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Parking Management Market Size

  • Report ID: GMI2956
  • Published Date: Oct 2021
  • Report Format: PDF

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


Parking Management Market

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of parking management surpassed USD 3 billion in 2020 and is expected to grow at 12% CAGR through 2027, says this GMI report.

Parking management industry trends will be robust in the U.S., which is projected to witness 10% CAGR till 2027, given the rising demand for commercial parking facilities.

UK market size from transportation sector may register 17% CAGR through 2027 owing to the rise in smart city construction.

In 2020, Europe held over 30% of the global revenue share, driven by increasing demand for parking data analytics.

Parking Management Market Scope

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 25
  • Tables & Figures: 321
  • Countries covered: 22
  • Pages: 300
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