Parking Management Market to hit US$ 45,125.82 million, globally, by 2028 at 4.9% CAGR: The Insight Partners

The Insight Partners published the latest research study on ""Parking Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Parking site, Solution, Services, and Deployment Type," market is expected to grow from US$ 32,221.73 million in 2021 to US$ 45,125.82 million by 2028; it is estimated to grow at a CAGR of 4.9% during 2021-2028.

The parking management market is segmented on the bases of parking site, solutions, services, deployment type, and geography. Based on parking sites, the global parking management market is segmented into on-street parking and off-street parking. In 2020, the off-street parking segment led the parking management market and accounted for a larger market share. Based on solution, the parking management market is segmented into parking guidance solutions, parking reservation solutions, parking security & surveillance solutions, and others. In 2020, the others segment led the parking management segment accounting for a larger share in the market. Based on services, the parking management market is segmented into managed services and professional services. In 2020, the managed services segment led the parking management segment accounting for a larger share in the market. Based on Deployment, the parking management market is segmented into cloud, and on-premise. In 2020, the on-premise segment led the parking management segment accounting for a larger share in the market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Asia Pacific accounted for a significant share in the global market.

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The parking management market is a highly fragmented market with the presence of a significant number of players in each country coupled with multiple players with a small and regional presence. The companies provide different parking management solutions such as access control, ANPR, parking security & surveillance, parking reservation and valet parking, and fee enforcement among other parking management solutions. Moreover, the increasing number of registered passenger vehicles along with limited parking space availability across major cities has led to the surge in demand for efficient parking management solutions in the past few years. Subsequently, the leading end-users of parking management such as airports, government & municipals, universities, hospitals, hotels, restaurants, and commercial complexes among other end-users have witnessed a significant increase in parking management requirements across major cities. In addition, on-street parking especially in metro cities has attributed insignificant collection of revenue generated through parking violations and parking fees which is effectively utilized for providing important utilities to the public. Factors such as the increasing rate of infrastructure development coupled with the growing purchasing power of the individuals have significantly increased the demand for improving vehicle mobility at major popular commercial hubs in developed as well as developing countries.

With the advent of technology and precisely handling the parking space issues faced by an individual, the market players are robustly focusing on the development of contactless parking systems. The contactless parking management system facilitates the entry & exit of the vehicle without any physical contact with parking entry/exit stations. The driver does not have to push the ticket button or even touch a payment machine. The contactless intelligent parking system integrates a unique QR Coded e-ticket, which is generated at the entry station with the help of a smartphone device. This QR Coded e-ticket credential also permits the users to make an online payment at the exit station.

After the COVID-19 pandemic outbreak, the adoption of tech-driven parking solutions is emerging to efficiently fill the gap between car owners/drivers looking for safe parking spots and companies who could provide such spaces digitally and quickly. The drivers are currently discovering empty parking spots in their vicinity, book slots within a few taps in the smartphone screen, and making payments using the digital method. The contactless method offers different features that vary from monitoring payment to regulating the crowd within parking structures/lots. Owing to the COVID-19 outbreak, the businesses halted and disrupted entire economies, with social distancing becoming the new normal, which creates a massive opportunity for the market player to introduce digital and contactless solutions across automotive industries.

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Increasing Partnerships and Mergers to Stimulate the Parking Management in Urban Areas

The parking management systems market across the globe is highly fragmented, as several players are operating in the industry with their respective technologies and services. This has created substantial complexities among the end-users of parking management systems. The need and demand for a technologically enhanced parking management system are continuously increasing in the developed regions as well as emerging areas across the globe. The parking management market players have a significant opportunity to grow it the near future by partnering with other parking management service providers and governments. Partnerships among the service providers facilitate to the provision of bespoke services which are expected to drive the market to a great extent. For instance, in July 2021, Passport has enabled parking payments to be paid directly through the Uconnect infotainment system in Chrysler, Dodge, Jeep, and Ram cars, thanks to a partnership with Xevo, a leader in connected-car technologies and innovative user experiences. Similarly, in 2020, T2 Systems, a parking technology company, has collaborated with TEZ, the creators of TEXT2PARK, to offer T2 MobilePay, a mobile parking payment solution that gives users an easy and convenient method to pay for parking on their cellphones while giving operators control over their data and revenue.

Parking Site-Based Market Insights
Based on parking sites, the global parking management market is segmented into on-street parking and off-street parking. In 2020, the off-street parking segment led the parking site segment and accounted for a larger market share.

The List of Companies - Parking Management Market

The key companies operating in the field of parking management across the world include Indigo Parking Service, Streetline, Flowbird Group, Parkmobile, TIBA Parking, Smart Parking Limited, T2 Systems, Swarco, Passport Inc., and Siemens AG, among others. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.

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The players operating in the parking management market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In August 2021, T2 Systems' Mobile Enforcement Software (MEA), a citation issuance app for iPhones, iPads, and Android tablets, now interacts with Genetec's AutoVu automated license plate recognition (ALPR) system, giving parking operations a mobile LPR-based enforcement solution.

In August 2021, ParkMobile, the #1 mobile parking app in the U.S. has announced today a new strategic partnership agreement with TIBA Parking Systems, a member of the FAAC group - the largest manufacturer of Parking Management Systems in North America, to provide contactless payment options at gated garage locations.

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