Parking Management Global Market Report 2024 – By Solution (Access Control, Security & Surveillance, Revenue Management, Parking Reservation Management, Valet Parking Management, Other Solutions), By Parking Site (On Street, Off Street), By Application (Transport Transit, Commercial, Government) – Market Size, Trends, And Global Forecast 2024-2033

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Parking Management Market Definition And Segments

Parking management refers to solution and service systems focused on managing and using parking sources effectively and efficiently, providing simple parking tactics to the authorities to meet the requirements of controlled parking, and aiding in the reduction of long-waiting times and costs through advanced technologies.

The main type of parking sites in parking management is on-street and off-street. On-street parking management refers to a parking management solution for an on-street parking site focused on the parking spaces within a designated area on the street. The main parking management solutions include access control, security management, revenue management, parking reservation management, valet parking management, and others. These parking management solutions are widely used by transport transit, commercial, and government entities.

The parking management market covered in this report is segmented –

1) By Solution: Access Control, Security & Surveillance, Revenue Management, Parking Reservation Management, Valet Parking Management, Other Solutions

2) By Parking Site: On Street, Off Street

3) By Application: Transport Transit, Commercial, Government

The parking management market size has grown strongly in recent years. It will grow from $3.54 billion in 2023 to $3.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to urbanization and population growth, government initiatives for smart cities, rising concerns about traffic congestion, increased vehicle ownership, environmental sustainability initiatives.

The parking management market size is expected to see strong growth in the next few years. It will grow to $5.4 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to emergence of autonomous vehicles, data analytics and predictive parking solutions, regulatory compliance and parking policies. Major trends in the forecast period include integration of smart technologies, advancements in payment technologies, contactless payment systems, environmentally sustainable solutions.

Global Parking Management Market Surges With Optimal Space Utilization Demand

The increasing demand for optimal parking space utilization across the globe is driving the growth of the parking management market. In the current era, an increase in vehicles results in the mismanagement of parking spaces across the globe. The authorities operating parking spaces are increasingly investing in advanced parking management solutions for optimal business performance and error-free operations. For instance, in August 2022, Parking Network, a Netherlands-based statistical company, stated that, in large centers and non-residential regions, between 50 and 70% of the land is set aside for parking, compared to an average of 35% in residential areas across the globe, whereas there are 8 parking places available for every vehicle in the US. Therefore, the growing demand for optimum utilization of parking spaces is expected to boost demand for parking management market during the forecast period.

The Surge Of Vehicles Production Is Anticipated To Boost The Parking Management Market Growth

The increasing vehicle production is expected to propel the growth of the parking management market going forward. Vehicles refer to a broad category of conveyances or means of transportation designed for carrying people or goods. As vehicle production continues to rise, parking management becomes increasingly crucial for creating more parking options without needing additional land and providing convenient and secure parking near stations. For instance, in May 2023, according to the European Automobile Manufacturers’ Association (ACEA), a Belgium-based automobile industry organization, in the year 2022, global motor vehicle production reached 85.4 million units, reflecting a growth of 5.7% compared to the figures recorded in 2021. Therefore, increasing vehicle production is driving the parking management market growth.

Major companies operating in the parking management market report are Bosch Group, Siemens AG, IBM Corporation, SAP SE, Atos SE, DEPLOT, Xerox Corporation, Globe Group Indigo, Flowbird Group, SWARCO, Amano Corporation, SKIDATA, Precise Parklink, IPS Group, Inrix Inc., Q-Free ASA, Chetu, Passport Labs Inc., SpotHero, Nex Valet LLC, FlashParking Inc., Streetline, TIBA Parking, ParkMobile LLC, T2 Systems, Get My Parking, Bond Traffic Solutions, Cleverciti Systems, Robotic Parking Systems Inc., Infocomm Group LLC

Industry Leaders Embraces Compliance Solutions To Revolutionize Parking Management Market

Major companies operating in the parking management market are focused on developing innovative technologies such as parking compliance management solutions. A Parking Compliance Management Solution refers to a comprehensive system designed to manage and enforce parking regulations and compliance within a specific area, such as a city, campus, or private facility. For instance, in March 2021, Smart Parking Limited, an Australia-based company offering car park management solutions launched the ‘Tessera’ app. The app utilizes SmartCloud platform that offers end-to-end parking management and enforcement system. The Tessera app empowers city parking wardens to conduct patrols of parking sites with increased efficiency and safety. The app's functionality incorporates real-time, automatic alerts triggered by in-ground sensors, notifying of a parking violation, such as overstaying or non-payment.

QR-Based Digital Payment Solution For Modern Parkers

Major companies operating in the parking management market are concentrating their efforts on developing innovative solutions such as digital payment technology. Digital payment technology refers to the use of electronic or digital methods to facilitate financial transactions. This technology allows individuals, businesses, and organizations to make payments, transfers, and other financial transactions using electronic devices and online platforms. For instance, in October 2023, HUB Parking Technology, an Italy-based manufacturer and provider of smart parking solutions announced the launch of ‘J4Pay’ application. It is a mobile QR-based payment solution designed to provide the preferred digital consumer experience for today's modern parkers. J4Pay offers drivers a convenient, straightforward, and secure means to directly pay their parking tickets using their own mobile devices.

Verra Mobility Expands Urban Transportation Tech Portfolio With T2 Systems Acquisition

In November 2021, Verra Mobility Corporation, a US-based smart mobility company, acquired T2 Systems, Inc., for $21 million. This acquisition rounds out Verra's urban transportation technology portfolio, allowing us to maintain revenue growth while expanding our client base and providing streamlined transportation solutions to improve the customer experience and service reach to North America. T2 Systems, Inc., is a US-based parking management solution provider that pioneer in parking, mobility, and transportation systems in North America.

North America was the largest region in the parking management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the parking management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the parking management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The parking management market includes revenues earned by entities by providing services to users of parking facilities and enhancing parking facility design. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The parking management market research report is one of a series of new reports from The Business Research Company that provides parking management market statistics, including parking management industry global market size, regional shares, competitors with a parking management market share, detailed parking management market segments, market trends and opportunities, and any further data you may need to thrive in the parking management industry. This parking management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Parking Management Market Report Scope

Report Attribute	Details
Market Size Value In 2024	$3.87 billion
Revenue Forecast In 2033	$5.4 billion
Growth Rate	CAGR of 8.7% from 2024 to 2033
Base Year For Estimation	2023
Actual Estimates/Historical Data	2018-2023
Forecast Period	2024 - 2028 - 2033
Market Representation	Revenue in USD Billion and CAGR from 2024 to 2033
Segments Covered	1) By Solution: Access Control, Security & Surveillance, Revenue Management, Parking Reservation Management, Valet Parking Management, Other Solutions 2) By Parking Site: On Street, Off Street 3) By Application: Transport Transit, Commercial, Government
Regional Scope	Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Country Scope	Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Key Companies Profiled	Bosch Group; Siemens AG; IBM Corporation; SAP SE; Atos SE; DEPLOT; Xerox Corporation; Globe Group Indigo; Flowbird Group; SWARCO; Amano Corporation; SKIDATA; Precise Parklink; IPS Group; Inrix Inc.; Q-Free ASA; Chetu; Passport Labs Inc.; SpotHero; Nex Valet LLC; FlashParking Inc.; Streetline; TIBA Parking; ParkMobile LLC; T2 Systems; Get My Parking; Bond Traffic Solutions; Cleverciti Systems; Robotic Parking Systems Inc.; Infocomm Group LLC
Customization Scope	Request for Sample
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