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.

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.

Gather more insights about the market drivers, restrains and growth of the Global Parking Management Market

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.

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.

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.

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.

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.

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.

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.

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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 Segmentation

Grand View Research has segmented the global parking management market based on solution, service, deployment, parking site, off-street parking site, application, and region:

Parking Management Solution Outlook (Revenue, USD Million, 2018 - 2030)

• Access Control
• Security & Surveillance
• Revenue Management
• Parking Reservation Management
• Valet Parking Management
• Others

Parking Management Service Outlook (Revenue, USD Million, 2018 - 2030)

• Consulting Services
• System Integration and Deployment
• Support and Maintenance

Parking Management Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• Cloud
• On-premise

Parking Management Parking Site Outlook (Revenue, USD Million, 2018 - 2030)

• On-street
• Off-street

Parking Management Off-street Parking Site Outlook (Revenue, USD Million, 2018 - 2030)

• Garage Parking
• Lot Parking

Parking Management Application Outlook (Revenue, USD Million, 2018 - 2030)

• Transport Transit
• Commercial
• Government

Parking Management 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
• MEA

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About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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