Parking Management Solution Market Size, Trends 2032

Parking Management Solution Market Insights

According to the report published by Zion Market Research, the global Parking Management Solution Market size was valued at USD 5.33 Billion in 2023 and is predicted to reach USD 11.26 Billion by the end of 2032. The market is expected to grow with a CAGR of 8.67% during the forecast period. The report analyzes the global Parking Management Solution Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the rising opportunities in the Parking Management Solution industry.

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Global Parking Management Solution Market: Overview

In the Global Parking Management Solution Market Report, A set of hardware that is designed and developed to manage and maintain the availability of parking areas is known as a parking management solution. It consists of LED light indicators, monochrome displays, RFID tags, solar panel/battery sensors, a centralized data management system, and automated payment systems. Advanced parking management systems provide drivers with high-level convenience as most of the functions have been simplified and automated.

Global Parking Management Solution Market: Growth Factors

Globally, there has been a quick rise in the number of vehicles which has intensified the issue related to the shortage of parking space. Traffic jamming and other transportation-related issues occur owing to a lack of space for parking vehicles. Therefore, the requirement for smart and efficient parking systems is growing. Highly developed parking management systems are efficient enough to offer a high level of ease to the drivers as they simplify and automate business operations and other various functions at the parking place. Demand and popularity for trouble-free traffic flow are the most important driving aspects for the adoption of global parking management solutions across big cities. In addition to this, the parking management system reduces connectivity and hardware costs and it also offers different advantages in terms of returns to the parking site owners.

Therefore, all these factors are driving the parking management solution market. The benefits of using the system are smooth traffic flow and revenue generation which positively contributes to the global parking management solution market. Parking management solutions hold massive opportunities for the key players in this market in provincial economies and smart cities across the world. The demand and popularity of the parking management solution market are projected to grow in the coming future owing to a quick rise in automobile practice and the growing adoption of smart city schemes across the world.

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Global Parking Management Solution Market: Segmentation

The global parking management solution market is classified based on the type and installed location.

Based on type, the market is categorized into parking kiosks (parking meter multi-space) type and parking meters (parking meter - single-space). Based on installed location, the global parking management solution market is bifurcated into parking venues and street parking.

Parking Management Solution Market: Report Scope

Global Parking Management Solution Market: Regional Analysis

Based on geographical regions, the global parking management solution market is anticipated to be dominated by North America, with the U.S. being the base region for a large group of key players in the market. It is expected that the use of highly developed parking kiosks will be one of the major trends that will be witnessed in the parking zones across Europe. These kiosks are likely to help the municipalities as well as the private garage owners to keep track of each contravention in parking and give a solid comparison against the real issued citations. The parking management solution market is expected to grow in Asia Pacific at a rapid pace.

Global Parking Management Solution Market: Competitive Players

Some of the most important companies in the global parking management solution market are;

• Parking BOXX
• Parkeon S.A.S.
• Cale Access AB (Cale Group AB)
• METRIC Group Ltd.
• IPS Group, Inc.
• Worldwide Parking, Inc.
• Ventek International
• CivicSmart, Inc.
• LocoMobi Inc.
• POM Inc.
• J.J. MacKay Canada Limited

The global parking management solution market is segmented as follows;

By Type

• Parking Kiosks [Parking Meter Multi-Space]
• Parking Meters [Parking Meter - Single-Space]

By Installed Location

• Parking Venues
• Street Parking

By Region

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Report Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, ongoing, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.