What Has Been the Progress and Growth of the Parking Management Solutions Market in Recent Years?
The parking management solutions market has seen considerable growth due to a variety of factors.
• In recent times, we've seen significant growth in the size of the parking management solutions market. At a compound annual growth rate (CAGR) of 7.3%, it's expected to expand from $4.14 billion in 2024 to $4.44 billion in 2025.
The surge in the historic period can be tied to factors like urban and population expansion, an increase in the number of vehicles, concerns about the environment and sustainable city planning, as well as government programs and regulations.
What Can Be Expected from the Parking Management Solutions Market in the Coming Years?
The parking management solutions market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of parking management solutions is anticipated to witness a significant rise in the forthcoming years. The market is projected to soar to $6.72 billion in 2029, expanding at a compound annual growth rate (CAGR) of 10.9%.
The elevated growth during the forecast period can be traced back to the amalgamation with smart city endeavors, mobile payment, contactless strategies, real-time data analytics, electric vehicle (EV) charger integration, autonomous car integration, and focus on consumer experience. Major driving factors foreseen during this prediction period encompass smart city approaches, IoT and sensor technologies, mobile apps and payment methods, in addition to contactless and touchless solutions.
What Main Forces Are Fueling Expansion In The Parking Management Solutions Market?
The advancement of the parking management solutions market is anticipated to be driven by cloud-native parking management solutions. This technology allows for the creation, management, and operation of tasks in the cloud, leveraging the advantages of the cloud computing model. Employing cloud-native technology in parking management systems is expected to enhance the service provided by the market to customers. For example, Tigera, a US-based firm specializing in the protection of cloud-native applications, states that 75% of firms are concentrating on deploying and creating cloud-native applications in 2022. Furthermore, the Cloud Native Computing Foundation, a computer software enterprise based in the US, reported in May 2022 that the global population of cloud-native developers had risen by one million in 2021. Currently, it is estimated that there are around 7.1 million cloud-native developers globally. Consequently, the uptick in cloud-native parking solutions is a key factor propelling the growth of the parking management solutions market.
What Are The Primary Segments In The Global Parking Management Solutions Market?
The parking management solutions market covered in this report is segmented –
1) By Type: Solutions, Services
2) By Parking Site: On-Site Parking, Off-Site Parking
3) By Technology: Parking Meters, Parking Kiosks
4) By Application: Transport, Commercial, Government
Subsegments:
1) By Solutions: Parking Reservation Systems, Parking Guidance Systems, Mobile Parking Apps, Automated Payment Solutions, Access Control Systems, License Plate Recognition Systems
2) By Services: Consulting Services, Installation And Deployment Services, Maintenance And Support Services, Data Analytics And Reporting Services, Training And Education Services
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Which Key Trends Are Driving Changes In The Parking Management Solutions Market?
Key market players in the parking management solutions domain are arduously innovating cutting-edge technologies such as cloud-centric parking management solutions to tap into a larger consumer market, boost their sales, and enhance overall earnings. A cloud-centric parking management solution refers to a technologically advanced platform or software that equips parking facility operators with tools and operational resources to oversee and manage their parking services, leveraging cloud computing technology. For instance, Adaptive Recognition, a Hungarian software firm, unveiled Carmen Cloud ANPR in October 2023. The Carmen Cloud ANPR, an unparalleled cloud-centric solution, provides incredible flexibility, permitting parking operators to use it remotely, regardless of their location or time. This progressive model eliminates the constraints of traditional on-premise systems, providing the ease of remote access while upholding robust performance criteria.
Who Are the Key Players in the Parking Management Solutions Market?
Major companies operating in the parking management solutions market include:
• Amano Corporation
• Bosch Group
• Siemens AG
• Skidata GmbH
• Swarco Corporation
• T2 Systems
• Flowbird Group
• TIBA Parking Systems
• IPS Group
• Chetu Inc.
• Conduent Inc.
• Q-Free ASA
• FlashParking Inc
• ParkMobile Inc
• SpotHero
• Get My Parking
• INRIX Inc.
• Skyline Parking AG
• Unitronics
• Cleverciti Systems GmbH
• Bond Traffic Solutions
• Infocomm Group LLC
• International Business Machines Corporation (IBM)
• Robotic Parking Systems Inc.
• Xerox Corporation
• Streetline
• Pavemint
What Is The Most Dominant Region In The Parking Management Solutions Market?
North America was the largest region in the parking management solutions market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the parking management solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
