By 2021, it is anticipated that the parking management services would produce US$ 404.7 billion in revenue. In 2022, the sale is expected to exceed US$ 440 billion. The analysis predicts that between 2022 and 2032, the global parking management market solutions will grow at a compound annual growth rate of 5.6%, reaching US$ 768.2 billion.
Due to rising demand for fully automated parking systems (APS), traffic jams, improvements in machine-to-machine communication technologies, and parking management solutions, the industry will expand.
The market for parking management solutions refers to the sector of the economy that manufactures technology tools for operating parking garages. These systems offer effective and efficient parking management through the use of software, hardware, and services.
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Numerous factors, including as the rising number of vehicles on the road, the demand for effective parking management in crowded urban areas, and the rising adoption of smart city technologies, are driving the market for parking management systems. The need for improved security and safety in parking facilities, the rising demand for automation and digitization, and the expanding trend towards sustainable and environmentally friendly parking solutions are other reasons that are propelling the market.
Parking guidance systems, parking access control systems, revenue management systems, and other categories make up the parking management solutions market. Using real-time information from parking assistance systems, drivers may locate parking spots quickly and effortlessly. Systems that restrict parking access ensure that only authorised vehicles can enter parking facilities. Parking charge collection is automated through revenue management systems, which makes financial management for parking facility operators simpler.
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,
- CivicSmart, Inc.
among others. Market players are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.
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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.
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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