The estimated global size for parking management solutions market is US$ 768.2 billion, growing at a 5.6% CAGR over the forecasted period. In large part since the majority of people now have access to great innovations, the global parking management systems industry has recently experienced rapid growth.
The market for parking management solutions would grow as a result of increasing congestion and vulnerability in parking accessibility.
The rise of fully automated parking systems (APS), an increase in traffic congestion, consistent advancements in machine-to-machine communication technology, and rising demand for intelligent parking sensors for parking management are some of the factors that are driving the growth of the parking management market.
With expanding parking booths, the parking management solutions industry is supposed to get US$ 440 Billion out of 2022.
Rising interest for rapid network with great help conveyance this will emphatically affect the general market development.
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The market’s expansion was driven by the rising adoption of cloud-based technology, including big data and artificial intelligence, across numerous applications. For the market for parking management solutions worldwide, the parking venues segment is probably going to present lucrative potential.
Key Takeaways:
- By technology, parking kiosks segment is expected to record an 6.0% CAGR by 2032
- By installed location, parking venues segment to expand at a 6.8% growth rate during the forecast period
- The U.S market to garner US$ 168.2Billion and record a 4.7% CAGR from 2022-2032
- Market in China to procure US$ 93.5Billion, expanding at a 7.5% growth rate during the assessment period
“Growing number of vehicles across the world, rising demand for an effective traffic management solutions, and rapid development of smart cities are expected to drive the market in the forecast period”.
Competitive Landscape
- Among others, Parking BOXX, IPS Group, Inc., METRIC Group Ltd., Ventek International, and CivicSmart, Inc. are important market participants in the world for parking management solutions. Market participants are utilising strategic joint ventures to boost their profitability and market share. Recent events involving important players include:
- In May 2020– FlashParking formed a national service partnership with Burroughs Inc. The partnership will help Flash parking to provide a unique maintenance service to its users and reduce the risk of hardware downtime
- In June 2020 – Passport Inc., partnered with Panama City Beach community to equip the city with the technology needed to create a more frictionless parking experience.
- In March 2020 – Q-Free deployed a comprehensive parking guidance system at the Victorian Square parking garage in Sparks, Nevada. This system will provide real-time information on available spaces, making it easier for drivers to find parking. This contract will help Q-Free to mark its strong presence in the US market.
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What is the Contribution of Key Players to the Global Parking Management Solutions Market?
Key players of the global parking management solutions market include Parking BOXX, IPS Group, Inc., METRIC Group Ltd., Ventek International, Civic Smart, Inc. among others. Market players are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.
Recent developments among key players are:
- In May 2020– FlashParking formed a national service partnership with Burroughs Inc. The partnership will help Flash parking to provide a unique maintenance service to its users and reduce the risk of hardware downtime
- In June 2020– Passport Inc., partnered with Panama City Beach community to equip the city with the technology needed to create a more frictionless parking experience.
- In March 2020– Q-Free deployed a comprehensive parking guidance system at the Victorian Square parking garage in Sparks, Nevada. This system will provide real-time information on available spaces, making it easier for drivers to find parking. This contract will help Q-Free to mark its strong presence in the US market. ?
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global parking management solutions market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of technology (parking metre, parking kiosks) and by installation location (street parking and parking venues) across five major regions (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America).
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Key Segments Covered in the Parking Management Solutions Market Report
By Technology:
- Parking meters-based Parking Management Solutions
- Parking Kiosks-based Parking Management Solutions
By Installation Location:
- Parking Management Solutionss for Street Parking
- Parking Management Solutionss for Parking Venues
By Region:
- North America Parking Management Solutions Market
- Europe Parking Management Solutions Market
- Asia Pacific Parking Management Solutions Market
- Middle East & Africa Parking Management Solutions Market
- Latin America Parking Management Solutions Market
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