News
Stay Ahead with the Latest Industry Trends & Market Insights with Industry News 📰

Parking Management Solutions Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Parking Management Solutions Market is segmented By Product (Revenue management, Security and surveillance, Access control, Reservation management and Others), By Type (Off-street parking, On-street parking), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Published: December 2024 || SKU: ICT2051
excelpdfpowerpoint
180 pages
Report Summary
Table of Contents
List of Tables & Figures
Get Free Sample

See how US Tariffs impact Parking Management Solutions Market

Don’t get caug

Market Overview

The Global "Parking Management Solutions Market" is expected to grow at a CAGR of 10.7% during the forecasting period (2024-2031).

Factors such as increased investments for smart cities globally and increasing need for optimum utilization of parking spaces will further result in double-digit growth in global parking management solutions market over the forecast period.

Parking management systems comprise traveler information systems, real-time vehicle counting, real-time parking guidance display, video surveillance, and easy payment options. Some advanced parking management systems allow users to reserve and pay for a parking space via telephone or the internet. Parking has become a major issue of concern in urban areas. With the continuous rise number of vehicles on the road, there are not enough parking spots available. Therefore, smart parking solutions are growing in popularity as it helps in reducing traffic congestion caused by cars searching for parking spots.

The report covers all the major trends and drivers playing a vital role in the growth of the global Parking Management Solutions Market. The global Parking Management Solutions Market has been segmented based on region, product, and type.

 

Market Summary

MetricsDetails
Market CAGR10.7%
Segments CoveredBy Product, By Type and By Region
Report Insights CoveredCompetitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.
Fastest Growing RegionAsia Pacific
Largest Market Share North America

 

Get A FreeSample Click Here

 

Market Growth Trends

The global Parking Management Solutions Market growth is primarily driven by rising parking concerns and issues, especially in urban areas.  In developing economies, domestic migration is driving the move from rural to urban living. Almost everyone wants to live in cities, which are not always properly planned and developed to accommodate the millions of new residents. Globalization has pushed these cities into newly realized economic hubs. For instance, nearly 31% of India’s current population lives in urban areas. India’s urban growth is largely concentrated in large cities with a population of 100,000 or more, the number of cities with a population exceeding 1 million has increased from 35 in 2001 to 53 in 2011, accounting for 43% of India’s urban population, and is expected to be 87% by 2030. As per the International Energy Agency (IEA), by 2050, India will need an estimated 10,000 to 20,000 square kilometers of surface parking area, an area equal to 35 times the size of the city of Mumbai or just a little smaller than entire state of California.

Moreover, there has been a quick rise in the number of vehicles, which has intensified the issue related to the shortage of parking space. Therefore, the requirement of smart and efficient parking system is growing and will be the major factor driving the global parking management solutions market over the forecast period.

Market Segmentation Analysis

Based on the product, the global Parking Management Solutions Market can be classified into revenue management, security and surveillance, access control, reservation management, and others. In 2018, revenue management segment accounted for the majority share in the global market owing to its application in maximizing the profit by optimizing the space and business demand.

In 2018, Avinor partnered with IDeaS Revenue Solutions to optimize revenue growth for its 11 car parks and more than 20,000 parking spaces at Oslo Airport. This strategy will create a better experience for the growing number of travelers, and customers will receive more dynamic pricing on Avinor’s pre-book solution, with prices regulated based on actual demand.

Based on type, the global Parking Management Solutions Market can be classified into off-street parking and on-street parking. In 2018, On-street parking solutions segment dominated the global market. The rapid adoption of on-street parking management by the government authorities across the world, allowing government authorities to legitimately generate revenues through public properties is further expected to drive the growth of the on-street parking solutions segment over the forecast period.

Market Geographical Share

By geography, the global Parking Management Solutions Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA). In 2018, North America accounted for the majority share in the market. In 2017, according to the INRIX, it was estimated that U.S. population spends approximate 17 hours in a year searching for parking spots, which is means an estimated US$ 345 per driver in wasted time, fuel, and emissions. These stats are the indicators of continued stress on the parking management to efficiently and effectively manage the parking spaces.

In addition, rapid infrastructural development in the region will play a pivotal role in the growth of the global Parking Management Solutions market. For instance, In Mexico, the government plans to open SEZ across the country to promote economic growth in the region, which will further increase the demand for Parking Management Solutions.

APAC is expected to post higher CAGR over the forecast period. The growth in the market is mainly due to rapid urbanization, highly flourishing residential and commercial building sectors, and growing middle-class population and spending power coupled with rising awareness for Parking Management Solutions, which leads to the increasing demand for technology in the region. For instance, in 2019, Beijing Capital International Airport tested China’s first intelligent robotic parking system. The system includes 132 parking spaces and eight robots. It will be a relief for drivers with poor parking skills or who are struggling to quickly find a parking space.

Market Companies

Global Parking Management Solutions Market is moderately fragmented with the presence of global and regional players in the market. The market players in the Parking Management Solutions Market are focusing on expanding through strategic interventions, such as acquisitions, and collaborations in the Parking Management Solutions Market.  

Some major players in the market are Amano, Kapsch TrafficCom, Siemens, SKIDATA, Swarco, Q-Free, Inrix, Flashparking, Parkmobile, Tiba Parking, Urbiotica, and among others.

In 2018, Conduent Incorporated announced it has entered into a binding agreement to sell its off-street parking business, including the Conduent Multipark System in France and the U.K., along with its U.S. airport parking business, to Andera Partners, an investment firm in France.

Buy this report
Single User
$4350
Multiple User
$4850
Enterprise User
$7850
Proceed to Buy
  Get Free Sample
  Request new version
  Customize Sample
  Demo Full Report
Chat on WhatsApp
FAQ’s

  • Global Parking Management Solutions Market is expected to grow at a CAGR of 10.7% during the forecast period 2024-2031

  • Amano, Kapsch TrafficCom, Siemens, SKIDATA, Swarco, Q-Free, Inrix, Flashparking, Parkmobile, Tiba Parking and Urbiotica.
Related Reports
information-communication-and-technology iconinformation-communication-and-technology

Log Management Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2024 October 11

Starting from

$4350

chemicals iconchemicals

Waste Management Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2024 January 25

Starting from

$4350

information-communication-and-technology iconinformation-communication-and-technology

Motor Management Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2025 March 17

Starting from

$4350

information-communication-and-technology iconinformation-communication-and-technology

SPC Software Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2024 May 20

Starting from

$4350

information-communication-and-technology iconinformation-communication-and-technology

Compensation Software Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2024 November 01

Starting from

$4350

information-communication-and-technology iconinformation-communication-and-technology

Debt Collection Software Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2024 May 21

Starting from

$4350

WhatsApp