Parking Management Market

Global Parking Management Market Size (2024 to 2032)

The global parking management market is predicted to be around USD 5.62 billion in 2024. It is expected to reach USD 11.76 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.67% during the forecast period.

MARKET DRIVERS

The parking management sector is expected to experience substantial growth over the coming years, mainly due to three factors: technological advances, traffic congestion, and the need to develop urban infrastructure. Apart from these, some factors like the growing focus on seamless traffic flow, the decrease in fuel consumption rates, and increasing motor vehicle sales are also aiding the market's growth.

MARKET RESTRAINTS 

However, linking a wide variety of vendors, technologies, and revenue models to a single platform should be the primary restraint faced by this market sector, which is hindering the growth of the market globally. Also, the complexity of system integration can be treated as another hurdle that is affecting the pace of the market.

REPORT COVERAGE

REGIONAL ANALYSIS 

North America Parking Management Market is expected to occupy the leading position during the forecast period, thanks to large-scale investments in the implementation of parking management solutions responding to the growing need for better driving conditions for drivers and commuters.  The Asia Pacific region is expected to experience the fastest growth in the global parking management market owing to factors like the rapid adoption of advanced technologies and the increasing urbanization in developing countries.

KEY PLAYERS IN THE GLOBAL PARKING MANAGEMENT MARKET

Some of the key market players actively working in this domain are:

• Conduent (US)
• Amano Corporation (Japan)
• Q-Free ASA (Norway)
• Indigo Park Services (UK)
• Chetu (US)
• Streetline (US)
• SWARCO (Austria)
• T2 Systems (US)
• SKIDATA (Austria)
• Flowbird Group (France)
• INRIX (US)
• Flashpacking (US)
• Parkmobile (US) Among Others

For 30 years, TIBA has been providing innovative solutions in the parking market, resulting in reliable and user-friendly products that lower the price of the first acquisition and the cost of ongoing maintenance. TIBA has successfully implemented this solution with a focus on software development while continuing to enhance and support its reliable hardware platforms. TIBA serves the operators and owners of car parks around the world, in various sectors, such as the hotel and hospitality industry, airports, universities, shopping centers, hospitals, and medical centers, as well as local, provincial and federal governments.

RECENT HAPPENINGS IN THE GLOBAL PARKING MANAGEMENT MARKET

• In March 2018, TIBA launched an application called ParkBlue to help access the parking for all car parks. With ParkBlue, parking operators will probably be able to create a cloud-based service that allows them to convert temporary customers into registered users. Drivers may be able to register, book, navigate, and pay for parking with an intuitive and user-friendly application.
• In June 2018, Q-Free partnered with 2Park to design frictionless ANPR parking for its North American portfolio through a strategic partnership with ANPR's number one solution in Northern Europe: Autopay.
• In November 2018, Kapsch TrafficCom (Kapsch) announced the acquisition of eTrans Systems, a Virginia-based provider of connected and autonomous vehicle solutions. These solutions form the foundation for a broad range of security and mobility applications. This acquisition enriches the Kapsch V2X solution in the rapidly changing landscape of connected and autonomous vehicles.

DETAILED SEGMENTATION OF THE GLOBAL PARKING MANAGEMENT MARKET INCLUDED IN THIS REPORT

This research report on the global parking management market has been segmented and sub-segmented based on the type, solution, service, deployment type, parking site, and region. 

By Type

• Solutions
• Services
• Consulting
• System integration & deployment
• Support & maintenance

By Solution

• Parking Guidance
• Reservation Management
• Permit
• Enforcement
• PARC
• Security & Surveillance
• Analytics

By Service

• Professional services

By Deployment Type

• On-premises
• Cloud-based

By Parking Site

• Off-Street Parking
• On-Street Parking

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa