USD 3.49 billion
Report ID: SQSG45E2021 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 70 | Figures: 75
Global Parking Management System Market size was valued at USD 3.49 billion in 2021 and is poised to grow from USD 4.38 billion in 2022 to USD 10.14 billion by 2030, growing at a CAGR of 12.1% in the forecast period (2023-2030).
A car parking system is automated by a parking management system. These techniques are implemented at the certain level of building. Since managing parking spaces is difficult, parking managers typically use a parking management system to aid in their operations.
Parking space is optimised, and procedures are made effective by offering a variety of services, including used and vacant space reports vehicle and slot counts, available slot displays, reserved parking, pay-and-park alternatives, simple payment methods, and a host of others, that provides real-time automobile parking information.
Over the forecast period, the parking management system market growth is anticipated to increase as a result of the growing smartphone penetration and the accessibility of mobile applications with features that assist operators in finding parking spaces.
US Parking Management System Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.49 billion
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Global Parking Management System Market is segmented based on the Solution, Deployment Type and region. Based on solution, the market is segmented as, parking guidance solution, parking reservation management, parking permit management, parking enforcement management, parking access and revenue control (parc), parking security and surveillance, parking analytics, and others. Based On deployment type, the global market is segmented as cloud, on-premises, and others. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Parking Management System Market Analysis by Solution
Based on the Solution, the parking access and revenue control solution is anticipated to hold a bigger market size during the projection period within the solutions segment. PARC controls the entrance and exit of automobiles from parking garages. Additionally, it handles the payments for both temporary and permanent parking for vehicles. For effective parking operations, a combination of hardware and software is employed, including alarms, barrier gates, ticket validators, encoding stations, exist verifiers, and lane controllers. Parking access control systems provide many benefits, including fewer staffing needs, internal access degrees of restriction, and access and limitation to numerous entries and exits.
Parking Management System Market Analysis by Deployment Type
The global Parking Management System market has been segmented on the basis of deployment type as, and others. Due to its many advantages, such as improved security, fewer risks of downtime, and better accessibility, the on-premise segment will hold more than 60% of the market share in 2022. In terms of compliance concerns, the on-premise deployment may have a clear advantage. The increased stability of this form of deployment is another reason for many businesses to rely on it; employees can still access the data even in the event of a network breakdown or a lost internet connection, preventing downtime.
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North America held the largest share of the Parking Management System market. due to the early adoption of parking management and the developments in technology. Modern parking technologies are propelling the market's expansion in North America, including multi-space use meters that are more effective than individual parking meters, state-of-the-art systems that can adjust rates based on occupancy, inform drivers about parking availability, and accept a wide range of payment methods. Furthermore, parking's effects on the environment and air quality have come to the attention of U.S. transportation authorities.
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Parking Management System Market Driver
Technological Developments to Create Market Opportunities
Parking Management System Market Restraint
Stringent regulations and costs to impede the market growth
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Global Parking Management System market is highly fragmented, with a high level of competition. As several businesses are active in the market, each offering unique technology and services. The end users of parking management systems now face significant complexity as a result of this. In both industrialized and developing locations worldwide, there is an increasing need for and demand for technologically advanced parking management systems. By forming alliances with other parking management service providers, as well as with governments, the market's participants will have a huge opportunity to grow in the near future. Partnerships between service providers make it possible to offer specialized services, which are anticipated to significantly boost the market.
Parking Management System Market Top Player's Company Profiles
Parking Management System Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global parking management system market report analysis, in terms of solution, parking access and revenue control solution is expected to hold a significant market. Parking resource utilization is more efficient through parking management solutions. The need for parking can be decreased with an effective and efficient parking management solution. Additionally, the need for parking is reduced, which saves land and enhances user convenience.
|Market size value in 2021||USD 3.49 billion|
|Market size value in 2030||USD 4.38 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Parking Management System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Parking Management System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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