Parking Management Market Size, Share, Growth, Trends and Forecast – 2028
According to a research report “Parking Management Market Size by Offering (Solutions (Parking Guidance, Parking Reservation Management) and Services (Professional Services and Managed Services)), Parking Site (Off-Street and On-Street), Application and Region – Global Forecast to 2028″ published by MarketsandMarkets, the parking management market is estimated at USD 4.4 billion in 2023 and is projected to reach USD 6.3 billion by 2028, at a CAGR of 7.4% from 2023 to 2028. The market growth can be attributed to several factors, such as the increasing traffic congestion and adoption smart technologies, such as big data, cloud, and the Internet of Things (IoT). Other factors supporting the market growth include the proliferation of smartphones, followed by the increasing vehicle sales rate. During the forecast period, introducing autonomous vehicles is expected to provide a wholesome opportunity for brisk growth of the parking management market. However, system integration issues may restrict the overall market growth.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1249
Based on services, the professional service segment is expected to account for the largest market size during the forecasted period
Businesses can access specialized support services from professionals, experts, and specialists to foster growth. These professional services may include consulting and training, system integration and deployment, and support and maintenance. Companies that offer professional services have a team of technical consultants, project managers, and parking management experts who design and provide essential decision support tools, services, and expertise. Professionals in this field use the latest techniques, strategies, and skills to encourage customers to adopt innovative parking management solutions. They also provide tailored implementation and assessment services, assist clients with system integration, and deploy solutions with industry best practices. Service vendors cover all phases of the solution deployment, from auditing to implementation, support, and ongoing performance optimization.
The Parking Access and Revenue Control (PARC) segment is expected to account for the largest market size during the forecast period
The PARC solution is the most used solution by parking operators, allowing them to manage their revenue while regulating access to parking facilities. PARC is responsible for managing the entry and exit of vehicles in parking facilities. It also handles payments for both transient and non-transient vehicles. This system utilizes a combination of hardware, such as alarms, barrier gates, ticket validator machines, encoding stations, exit verifiers, lane controllers, and software to ensure smooth parking operations. Access control systems offer numerous benefits, including reduced manpower requirements, internal access restriction levels, and access and restriction to multiple entry and exit points. These systems are divided into biometrics, LPR-based Automatic Vehicle Identification (AVI), and ID management.
Based on region, North America is expected to dominate the market during the forecast period
North America has witnessed significant growth in the Parking Management market, leading the market in market share. The North American parking management market is the top revenue generator among all regional markets. This is due to the introduction of advanced parking management technologies and the increasing sale of vehicles in the region. The development of ICT has made it possible to reduce congestion, provide real-time information, prevent accidents, enforce speed and traffic rules, and decrease revenue leakages. The North American market has stringent government standards and regulations, ensuring parking management is regulated and controlled. The region’s major growth driver is the investment in parking management solutions to enhance driver and commuter convenience. The US and Canada are extensively implementing parking management solutions, primarily due to the increasing adoption of mobile devices and the growing focus on managing traffic congestion.
Market Players
The major players in the Parking Management Market are globe Group Indigo (France), Amano (Japan), Siemens (Germany), Bosch Group (Germany), Atos (France), SWARCO (Austria), SKIDATA (Austria), Chetu (US), Precise Parklink (Canada), FlashParking (US), Passport Labs (US), SpotHero (US), Get My Parking (India), INRIX (US), IPS Group (US), Smart Parking (Australia), TIBA Parking Systems (Israel), Q-Free (Norway), Streetline (US), ParkOffice (US), Urbiotica (Spain), CivicSmart (US), etc. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their footprint in the Parking Management Market.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
