Parking Management Market Size - By Type (On Street, Off Street), Solution (Parking Analytics, Parking Access Control, Security & Surveillance, Revenue Management, Parking Reservation), Service (Consulting, Maintenance, Training), Application & Forecast, 2021 - 2027

Parking Management Market Size

Parking Management Market size crossed USD 3 billion in 2020 and is projected to expand at around 12% CAGR from 2021 to 2027.
 

Companies in the ecosystem offer solutions related to the access control, revenue management, analytics, security, and surveillance & guidance, among others. These solutions help in the real-time monitoring of the parking spaces. Further, with the rising digital footprint & amount of data, several systems are integrating advanced technologies for proper data representation, tracking, real-time information, system monitoring, and data management. This factor has also supported the development of parking management in the industry with elaborative dashboard, remote accessibility, and customized solutions.
 

The AI-based system offers Automated License Plate Recognition (ALPR), occupancy rate forecast, automatic data interpretation, and convenient traffic flow. The integration has helped in the addition of different online services, such as digital payment, interactive smartphone application, and dynamic pricing, improving the overall customer experience. The growing number of vehicles and lack of proper and designated parking spaces are propelling the need for the development of parking management solutions. Moreover, the rise in development of smart cities coupled with the government support for the expansion of parking solutions is boosting the industry demand.
 

The coronavirus pandemic moderately impacted the parking management market growth in 2020 due to the sudden global lockdowns, resulting in the temporary shutdown of the transportation projects. Additionally, there were a smaller number of vehicles on road and hence, there was a lot of parking space.
 

However, owing to the pandemic, there was an increase in reliance on digital methods for safety purposes, and the market witnessed a rise in demand for automation across different applications for effective system management & seamless user experience. This factor encouraged several facilities to utilize parking management to develop an automated structure. The rising adoption of online or digital payment technologies amongst several individuals has created growth opportunities.
 

Parking Management Market Analysis

The U.S. parking management market is forecast to register growth rate of about 10% through 2027 driven by the rise in demand for commercial parking facilities. Several smart parking systems are being adopted by the commercial parking spaces to increase security & automation for the user. For instance, in October 2021, the University of South Florida installed contactless parking solutions in its St. Petersburg campus through partnership with Parkmobile. The solution offers faculty, students, and visitors a contactless, robust & safe off-street parking location. It also provides remote pre-booking & parking spot availability options, thereby improving user experience.
 

The security & surveillance is a vital component of a parking system, as it helps increase the security of the facility. With increasing demand for advanced technology, several companies that offer high-end features have entered the market to improve the safety of the infrastructure. The enhanced video surveillance equipment has wireless connection functionality connected directly with a cloud network for data storage. The technological advantages of video surveillance integrated with parking management is anticipated to fuel the market expansion.
 

In the UK, market demand for parking management from transportation sector is poised to witness 17% gains till 2027 impelled by the acceleration in the construction of smart cities. The government authorities in the country are fast-tracking the process led by the growing trend of urbanization. Smart cities enable the implementation of advanced infrastructure combined with sustainable technologies to reduce carbon footprint. This factor has encouraged government bodies to take new initiatives to build the infrastructure for creating a unified smart city system.
 

In 2020, the maintenance segment accounted for over 15% the parking management market share. Several companies outsource services to third-party companies to handle the maintenance of the overall infrastructure. These companies offer required expertise & conduct preventive maintenance at regular time intervals for avoiding breakage in the system. With the growing number of competitors in the market, companies are offering these services at economical rates, encouraging authorities to invest in them.
 

Europe parking management market size captured more than 30% of the revenue share in 2020. The rise in the demand for parking data analytics for taking informed decisions will drive the regional market revenue. The data representation through analytics will support in managing the facilities in an effective way. The predictive analytics help in transforming parking facilities to improve traffic flow & space allocation depending upon the time of stay. The authorities are utilizing these data assessment tools to predict the parking space, feasibility & traffic flow in the upcoming smart city projects in the regions, thus fast-tracking the process.
 

Parking Management Market Share

The major players are focusing on developing their brand recognition through introducing new parking system projects and launching new advanced technologies. For instance, in October 2021, Apcoa Parking announced the opening of a 729-space multi-floor car parking space with an integrated energy center. The facility is equipped with automatic number plate recognition and 30 EV charging points & self-service online permit management systems.
 

The key parking management market players include :

• Amano Corporation
• APCOA Parking Ltd.
• Robert Bosch GmbH
• FlashParking
• Indigo Group
• Inrix Inc.
• IPS Group Inc.
• ParkMobile, LLC.
• Passport Labs, Inc.
• Precise Parklink Inc.
• Q-Free ASA
• Siemens AG
• Skidata GmbH
• Smart Parking Ltd.
• Streetline Inc
• T2 Systems Inc.
• Tiba Parking LLC.
   

This market research report on parking management includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:

Click here to Buy Section of this Report

Market, By Component

• Solution
  • Parking analytics
  • Parking access control
  • Security & surveillance
  • Revenue management
  • Parking reservation management
  • Others  
• Services
  • Consulting
  • Maintenance
  • Training

Market. By Parking Site

• On Street
• Off Street

Market, By Application

• Transport
• Commercial
• Government

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Benelux
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Singapore
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • Saudi Arabia
  • UAE
  • South Africa