Parking Management Market 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
The global Parking Management Market size to grow from USD 4.4 billion in 2023 to USD 6.3 billion by 2028 at a CAGR of 7.4% during the forecast period. This growth is fueled by the growing popularity of improved parking availability, enhanced security, and growing demand for smart parking.
To know about the assumptions considered for the study, Request for Free Sample Report
To know about the assumptions considered for the study, download the pdf brochure
Parking Management Market Dynamics
Driver: Growing demand for seamless traffic flow and reduction in fuel consumption
Parking and traffic congestion are highly interrelated, as searching for a parking space leads to delays, fuel combustion, and increased congestion. The growing parking issue can be resolved with the help of parking management solutions and services that can aid drivers in not only in finding a parking space but also in other functions, such as getting directions to the parking space, making cashless payments, and reserving parking spaces in advance. The growing demand for various parking management solutions and services will further help in reducing time and fuel consumption and enable seamless traffic flow.
Collaboration is key to enhancing mobility in cities with heavy traffic. The entire city management ecosystem, including city officials, vehicle manufacturers, traffic signal system providers, parking facilities, parking management solution providers, traffic information providers, shared mobility providers, startups, and public authorities, are working together to experiment and transform cities worldwide to make them more intelligent and efficient. Parking management solution providers are crucial in reducing traffic congestion by providing well-organized on-street and off-street parking facilities.
Restraint: System integration complexities
Parking management comprises a variety of hardware sensors, real-time messaging systems, traffic control devices, wireless and wired telecommunications systems, computer servers, and application interfaces. The variety and variability in the parking management hardware infrastructure and software systems are enormous. Also, the collection and analysis of parking data from different systems are necessary to implement the concept of dynamic priced parking. These parking data stores are disparate and often present on incompatible hardware and software systems, making it quite difficult to integrate the data into a coherent whole. The integration of all the hardware and software involved in parking management together into one single platform is difficult and acts as a restraint to the growth of the parking management market.
Opportunity: Rising smart city initiative globally
The surge in emerging technologies has propelled major urban areas to transform them into smart cities. Smart cities integrate their housing, mobility, and economic functions by utilizing innovative information and communications technologies. The smart city initiatives adopted by governments across the world are expected to provide business opportunities for the providers of smart parking management solutions, which can be integrated with smart city solutions.
Challenge: Data security and privacy issues related to IoT devices
The parking management market has significant growth potential; however, maintaining data security and privacy is a key challenge faced by the players operating in this market. The installed smart devices and sensors continuously generate a huge amount of data; this is expected to help organizations handling data gain insights about the market position of their competitors. This data is analyzed to generate actionable business insights; the majority of this data is processed at the edge and stored at the cloud from time-to-time. A majority of IoT-enabled devices are connected to various connectivity networks, such as mobile connectivity, public Wireless-Fidelity (Wi-Fi), and office Wide Area Networks (WAN). The public networks may not be as protected as they are required to be at an enterprise level. Thus, in a large-scale deployment, privacy and security are two closely related issues for IoT devices. The business data collected in the cloud and IoT-enabled devices can be accessed through various cyber threats and breaches.
Market Ecosystem
The parking management market is highly fragmented with the presence of a large number of vendors catering to a section or a sub-section of the market. Over the years, the parking management market landscape has witnessed some major changes, and nowadays, vendors are engaged in multiple partnerships and collaborations to provide integrated solutions capable of meeting broader needs. 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. are some of the major players operating in this ecosystem.
Based on the solutions, the parking guidance segment is expected to hold the highest CAGR during the forecast period.
Parking guidance solutions capture real-time information on available parking spaces and provide drivers with easy-to-follow directional signs to help them find vacant spots effortlessly. By accurately informing drivers of parking locations and availability, these solutions reduce traffic congestion and pollution while increasing occupancy and revenue for parking facilities. A typical parking guidance solution includes an ultrasonic parking guidance sensor, indicator, indoor parking space display, outdoor parking signboard, outdoor parking space display, parking guidance controller, parking guidance software, and parking management application. Using the parking management application, drivers can quickly locate available parking spaces in real time. This solution is especially beneficial for medical centers, where patients and disabled patrons can be automatically guided to vacant parking spaces. The parking guidance solution in retail centers can help shoppers spend more time shopping and less time searching for parking. Additionally, wayfinding signs can also be used for advertising to generate revenue.
Based on region, the Asia Pacific is expected to grow at the highest CAGR during the forecast period
During the forecast period, Asia Pacific is expected to experience the fastest growth in the parking management market. The Asia Pacific region, consisting of countries such as China, Japan, and Australia, is rapidly advancing technologically. With over 40% of the world’s population, it boasts some of the fastest-growing economies. Various smart city projects have been introduced in the Asia Pacific region to enhance citizen services, addressing infrastructure, transit, utilities, and connectivity challenges. For instance, several governments in the region have promoted smart parking practices due to environmental concerns and the need to manage traffic. The major countries expected to witness high growth rates in the Asia Pacific region include China, Japan, Singapore, Australia, New Zealand, and the rest of the Association of Southeast Asian Nations (ASEAN) countries.
Market Players:
The major players in the Parking Management market are 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.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metrics |
Details |
|
Market size available for years |
2018-2028 |
|
Forecast period |
2023–2028 |
|
Base Year |
2022 |
|
Forecast units |
Value (USD) Million/Billion |
|
Segments Covered |
Offerings, Solutions, Services, Professional Services, Applications, and Region |
|
Region covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
|
Companies covered |
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. |
This research report categorizes the Parking Management market to forecast revenues and analyze trends in each of the following submarkets:
Based on the Offerings:
- Solutions
- Services
Based on Solutions:
- Parking Guidance
- Parking Reservation Management
- Parking Permit Management
- Parking Enforcement Management
- PARC
- Parking Security and Surveillance
- Parking Analytics
Based on Services:
- Professional Service
- Managed Services
Based on Professional Services:
- Consulting and Training
- System Integration and Deployment
- Support and Maintenance
Based on Parking Site:
- On-Street Parking
- Of-Street Parking
Based on the Application:
- Government
- Commercial
- Transport Transit
By Region:
-
North America
- United States (US)
- Canada
-
Europe
- United Kingdom (UK)
- Germany
- France
- Rest of Europe
-
Asia Pacific
- China
- Japan
- South Korea
- Rest of Asia Pacific
-
Middle East & Africa
- UAE
- South Africa
- Israel
- Rest of the Middle East & Africa
-
Latin America
- Brazil
- Mexico
- Rest of Latin America
Recent Developments
- In June 2023, Group Indigo launched a new mobile app for parking payments called Indigo Park which Group Indigo launched a new mobile app for parking payments called Indigo Park.
- In June 2023, Amano launches new parking management platform in the United Kingdom. The new Amano ONE platform is designed to provide cities and businesses with a single platform to manage their parking operations.
- In June 2023, Atos collaborated with the University of Oxford to launch a new research project on the use of artificial intelligence for parking management. The project will explore how AI can be used to improve the efficiency and convenience of parking operations.
- In March 2023, Group Indigo and Mastercard partnered to provide contactless payments for parking.
- In March 2023, Amano partners with PayByPhone to offer contactless payments for parking in the United States. This partnership will allow drivers to pay for parking with their PayByPhone app at Amano's parking facilities in the United States.
Frequently Asked Questions (FAQ):
What is the definition of Parking Management market?
Parking management is based on a set of policies and programs designed for the efficient use of parking spaces. Parking management uses adequate hardware, software, and services for various functions, such as managing several types of parking, tracking the inbound and outbound flow of vehicles, parking space management, creating and tracking permits, payment processing, and the efficient management of parking spaces.
According to the Architecture Reference for Cooperative and Intelligent Transportation (ARC-IT) section under the US Department of Transportation, the ‘parking management solutions’ help users detect and classify vehicles at parking facility entrances, exits, and other designated locations within the parking facility.
What is the market size of the Parking Management market?
The Parking Management market size is projected to grow from USD 4.4 billion in 2023 to USD 6.3 billion by 2028, at a CAGR of 7.4% during the forecast period.
What are the major drivers in the Parking Management market?
Increase in global motor vehicle sales: Smart parking technologies are becoming increasingly popular in parking management, as they utilize sensors and other tools to track parking availability and assist drivers in locating parking spaces. This is a significant development as it helps reduce the time spent searching for parking, leading to a decrease in traffic congestion. Another noteworthy trend is the implementation of dynamic pricing, a system that adjusts parking rates based on demand. This ensures that parking spaces are used effectively and that drivers are not overcharged. Additionally, the rise in motor vehicle sales has spurred the creation of new parking management solutions, such as self-driving parking garages that can park cars automatically. This innovation can reduce the need for parking attendants and increase parking efficiency. Overall, the growth of motor vehicle sales is having a significant impact on the parking management industry. As the demand for parking spaces continues to grow, cities and businesses will need to adopt new and innovative parking management solutions in order to meet the needs of their residents and customers.
Who are the key players operating in the Parking Management market?
The major players in the Parking Management market are 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, enhancements, and acquisitions to expand their footprint in the Parking Management market.
What are the opportunities for new market entrants in the Parking Management market?
Rising smart city initiative globally: The surge in emerging technologies has propelled major urban areas to transform them into smart cities. Smart cities integrate their housing, mobility, and economic functions by utilizing innovative information and communications technologies. The smart city initiatives adopted by governments across the world are expected to provide business opportunities for the providers of smart parking management solutions, which can be integrated with smart city solutions.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
This research study involved extensive secondary sources, directories, and databases, such as D&B Hoovers, Bloomberg Businessweek, and Factiva, to identify and collect information useful for this technical, market-oriented, and commercial study of the Parking Management market. Primary sources were industry experts from core and related industries, preferred system developers, service providers, resellers, partners, and organizations related to the various segments of the industry’s value chain. In-depth interviews with primary respondents, including key industry participants and subject-matter experts, were conducted to obtain and verify critical qualitative and quantitative information and assess the market’s prospects. These included key industry participants, subject-matter experts, C-level executives of key companies, and industry consultants.
Secondary Research
The market share and revenue of the company offering Parking Management services were identified. The secondary data was available through paid and unpaid sources by analyzing the product portfolio of major companies in the ecosystem and rating them based on their performance and quality. In the secondary research process, various sources were referred to for identifying and collecting information for this study. In the secondary research process, various sources were referred to for identifying and collecting information for this study. The secondary sources included annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases.
Primary Research
Various primary sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report in the primary research process. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Chief Information Security Officers (CISOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the Parking Management market.
The Breakup of Primary Research:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Top-down and bottom-up approaches were used to estimate and validate the size of the global Parking Management market and the size of various other dependent sub-segments. The research methodology used to estimate the market size includes the following details:
- Analyzing the size of the global Parking Management and then identifying revenues generated through the technology
- Identifying the key players in the market and their revenue contribution in the respective regions
- Estimating the size of the Parking Management market
- Estimating the market size of other Parking Management technology providers
Parking Management Market Size (Supply Side): Revenue of Solutions and Services of Parking Management Market
To know about the assumptions considered for the study, Request for Free Sample Report
Parking Management Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size, the Parking Management market was divided into several segments and subsegments. The data triangulation procedures were used to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with data triangulation and market breakdown, the market size was validated by the top-down and bottom-up approaches.
Market Definition
Parking management is based on a set of policies and programs designed to efficiently use parking spaces. Parking management uses adequate hardware, software, and services for various functions, such as managing several types of parking, tracking the inbound and outbound flow of vehicles, parking space management, creating and tracking permits, payment processing, and the efficient management of parking spaces.
According to the Architecture Reference for Cooperative and Intelligent Transportation (ARC-IT) section under the US Department of Transportation, the ‘parking management solutions’ help users detect and classify vehicles at parking facility entrances, exits, and other designated locations within the parking facility.
Key Stakeholders
- Parking management solution providers
- Parking management service providers/third-party vendors
- Government organizations
- Consultants/advisory firms
- System Integrators (SIs)
- Training and education service providers
- Managed service providers
- Support and maintenance service providers
- System integrators
- Value-Added Resellers (VARs) and distributors
Report Objectives
- To determine and forecast the global Parking Management market based on offerings, solutions, services, professional services, parking site, application, and regions from 2018 to 2028, and analyze various macro and microeconomic factors that affect the market growth
- To forecast the size of the market segments with respect to five key regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA)
- To provide detailed information related to the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Parking Management market
- To analyze each sub-segment for individual growth trends, prospects, and contributions to the total Parking Management
- To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the Parking Management
- To profile key market players comprising top vendors and start-ups; provide comparative analysis based on business overview, regional presence, product offerings, business strategies, and key financials; and illustrate the market’s competitive landscapes
- To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities, in the market
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Geographic Analysis
- Further breakup of the Asia Pacific market into countries contributing 75% to the regional market size
- Further breakup of the North American market into countries contributing 75% to the regional market size
- Further breakup of the European market into countries contributing 75% to the regional market size
- Further breakup of the Latin American market into countries contributing 75% to the regional market size
- Further breakup of the MEA market into countries contributing 75% to the regional market size
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Parking Management Market