Parking Management Market Analysis

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.