Parking Management Industry Overview
The global parking management market size is expected to reach USD 10.14 billion by 2030, expanding at a CAGR of 11.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. Growing demand for smart parking sensors, increasing need for parking spaces, and favorable government initiatives are some of the factors contributing to the market growth. Smart technologies are experiencing tremendous growth in the parking management system, including parking guidance systems, automated parking, and parking reservation systems. In addition to these technologies, the demand for security and safety of parked vehicles is also increasing rapidly among vehicle owners, which is propelling the procurement of a parking surveillance system. This will create a substantial market space for parking management companies to grow over the years.
Parking Management Market Segmentation
Grand View Research has segmented the global parking management market based on solution, service, deployment, parking site, application, and region:
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 segment utilized advanced analytics to predict and recommend future prices every day based on historical data, algorithms, and business rules. Revenue management can include services such as digital payments, audit and verification of transactions, client banking, and comprehensive reporting.
- 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 support and maintenance segment also includes enhancement services for mobile applications that improve the compatibility of apps with the latest Operating System (OS) version. The software and equipment used for parking management require preventive maintenance to avoid downtime and ensure that systems are running as smoothly as when it was first installed, which is expected to drive the growth of this segment further.
- 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.
- Organizations have better control over the data as data does not leave the organization’s premises leading to better data protection. The on-premise deployment can have a decisive advantage, especially when it comes to compliance issues.
- 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.
- Additionally, this solution requires low installation and maintenance costs which are expected to fuel the segment growth. The off-street parking site has a defined architecture with defined sensors, communication protocols, and software.
- The rise in smart cities initiatives is also propelling the demand for off-street parking sites. Furthermore, the rise in digital payment techniques and smartphones penetration is supporting the growth of this segment.
- 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 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.
- 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 is important for many firms as it enhances user experience by saving customers’ time and effort in finding free parking spots. Commercial parking management includes digital signages, online payments, self-ticketing solutions, electric vehicle charging stations, and car-sharing.
Parking Management Regional Outlook
- North America
- Asia Pacific
- South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Market players are investing in research & development activities to support growth and enhance their internal business operations. Companies can be seen engaging in mergers & acquisitions and partnerships to further upgrade their products and gain a competitive advantage in the market.
Some prominent players in the global parking management market include
- 3M Company
- Amano Corporation
- Cubic Corporation.
- IBM Corporation
- Kapsch TrafficCom.
- Siemens AG
- Swarco Corporation
- T2 Systems
- Robert Bosch GmbH
Order a free sample PDF of the Parking Management Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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