North America Parking Management Market

North America Parking Management Market Size (2024 to 2029)

The North American parking management market is expected to reach USD 1.91 billion in 2024 and USD 2.95 billion by 2029, growing at a CAGR of 9.07% during the forecast period.

Parking management solutions refer to a set of hardware designed and developed to manage and maintain parking availability in areas of high demand, especially in road parking spaces. Single-space parking meters and multi-space parking meters are the leading hardware used in integrated parking management solutions with automated payment systems and centralized data management to help people find parking spaces in the desired location.

North America Parking Management Market Drivers

The increase in public sector financing and favorable government initiatives are expected to drive North America market growth.

Demand for parking management solutions is presumed to be high in commercial and government applications due to the variety of features such as towing management, ticket issuance, payment processing and appointment tracking provided by these solutions through of a single platform. In addition, the image recognition, machine learning, tracking and speed monitoring capabilities offered by these solutions are likely to improve the consumer experience. The market is foreseen to attract attention due to the development of systems with sophisticated features, such as automatic payment options and voice messages. More and more vehicles negatively affect the use of parking and, consequently, increase the demand for the implementation of intelligent solutions for parking management across the region.

North America Parking Management Market Restraints

It is anticipated that the development of parking facilities that do not require the use of gate arms and have a minimal negative impact on the environment will lead to market growth. But the complexity of integration, lack of knowledge, user skills and high costs can hinder the market growth.

REPORT COVERAGE

This research report on the North American Parking Managemnet market has been segmented and sub-segmented based on the following categories.

North America Parking Management Market Analysis By Solution

• Parking Guidance

• Reservation Management

• Permit

• Enforcement

• Parking Access and Revenue Control

• Security & Surveillance

• Analytics

Based on solution, parking access and revenue control (PARC) solutions are foreseen to occupy the largest share in the North American business during the forecast period. The solution allows the parking operator to manage the entry and exit of the vehicle within the parking facilities and completely control parking revenue. This solution automates access control and revenue collection in parking lots.

North America Parking Management Market Analysis By Parking Site

• On-Street

• Off-Street

Based on the parking site, Outdoor parking is expected to maintain a larger market size during the forecast period due to large-scale investments by multi-level parking authorities and the private parking facilities sector. Also, off-street parking has witnessed many innovations that allow adequate parking. For example, today's luxury garages are equipped with a robotic valet system that helps with parking management.

North America Parking Management Market Analysis By Deployment Type

• On-Premise            

• Cloud

Based on the deployment type, cloud implementation is estimated to grow at a faster rate during the forecast period due to the mounting adoption rate in different companies. Because cloud implementations require less capital investment, fewer operational and maintenance costs, and minimal administrative effort, SMEs consider and prefer cloud-based parking management solutions.

North America Parking Management Market Analysis By End-User

• Government

• Commercial

• Transporation Transit

• Hospitality

Based on the end-user, the government sector held the principal portion in the North America parking management industry in 2020 and is likely to continue its dominion in the forecast period. The increasing workforce in the USA and Canada has resulted in frequent traffic congestions, which made it essential to implement a competent and state-of-the-art parking management solution by the local authorities.

North America Parking Management Market Analysis By Region

• The United States
• Canada
• Rest of North America

North America is predicted to have a broader market due to high investments in infrastructure facilities, which requires a better driver and transportation convenience. The increase in the number of cars in countries such as Canada and the United States has created the need to reduce problems such as traffic congestion and plays a vital role in promoting the growth of local markets.

The population of the United States is growing and changing from rural to urban areas. In 2018, approximately 83% of the population lived in urban areas, which is supposed to increase by more than 85% by 2030. This shift towards urban vicinities will propel the need for smart parking management systems.

KEY MARKET PARTICIPANTS

Famous suppliers in the market include T2 Systems, Amano Corporation, 3M, Cubic Corporation, Kapsch TrafficCom, IBM Corporation, Siemens, Swarco, SKIDATA AG, Xerox Corporation, and others.

RECENT HAPPENINGS IN THE MARKET

• In February 2018, Amano McGann, Inc., a division of Amano Corporation, has completed the acquisition of Valet Parking Systems, a subsidiary of Service Tracking Systems, Inc. The previous company aimed to strengthen its market position in North America through this acquisition.

• February 2019, Parkmobile collaborated with the city of Amarillo, allowing its residents to pay with their mobile device and skip the meter.

• In 2018, Keptop, an intelligent parking solutions provider, conducted a fundraising round at Tencent Holdings. This fund is intended to expand business operations internationally. The company also launched a "High-Speed ​​Parking" intelligent parking application platform to help drivers quickly find empty parking spaces.

• November 2018, Siemens Mobility has signed a significant contract in the United Kingdom. As per the deal, London Underground (LUL), a subsidiary of Transport for London, responsible for the urban rail system of the capital of the United Kingdom, has signed a contract with Siemens Mobility to design and build 94 next-generation subway trains.