Parking Management Market Report 2022 | Industry Trends, Share, Size, Growth and Opportunities by 2027

IMARC Group's latest research report, titled "Parking Management Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,"  The global parking management market reached a value of US$ 3.94 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 6.85 Billion by 2027, exhibiting a CAGR of 9.30% during 2022-2027. Parking management represents several programs, strategies, and policies that are designed to promote the efficient utilization of different parking resources and create more walkable areas. It constitutes security and surveillance solutions, boom barriers, parking reservation structures, etc. These devices aid in mitigating the demand for parking subsidies, increasing travel options, inhibiting traffic, generating a return on investments (ROI), maintaining the safety and security of the vehicle, etc. Consequently, the parking management system is extensively used across various sectors, including commercial, residential, transportation, etc.

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Important Attribute and highlights of the Report:

Detailed analysis of the global market share
Market Segmentation by offering type, deployment mode and parking site.
Historical, current, and projected size of the market in terms of volume and value
Latest industry trends and developments
Competitive Landscape for Parking Management Market
Strategies of major players and product offerings

The inflating need for improved mobility among service consultants is primarily driving the parking management market. Additionally, the implementation of numerous stringent regulations by government bodies for managing tows, resolving traffic congestion issues, mitigating overall operational expenditure (OPEX) and capital expenditure (CAPEX), etc., is further catalyzing the market growth. Besides this, the growing integration of parking management solutions with near-field communication (NFC), global positioning systems (GPS), and cameras that aid in identifying vacant spots, monitoring systems, providing enhanced signage, real-time parking indicators, minimizing the wastage of spaces by promoting efficient usage of parking resources, etc., is acting as another significant growth-inducing factor. Moreover, the rising investments in R&D activities aimed at developing automated license plate recognition solutions and mobile phone applications for receiving voice guidance and tracking speed are anticipated to fuel the parking management market over the forecasted period.

Key Players Included in Global Parking Management Market Research Report:

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 and T2 Systems Inc. (Verra Mobility)

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COVID-19 Impact Overview:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Key Market Segmentation:

Breakup by Offering Type:

Solution
Access Control
Security and Surveillanc
Revenue Management
Parking Reservation Management
Valet Parking Management
Others
Service
Consulting and Training
System Integration and Deployment
Support and Maintenance

Breakup by Deployment Mode:

On-premises
Cloud-based

Breakup by Parking Site:

Off-street
On-street

Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

TOC for the Parking Management Market Research Report:

Preface
Scope and Methodology
Executive Summary
Introduction
Global Parking Management Market
SWOT Analysis
Value Chain Analysis
Price Analysis
Competitive Landscape

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