Parking Management Market To Record An Impressive Growth Rate of 11.1%, Based on High Demand For An Effective Traffic Management Solution Till 2030 | Grand View Research, Inc.

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Parking Management Industry Overview

The global parking management market size was valued at USD 4.23 billion in 2021 and is expected to reach USD 10.14 billion by 2030, expanding at a CAGR of 11.1% during the forecast period.

The rising number of vehicles across the world, growing demand for an effective traffic management solution, and rapid development of smart cities are contributing to the growth of the market. The COVID-19 pandemic compelled a decrease in growth activities as many countries imposed strict restrictions by announcing a complete lockdown. Additionally, the government of several nations invested heavily in their healthcare systems to help identify the signs of the virus and stop the spread, which included restriction measures such as no crowding of public transports stations and vehicles that hindered the growth of parking management for a short period. However, the ease in travel restrictions currently is expected to propel the market demand, as most of the places are opening with full occupancy which will push the demand for parking management. 

Gather more insights about the market drivers, restrains and growth of the Global Parking Management Market

The rise in parking management makes cloud-native parking management also rise up to the occasion, with parking operators running their infrastructure on the cloud owing to multiple benefits such as easy scalability and a pay-as-you-go model. Poor parking management can lead to issues such as traffic congestion and noise pollution; thus, to avoid these problems and enhance the brand reputation, organizations implement parking management. The increase in the use of smartphones, GPS, digital payment, and cloud services is projected to drive market growth over the forecast period.

Technological advancements such as the Internet of Things (IoT), parking sensors, and electronic payment methods are additionally supporting the growth of the market. Firms are trying to deliver an enhanced customer experience and offer hassle-free parking that can help them gain a competitive advantage over others. With the help of real-time data and analytics, organizations can allocate spaces, provide access control, and reduce administrative overhead spent on parking. Additionally, parking management gives customers a sense of security as parking on the street is not considered to be the safest option, but with parking management, there can be an increase in the number of customers and the time they spend at any outlet.

Parking management is a cost-effective and reliable solution that reduces the time spent by drivers in finding available car park space and traffic congestion. Furthermore, the increased adoption of electric vehicles compels city authorities to implement charging stations to push the demand for parking management higher. Parking management helps businesses in reaching their maximum potential by offering them space optimization. Features such as hassle-free booking, simple navigation, seamless customer experience, live reports, and parking enforcement options are anticipated to fuel the demand for parking management.

Parking management helps in customizing and reserving parking spaces as per company guidelines and staff requirements. The focus is rapidly shifting from hardware to digital solutions as hardware solutions had multiple concerns relating to security, obstructive parking, and unallocated spots. Currently, office-centric parking solutions, also called employee parking software, are witnessing significant growth due to the increased capacity they can offer without having to increase the actual space. Further, advantages such as easy implementation, better Return on Investment (ROI) via advanced technology, customization, cost-effectiveness, and increased safety will support the growth of the parking management market.

Parking Management Market Segmentation

Based on the Solution Insights the market is segmented into Access Control,  Security & Surveillance,  Revenue Management,  Parking Reservation Management,  Valet Parking Management,  Others

• The revenue management segment accounted for the largest market share of over 25% in 2021, owing to multiple benefits such as optimizing smart inventory prioritization, demand-driven dynamic pricing, and continuous monitoring and re-modeling.
• The parking reservation management segment is anticipated to grow with the fastest CAGR of 12.6% over the forecast period. This is majorly due to the shortfall of parking spaces in residential and commercial places; with the help of these solutions, drivers can pre-book spaces and avoid the hassle.

Based on the Service Insights the market is segmented into Consulting Services, System Integration and Deployment, Support and Maintenance

• The support and maintenance segment accounted for the largest market share of over 40% in 2021. This is due to the need for training and support required by employees while the implementation and after the execution of the parking management systems.
• The system integration and deployment segment are expected to grow with the fastest CAGR of 12.4% over the forecast period owing to benefits such as customization, add-on features, and centralized data management techniques.

Based on the Deployment Insights the market is segmented into Cloud, On-premise

• The on-premise segment accounts for over 60% of the market share in 2021, owing to its various benefits, including enhanced security, reduced chances of downtime, and better accessibility.
• Cloud deployment is expected to grow with the fastest CAGR of 11.7% over the forecast period. This is due to many advantages, such as ease of deployment as cloud solutions do not require hardware installation, easy customization that allows organizations to implement tailor-fit solutions according to their needs, and ease of scalability.

Based on the Parking Site Insights the market is segmented into On-street, Off-street

• The off-street parking site segment holds a market share of over 70% in 2021 due to the increased number of vehicles on the street, posing infrastructural challenges. Off-street parking plays a huge role in traffic management and is often preferred as it is a faster, easier, and more reliable solution.
• The on-street parking site segment is anticipated to show a significant growth of CAGR of 12.9% over the forecast period as it reduces the obstructive and chaotic parking on streets leading to more pleasant public spaces, and better conditions for walking and cycling, and better access to public transport stops and stations.

Based on the Application Insights the market is segmented into Transport Transit, Commercial, Government

• The commercial segment is expected to grow with the fastest CAGR of 12.6% over the forecast period. This is due to multiple factors, including maximizing the space of the available area, enhanced security and protection for vehicles, and extra revenue. Commercial parking management includes digital signages, online payments, self-ticketing solutions, electric vehicle charging stations, and car-sharing.
• The government segment accounted for over 55% of the market share in 2021. This is due to the need for developing safe, clean, and efficient public carpark facilities across the city. The urge to reduce the burden on public property by efficiently utilizing the available resources government is taking several initiatives.

Based on the Regional Insights the market is segmented into North America, Europe, Asia Pacific, South America & Middle East & Africa

• The North America region dominated the market by accounting for over 35% of the market share in 2021. The increase in the number of vehicles in countries like Canada and the U.S. is demanding a smart parking solution to reduce traffic congestion.
• The Asia Pacific region is anticipated to witness a CAGR of 12.3% in the forecast period. The rising interest of the government in developing smart cities and increased demand for systematic and smooth flow of traffic are promoting the growth in this region. 

Market Share Insights

• October 2021: The South Delhi Municipal Corporation (SDMC) launched a mobile app that aims to provide user details of vacant parking spaces.

Key Companies Profile:

Some of the prominent players operating in the global parking management market include:

• 3M Company
• Amano Corporation
• Cubic Corporation.
• IBM Corporation
• Kapsch TrafficCom.
• Siemens AG
• Skidata
• Swarco Corporation
• T2 Systems
• Robert Bosch GmbH

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