Parking Management Market Size, Share and Forecast 2028

Parking Management Market Size, Share and Forecast 2028
5 min read
20 October 2022

The “Parking Management Market by Parking Site (On-street, and Off-street), Solutions (Parking Guidance Systems, Parking Reservation, Parking Security & Surveillance, and Others), Service (Professional, and Managed), and Deployment Mode (On-premise, and Cloud) – Global Analysis and Forecast to 2027”. The scope of study involves understanding on the factors responsible for this growth of parking management solutions along with the estimates and forecasts of the revenue and market share analysis and also spots the major players in the market and their key developments.

The increase in number registered vehicles coupled with densely populated cities have attributed towards the surge in demand for efficient parking space management especially among commercial hubs and on-street parking across major cities in the past few years. Moreover, growing cost parking space at major cities has further emphasized towards growing lack of available sparking space for the vehicle users. As a result, the parking management solution such as parking guidance, parking fees enforcement, valet parking, access control and parking security & surveillance among others have gained momentum among different countries in the past few years. Whereas, among developing countries the growing purchasing power of the individuals has led to significant boost in mobility towards popular commercial hubs such as malls, shopping complexes, theaters, and restaurants among other commercial hubs. Subsequently, the availability of limited parking space coupled with growing demand for providing seamless mobility across major popular locations has risen the demand for efficient parking management market in the coming years.

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The increase in the number of registered passenger vehicles especially in densely populated cities has increased by finding an available parking space along with demand for adopting strategies that led to efficient parking space utilization. Moreover, the presence of inefficient and improper parking could have a profound influence over the mobility, especially in on-street parking at major commercial hubs and complexes. As a result, the demand for effective and efficient parking management related solutions have substantial momentum among densely populated cities owing to growing prices of parking space in the cities.

Key Players

  • Indigo Parking Service
  • Streetline
  • Flowbird Group
  • Parkmobile
  • TIBA Parking
  • Smart Parking Limited
  • T2 Systems
  • Swarco
  • Passport Inc.
  • Siemens AG

Currently, the market is majorly dominated by the developed countries region namely North America and Europe owing to a significant number of available regulated parking space present in the area. Also, the presence of densely populated cities such as Las Vegas, London, New York, Tokyo, Hong Kong, and Seoul among other major cities is experiencing heavy demand for parking space management owing to the growing number of vehicle registered vehicles and limited available parking space. As a result, the need for parking guidance systems, parking reservation, valet parking, ANPR, parking security & surveillance and parking meters is expected to provide substantial opportunities for the market players in the coming years. Also, the popularity of smart cities concepts and adoption of technologies enabled parking management solutions such as reporting, analytics, and cloud-based solutions is expected gain popularity in developed countries and subsequently provide attractive, profitable opportunities for the market players in the coming years.

The report segments the global parking management market as follows:

Global Parking Management Market – By Parking Site

  • On-street
  • Off-street

Global Parking Management Market – By Parking Solutions

  • Parking Guidance Systems
  • Parking Reservation Solutions
  • Parking Security & Surveillance
  • Others

Global Parking Management Market – By Service

  • Professional Service
  • Managed Service

Global Parking Management Market – By Deployment Mode

  • On-premise
  • Cloud

Global Parking Management Market – By Geography

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Middle East and Africa (MEA)
  • South and Central America

Based on region, Europe and North America regions lead the current market for parking management market owing to densely populated cities, the significant number of registered vehicles per household capita and regulated parking space present in the region. However, the substantial amount of ongoing infrastructure development, urbanization, and passenger vehicles, especially in the Southeast Asian area, is projected to be the significant market driving force for parking management market in the coming years.

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Kajal Pawar 2
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