Parking Management Market (By Solution: Access Control, Security & Surveillance, Revenue Management, Parking Reservation Management, Valet Parking Management, Others; By Service: Consulting Services, System Integration and Deployment, Support and Maintenance; By Deployment Type: On-premise, Cloud; By Parking Site: On-Street, Off-Street; By Off-Street Parking: Garage Parking, Lot Parking; By Application Insights)- Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global parking management size was exhibited at USD 5.38 billion in 2022 and is projected to hit around USD 12.91 billion by 2032, growing at a CAGR of 9.15% during the forecast period 2023 to 2032.

Key Pointers:

• By geography, the North America generated more than 36% revenue share in 2022.
• By solution, the revenue management segment captured more than 26% of revenue share in 2022.
• By service, the support and maintenance segment generated more than 41% revenue share in 2022.
• By deployment type, the on-premise segment captured more than 61% of revenue share in 2022.
• By parking site, the off-street parking site segment generated more than 71% of revenue share in 2022.
• By application, the government segment dominated the market and captured more than 56% of the revenue share in 2022.

Parking Management Market Report Scope

The rise in the number of vehicles across the world, growing demand for an effective traffic management solution, and rapid development of smart cities are contributing to the growth of this market. Due to the COVID-19 pandemic, there was a modest decrease in growth activities as many countries imposed strict restrictions by announcing complete lockdowns. Additionally, the government of several nations invested heavily in their healthcare systems to help identify the signs of the virus and stop the spread, which included restriction measures such as no crowding of public transport stations and vehicles that hindered the growth of parking management for a short period.

However, the ease in travel restrictions currently is expected to propel the market demand, as most of the places are opening with full occupancy which will push the demand for parking management. The rise in parking management makes cloud-native parking management also rise to the occasion, with parking operators running their infrastructure via the cloud, owing to multiple benefits such as scalability and a pay-as-you-go model.

For instance, in July 2022, Amano McGann launched Amano ONE, a cloud-based parking accessibility and revenue process control system which streamlines parking operations. The system is simple to install and administer with low maintenance requirements. It is also user-friendly.

Technological advancements such as the Internet of Things (IoT), parking sensors, and electronic payment methods are additionally supporting the growth of this market. Firms are trying to deliver an enhanced customer experience and offer hassle-free parking that can help them gain a competitive advantage over others.

With the help of real-time data and analytics, organizations can allocate spaces, provide access control, and reduce administrative overhead spent on parking. For instance, in November 2022, Robert Bosch GmbH announced a partnership with Mercedes-Benz to launch automated self-parking software. The software allows vehicles to park themselves in spaces reserved in the parking lot of Stuttgart Airport.

Parking management is a cost-effective and reliable solution that reduces the time spent by drivers in finding available carpark space and traffic congestion. Furthermore, the increased adoption of electric vehicles compels city authorities to implement charging stations to push the demand for parking management higher. Parking management helps businesses in reaching their maximum potential by offering them space optimization. Features such as hassle-free booking, simple navigation, seamless customer experience, live reports, and parking enforcement options are anticipated to fuel the demand for parking management.

Parking management helps in customizing and reserving parking spaces as per company guidelines and staff requirements. The focus is rapidly shifting from hardware to digital solutions as hardware solutions had multiple concerns relating to security, obstructive parking, and unallocated spots. Currently, office-centric parking solutions, also called employee parking software, are witnessing significant growth due to the increased capacity they can offer without having to increase the actual space.

For instance, in February 2022, Yellowbrick International BV, a subsidiary of Flowbird Group acquired PICONET, a parking payment solution provider. Through the acquisition, the former company expanded its presence in the Romanian market for mobile parking apps.

Some of the prominent players in the Parking Management Market include:

• 3M Company
• Amano Corporation
• Cubic Corporation
• FlashParking Inc. (Arrive Mobility Inc.)
• Infocomm Group LLC
• International Business Machines Corporation
• Passport Labs Inc.
• Q-Free ASA
• Robert Bosch GmbH
• SAP SE
• Siemens AG
• Ta2 Systems Inc. (Verra Mobility)

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Parking Management market.

By Solution

• Access Control
• Security & Surveillance
• Revenue Management
• Parking Reservation Management
• Valet Parking Management
• Others

By Service

• Consulting Services
• System Integration and Deployment
• Support and Maintenance

By Deployment Type

• On-premise
• Cloud

By Parking Site 

• On-Street
• Off-Street

By Off-Street Parking 

• Garage Parking
• Lot Parking

By Application Insights

• Transport Transit
• Commercial
• Government

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)