over 40% in 2022. The need for training and support required by employees while implementing and after execution of the parking management systems remains a promising driver of growth. The support and maintenance segment also includes enhancement services for mobile applications that improve the compatibility of apps with the latest Operating System (OS) version.

The software and equipment used for parking management require preventive maintenance to avoid downtime and ensure that systems are running as smoothly as when it was first installed, which is expected to drive the growth of this segment further.

The system integration and deployment segment are expected to register the highest CAGR during the forecast period. This growth can be attributed to benefits such as customization, add-on features, and centralized data management techniques. Features such as digital signage, license plate recognition, and quick upgrades, without having to change already installed hardware, can help in elevating the customer experience.

Additionally, it provides a competitive advantage. System integration and deployment facilitate the import of payments, demographic import, and export of receivables, vehicle owner retrieval, and user authentication.

Deployment Insights

The on-premise segment accounts for over 60% of the market share in 2022, owing to its various benefits. Such benefits include enhanced security, reduced chances of downtime, and better accessibility. Organizations have better control over the data as data does not leave the organization’s premises leading to better data protection. The on-premise deployment can be a decisive advantage, especially when it comes to compliance issues.

Additionally, many firms rely on this type of deployment due to enhanced reliability; in case of network failure and if the internet connection is interrupted the employees can still access the data and avoid downtime.

Cloud deployment is expected to register significant growth during the forecast period. This growth is attributed to the advantages cloud deployment can offer, such as ease of deployment. Cloud solutions do not require hardware installation, and also offer ease of customization that allows organizations to implement tailor-fit solutions according to their needs. Cloud solutions also offer ease of scalability.

Many organizations do not want to invest heavily in the infrastructure right in the beginning; instead, they prefer a model where they can scale up as per the requirement. Cloud deployment provides a pay-as-you-use model where firms only have to pay for what they use. This is one of the most crucial factors driving the growth of this segment.

Parking Site Insights

The off-street parking site segment held a market share of over 70% in 2022 due to the increased number of vehicles on the street, posing infrastructural challenges. Off-street parking plays a huge role in traffic management and is often preferred as it is a faster, easier, and more reliable solution. Additionally, this solution requires low installation and maintenance costs which are expected to fuel the segment growth. The rise in smart city initiatives is also propelling the demand for off-street parking sites.

Furthermore, the rise in digital payment techniques and smartphone penetration is supporting the growth of this segment. For instance, in June 2022, ParkMobile, LLC partnered with the University of Louisville to provide smart parking payments for parking on campus. Through the collaboration, ParkMobile is accessible at the university in approximately 2,700 off-street parking spaces.

The on-street parking site segment is anticipated to show significant growth over the forecast period as it reduces the obstructive and chaotic parking on streets leading to more pleasant public spaces, better conditions for walking and cycling, and better access to public transport stops and stations. Moreover, on-street parking sites reduce the on-street parking saturation and the urgency of parking supply investments.

The off-street parking segment is further categorized into two sub-segments namely, lot parking and garage parking. Both the parking lots and garage parking incorporate slot enforcement, self-serve checkouts, and monthly parking pass programs that make the whole parking scenario hassle-free and systematic.

Application Insights

The government segment accounted for over 55% of the market share in 2022. This is due to the need for developing safe, clean, and efficient public carpark facilities across the city. With the urge to reduce the burden on public property by efficiently utilizing the available resources government is taking several initiatives. For instance, in December 2022, a partnership between IDFC FIRST Bank and Jammu Development Authority (JDA) introduced a FASTag-enabled parking management solution at the general bus stop in Jammu & Kashmir. The initiative would help the union territory to set up a traffic management system and provide cashless and paperless parking facilities.

Global parking management market share, by application, 2022 (%)

The commercial segment is expected to register the highest growth during the forecast period. This growth is attributed to maximizing the space of the available area, enhanced security and protection for vehicles, and extra revenue. Commercial parking management is important for many firms as it enhances user experience by saving customers’ time and effort in finding free parking spots.

Commercial parking management includes digital signages, online payments, self-ticketing solutions, electric vehicle charging stations, and car-sharing. Additionally, automated reporting is one of the key factors that is driving the growth of this segment as organizations can capture and identify visitor’s details and their duration of stay, which helps organizations in understanding customers and serving them better.

Regional Insights

The North America region dominated the parking management market by accounting for over 35% of the market share in 2022. The increase in the number of vehicles in countries like Canada and the U.S. is leading to the growth of smart parking solutions to reduce traffic congestion. Moreover, the rise in the adoption of smartphones and the introduction of mobile apps for finding parking spaces provide convenience for users; thus, they are rapidly adapting to modern parking demands. The increased commercialization in the region and the urge to offer customized user experiences are propelling the demand for parking management across the region.

Parking Management Market Trends by Region

The Asia Pacific region is anticipated to register significant growth over the forecast period. The rising interest of the government in developing smart cities and increased demand for systematic and smooth flow of traffic are promoting growth in this region. The Asia Pacific region is experiencing rapid growth in industrialization and urbanization, which will support the growth of parking management even further as industrialization needs for smart transportation and logistics grow. Besides, the number of municipalities is increasing in developing countries such as India, South Korea, and China, which supports smart techniques to handle traffic.

Key Companies & Market Share Insights

Market players are observed to invest resources in research & development activities to support growth and enhance their internal business operations. Companies can be seen engaging in mergers & acquisitions and partnerships to further upgrade their products and gain a competitive advantage in the market. Moreover, governments are taking various initiatives to solve the problem of traffic congestion across the cities, and many private players are expanding their geographical presence to gain more market share. Some prominent players in the global parking management market include:

  • 3M Company

  • Amano Corporation

  • Cubic Corporation.

  • International Business Machines Corporation

  • Kapsch TrafficCom.

  • Siemens AG

  • Skidata

  • Swarco Corporation

  • T2 Systems

  • Robert Bosch GmbH

Parking Management Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 4.56 billion

Revenue forecast in 2030

USD 10.14 billion

Growth rate

CAGR of 12.1% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company market share, competitive landscape, growth factors, and trends

Segments covered

Solution, service, deployment type, parking site, off-street parking site, region

Regional scope

North America; Europe; Asia Pacific; South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; U.K.; Germany; China; India; Japan; Brazil

Key companies profiled

3M company; Amano Corporation; Cubic Corporation; International Business Machines Corp.; Kapsch TrafficCom.; Siemens AG.; Skidata Company; Swarco Corporation; T2 Systems; and Rober Bosch GmbH

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Parking Management Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global parking management market report based on solution, services, deployment, parking site, off-street parking site, application, and region:

  • Solution Outlook (Revenue, USD Million, 2018 - 2030)

    • Access Control

    • Security & Surveillance

    • Revenue Management

    • Parking Reservation Management

    • Valet Parking Management

    • Others

  • Service Outlook (Revenue, USD Million, 2018 - 2030)

    • Consulting Services

    • System Integration and Deployment

    • Support and Maintenance

  • Deployment Type (Revenue, USD Million, 2018 - 2030)

    • Cloud

    • On-premise

  • Parking-Site (Revenue, USD Million, 2018 - 2030)

    • On-Street

    • Off-Street

  • Off-Street Parking Site Outlook (Revenue, USD Million, 2018 - 2030)

    • Garage Parking

    • Lot Parking

  • Application Outlook (Revenue, USD Million, 2018 - 2030)

    • Transport Transit

    • Commercial

    • Government

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      •  Mexico

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • South America

      • Brazil

    • Middle East & Africa

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