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

Parking Management Market: Key Insights

According to our latest market study on "Parking Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Parking site, Solution, Services, and Deployment Type," the 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.

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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.

The major cities in several countries across the globe are adopting smart technologies heavily with an objective to reduce day-to-day traffic and parking challenges. Traffic and parking spots have been long-lasting problems in both developed as well as emerging regions worldwide. Smart parking technologies are revolutionizing car park management, and the demand for intelligent parking technologies is exponentially growing. The smart technologies, which are experiencing tremendous growth in the current parking management system include parking guidance information systems, automated parking, smart parking payment system and parking reservation systems. In addition to these technologies, demand for security and safety of the parked vehicles is also increasing rapidly among the drivers and the vehicle owners, which is propelling the procurement of parking surveillance system, thereby creating substantial market space for parking management companies to grow over the years.

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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 in the near future by partnering with other parking management service providers and governments. Partnerships among the service providers facilitate the provision of bespoke services which are expected to drive the market to a great extent. For instance, in July 2021, Passport 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 Management Market: Competitive Landscape and Key Developments

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.

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:

1. 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.

2. 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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