Parking Management Market Trend, Share, Growth, Size and Forecast 2032

Parking Management Industry Prospective:

The global Parking Management market size was worth around USD 5,100 million in 2023 and is predicted to grow to around USD 13,580 million by 2032 with a compound annual growth rate (CAGR) of roughly 11.5% between 2024 and 2032.

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Parking Management Market: Overview

Parking management refers to the method by which local governments meet the requirement for parked automobiles while maintaining their economic, social, and environmental obligations and policy goals. The necessity is to balance the supply of parking spots with the demand for parking, as well as to use different tools and strategies (parking controls) to keep this process running well. Parking supply and management are hence resource allocation issues: a typical economic problem involving how to make the greatest use of a scarce resource. 

Importantly, the resource is the land, not the parking spots itself. As a result, assigning land for parking involves the opportunity cost of not being able to utilize it for other purposes, especially main productive ones, and there is an inherent incentive for society not to overprovide.

Key Insights

• As per the analysis shared by our research analyst, the global Parking Management market is estimated to grow annually at a CAGR of around 11.5% over the forecast period (2024-2032).
• In terms of revenue, the global Parking Management market size was valued at around USD 5,100 million in 2023 and is projected to reach USD 13,580 million by 2032.
• The increasing adoption of cloud-based solutions is expected to drive the parking management revenue growth during the forecast period.
• Based on the solution, the Revenue Management segment is expected to hold a significant market share over the forecast period.
• Based on the service, the Support and Maintenance segment is expected to dominate the market during the forecast period.
• Based on the deployment type, the cloud segment is expected to grow at a rapid rate over the forecast period.
• Based on the parking site, the Off-Street segment is expected to dominate the market over the forecast period.
• Based on the application, the government segment is expected to garner a majority of market share over the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

Parking Management Market: Growth Drivers

Increasing tourism drives market growth

The current relaxation of travel restrictions is expected to stimulate market demand, since most facilities run at full capacity, increasing the demand for parking management. Cloud-native parking management is becoming more popular as parking operators move their infrastructure to the cloud. This is due to various benefits, including 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 that streamlines parking operations. The system requires little maintenance and is simple to use. It's also simple to use.

Parking Management Market: Restraints

The high cost of implementation hampers market growth

The high cost of implementation is expected to limit the parking management market's growth. Parking management employs a wide range of hardware sensors, traffic control equipment, computer servers, wireless and wired systems, and applications. Parking data from several systems must be examined to put dynamic pricing into operation.

Data integration is complicated since the hardware on which these parking data are stored is incompatible. The method is lengthy, and one of the primary constraints is the consolidation of all parking management hardware and software into one.

Parking Management Market: Opportunities

Rising vehicle ownership provides a potential opportunity for market expansion

Cities all across the world are seeing a surge in automobile ownership as urbanization continues to accelerate. This is driving up the demand for effective parking management solutions. The scarcity of parking places in cities causes traffic congestion and environmental problems.

An excellent parking management system addresses these issues by using technology to properly assign parking places, minimize search time, and improve traffic flow. The increased requirement to manage limited parking resources is creating a need for more complex and effective solutions.

Parking Management Market: Challenges

High investment poses a major challenge to market growth

High investment to improve the infrastructure of the existing transportation sector is impeding the expansion of the Parking Management market size. For instance, China invests around $551 million per year in Intelligent Transportation Systems (ITS). Improvements to existing roads or rail projects take a long time, increasing the project's resources and costs.

Similarly, the difficulties of sophisticated transportation pricing systems, infrastructure development, and low internet penetration in developing nations necessitate significant investment to create supporting infrastructure for Parking Management.

Parking Management Market: Segmentation

The Global Parking Management industry is segmented based on the solution, service, deployment type, parking site, application and region.

Based on the solution, the global Parking Management market is bifurcated into Parking Reservation Management, Revenue Management, Access Control, Security & Surveillance, Valet Parking Management and Others. The Revenue Management segment is expected to hold a significant market share over the forecast period. This is due to a variety of advantages, including optimized smart inventory prioritizing, demand-driven dynamic pricing, constant monitoring, and re-modeling. This section used sophisticated analytics every day to estimate and suggest future pricing based on previous data, algorithms, and business standards. Digital payments, transaction audits and verifications, client banking, and thorough reporting are all examples of revenue management services. Furthermore, revenue management enables facility providers to compare their rates to those of their rivals and manage their pricing strategies.

Based on the service, the global Parking Management industry is categorized into System Integration and Deployment, Consulting Services and Support and Maintenance. The Support and Maintenance segment is expected to dominate the market during the forecast period. The requirement for staff training and assistance before and after the implementation of parking management systems continues to be a promising development driver. The support and maintenance section also includes mobile application enhancement services, which increase app compatibility with the most recent Operating System (OS) release. Parking management software and equipment require preventative maintenance to reduce downtime and guarantee that systems work as smoothly as when they were originally installed, which is projected to drive the segment's growth.

Based on the deployment type, the global Parking Management market is categorized into On-premise and Cloud. The cloud segment is expected to grow at a rapid rate over the forecast period owing to the rising product launches. For instance, in October 2023, Adaptive Recognition, a pioneer in License Plate Recognition (LPR) technologies, unveiled Carmen Cloud ANPR, a game-changing technology designed to transform parking management.

Based on the parking site, the global Parking Management industry is divided into Off-Street and On-Street. The Off-Street segment is expected to dominate the market over the forecast period. The growth of the segment is attributed to the growing number of automobiles on the roadway presents infrastructure issues. Off-street parking plays an important part in traffic management and is frequently favored since it is a faster, simpler, and more reliable alternative.

Based on the application, the global Parking Management market is bifurcated into Commercial, Transport Transit and Government. The government segment is expected to garner a majority of the market share over the forecast period. This is due to the necessity to build safe, clean, and efficient public parking facilities around the city. The government is launching several efforts to alleviate the pressure on public property by making the best use of available resources. For example, in December 2022, IDFC FIRST Bank and the Jammu Development Authority (JDA) collaborated to implement a FASTag-enabled parking management system at a general bus stop in Jammu and Kashmir. The plan will assist the union territory in implementing a traffic control system and providing cashless and paperless parking facilities.

Parking Management Market: Report Scope

Regional Analysis

North America is expected to dominate the market during the forecast period

North America is expected to dominate the market during the forecast period. The increased number of automobiles in nations such as Canada and the United States is driving the development of smart parking solutions to relieve traffic congestion. According to the U.S. Department of Energy, between 1960 and 2021, the number of automobiles in the United States increased faster than the population and the number of licensed drivers combined. The number of automobiles in 2021 was 4.3 times that of 1960, while the population was 1.8 times larger and the number of licensed drivers was 2.7 times more.

By 2021, there were 0.88 automobiles per person. Furthermore, the increased usage of smartphones and the launch of mobile apps for finding parking spots make it easier for consumers; as a result, they are quickly adjusting to current parking needs. The region's rising commercialization and need to provide personalized user experiences are driving up demand for parking management services. Therefore, this is expected to drive the parking management market size over the analysis period.

Parking Management Market: Competitive Analysis

The global Parking Management market is dominated by players like:

• Secure Parking
• CPSINDIA
• Parking Management Company
• LAZ Parking
• Conduent Business Services LLC
• Reimagined Parking INC.
• Euro Parking Services Ltd
• PRECISE PARKLINK INC.
• Parklio™
• LANA TECHNOLOGIES
• PCAM LLC
• VersionX Innovations Pvt Ltd
• Sree Groups
• Elite Parking Management
• Propark Mobility
• ParkingRhino
• AAA Parking

The global Parking Management market is segmented as follows:

By Solution

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

By Service

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

By Deployment Type

• On-premise
• Cloud

By Parking Site

• Off-Street
• On-Street

By Application

• Commercial
• Transport Transit
• Government

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa