Home > Pressrelease > Parking Management Market size to value $6 Bn by 2027
Parking Management Market size to value $6 Bn by 2027
- Published Date: November 8, 2021
Parking Management Market size is set to surpass USD 6 billion by 2027, according to a new research report by Global Market Insights Inc.
The growing penetration of smartphones globally will support the parking management industry growth. With multiple companies entering the market, the accessibility & affordability of the smartphones has increased across various income groups, increasing the use of online applications for different purposes. In smart parking facilities, mobile applications are important components as they enable different functionality options such as remote access to real-time information about parking spots through the utilization of smartphone features such as Near Field Communication (NFC), built-in camera, and GPS. These mobile phone applications allow consumers to pre-book their parking spots and complete the payment without any physical contact through digital portals.
The outbreak of coronavirus pandemic moderately impacted the parking management market in 2020. The stringent lockdown measures imposed by governments for safety purposes increased the number of on-street parking of vehicles, disturbing the overall vehicle movement cycle. This has encouraged authorities to invest in automated parking systems for effective management. The high-end technology integration of IoT & cloud network with the system has resulted in limited human intervention across all parameters in a parking facility.
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Security functionality of parking access control to drive parking management market statistics
The parking access control integrated with parking management allows the facility owners to restrict & manage access to parking. It provides remote control of parking gate to the operator, thus allowing entry to authorized customers. The software is equipped with an access control reader through which the individual must verify the credentials that are authorized by the control panel. This factor increases the security measures of the overall parking space, reducing the threats of vehicle damage, automobile theft, tailgating, vandalism, violence, property damage, and assault. The system incorporates evolving Radio Frequency Identification (RFID) technology, reducing the hassle of using verification card and avoiding unnecessary congestion to maintain a proper traffic flow.
Browse key industry insights spread across 300 pages with 283 market data tables and 38 figures & charts from the report, “Parking Management Market Size By Type (On Street, Off Street), By Solution (Parking Analytics, Parking Access Control, Security & Surveillance, Revenue Management, Parking Reservation), By Service (Consulting, Maintenance, Training), By Application (Transport Transit, Commercial, Government), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Expanding on-street parking challenges in China
The rising number of vehicles in the market has created challenges for individuals to park on the streets majorly due to the unavailability of spaces. Thus, encouraging the need for the development of the parking management solutions. In June 2020, China automobile population amounted for over 265 million units, and according to the National Development and Reform Commission, the country has around 75 million parking spaces available for accommodating these automobiles. Several government authorities & commercial parking facilities are opting for parking management solutions owing to the technological improvement offered by the system.
Rising urbanization in North America to spur parking management market revenue
North America parking system market is projected to expand at more than 12% CAGR through 2027. The urbanization is growing in the region on account of the benefits offered by the developed cities & towns in terms of career opportunities, healthcare, entertainment, and education. This factor has encouraged individuals to migrate from rural to urban areas, increasing the population. The rise in urban population has increased the number of vehicles in a limited amount of space, creating traffic flow & vehicle parking challenges. Such parking challenges motivated authorities to invest in automation, thus propelling the parking management market demand.
Companies are focusing on expansion opportunities in multiple markets
Industry participants are focusing on increasing their market presence through new partnerships & projects. For instance, in September 2021, Smart Parking partnered with Ormiston’s developers for installing its guidance system in their town centers for managing the vehicle traffic flow across the facility, thus enhancing the customer experience. The system will provide Variable Message Signs (VMS), displaying real-time information of the spot availability to avoid traffic congestion.
The prominent parking management market players include Amano Corporation, ParkMobile, LLC., APCOA Parking Ltd., Robert Bosch GmbH, Q-Free ASA, FlashParking, Indigo Group, Inrix Inc., IPS Group Inc., Passport Labs, Inc., Skidata GmbH, Precise Parklink Inc., Siemens AG, Smart Parking Ltd., T2 Systems Inc., Tiba Parking LLC, and Streetline Inc.