USD 3.49 billion
Global Parking Management System Market Size, Share, Growth Analysis, By Solutions(Parking Guidance Solution, Parking Reservation Management), By Deployment Type(Cloud, On-premises) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2210 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
70 |
Figures:
75
Global Parking Management System Market Insights
Parking Management System Market size was valued at USD 3.49 billion in 2019 and is poised to grow from USD 4.38 billion in 2023 to USD 10.14 billion by 2031, growing at a CAGR of 12.1% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
On-premises
Fastest Growth
On-premises
Growth Rate
12.1% CAGR
Global Parking Management System Market ($ Bn)
Country Share for North America Region (%)
Global Parking Management System Market By Deployment Type ($ Bn)
Global Parking Management System Market By Deployment Type (%)
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Global Parking Management System Market Segmental Analysis
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.
Global Parking Management System Market By Deployment Type, 2023 (%)
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Global Parking Management System Market Regional Insights
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.
Global Parking Management System Market By Region, 2024-2031
- Largest
- Fastest
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Global Parking Management System Market Dynamics
Parking Management System Market Driver
Technological Developments to Create Market Opportunities
- The demand for parking management systems is expected to rise as a result of technological developments in connectivity and communication. Growing use of mobile devices and the use of apps to support parking solutions are expected to increase market opportunity. The market for parking management systems is growing in popularity as self-parking technology in cars also develops.
- As developers end up constructing extra space to comply with requirements governing the size and number of parking spaces, a proportion of parking spaces stay vacant. By alerting consumers when and where a parking spot is available, consistent parking management solutions, such as enhanced signage and real-time parking indicators, reduce the wastage of parking spaces.
- Through better revenue management, which combats overcharging and undercharging for parking spaces, parking management also leads to a more effective use of parking resources. In order to maintain city infrastructure, consume less space, generate more cash for the government, and improve user comfort, parking needs can be reduced by 20–40% with an efficient and comprehensive parking management solution.
Parking Management System Market Restraint
Stringent regulations and costs to impede the market growth
- The main hindrance to market growth in the forecast period is anticipated to be the existence of strict laws and regulations from various governments about the use of parking places. Additionally, costs related to parking management's installation and upkeep are issues that could restrain the market's expansion for parking management solutions.
- One of the biggest challenges facing the market for parking management solutions globally is the high installation cost. In the upcoming years, the market expansion would be constrained by a shortage of skilled employees for system installation and maintenance.
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Global Parking Management System Market Competitive Landscape
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
- ParkMobile LLC
- Flowbird Group
- TIBA Parking Systems
- FlashParking
- ParkHub
- SpotHero
- Passport Labs
- Indigo Parking Solutions
- ParkWhiz
- Arrive
- Parkopedia
- CivicSmart
- T2 Systems
- ParkVia
- ParkMe
- Parkeon
- Streetline
- SKIDATA AG
- HUB Parking Technology
- Scheidt & Bachmann GmbH
Parking Management System Market Recent Developments
- In January 2022, INDIGO Group and DPA-X, Dominique Perrault Architecture’s research department, announced the launching of an international competition that will be inviting young architects from all over the world to invent the car park of the future.
- In August 2021, Genetec's AutoVu automatic licence plate recognition (ALPR) system will now integrate with T2 Systems' Mobile Enforcement Software (MEA), a ticket issuing app for iPhones, iPads, and Android tablets, providing parking operations with a mobile LPR-based enforcement solution.
Global Parking Management System Key Market Trends
- The availability of parking areas is being impacted by the growing number of automobiles on the planet, which increases the need for parking management systems because they aid in the efficient distribution and best use of parking space. Additionally, growing smartphone adoption and internet of things (IoT) adoption in parking are projected to accelerate the growth of parking management systems over the projection period.
- Additionally, new developments like the creation of electric and autonomous vehicles are anticipated to open up new prospects for the parking management business. The market is expanding as a result of multi-storeyed parking services, residential and commercial locations, and increasing acceptance of parking management systems.
Global Parking Management System Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.49 billion |
| Market size value in 2031 | USD 10.14 billion |
| Growth Rate | 12.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Parking Management System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Parking Management System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Parking Management System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Parking Management System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Parking Management System Market Report Snapshots
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