Parking Management Market to grow USD 6.3 billion by 2028

"Due to the increasing deployment of intelligent parking management systems across developing regions, the solutions segment is expected to account for a major share in the parking management market."

The solutions segment is projected to grow from USD 4.4 billion in 2023 and reach USD 6.3 billion by 2028. It is projected to grow at a CAGR of 7.4% during the forecast period. The parking management market offers various solutions and services that aim to improve the efficiency, speed, and convenience of parking for consumers. These solutions also benefit parking operators by adopting parking management technologies, driving growth, and enabling seamless communication between commuters and parking space operators.

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Based on the parking site, the Off-Street Parking segment is expected to account for the largest market share during the forecast period

Parking facilities available in parking lots, garages, private driveways, and other areas are known as off-street parking. Commercial agencies typically manage these facilities and are highly efficient in holding vehicles. Proper design and construction are required to ensure drivers' safe and secure parking experience. This segment focuses on security, pre-booking parking spots, and parking fee management. Innovations in this sector include using robotic valet systems to improve parking management.

Based on the application, the transport transit segment is expected to grow at the highest CAGR during the forecast period

The transport transit sector is crucial in promoting parking management through various innovative measures and strategic initiatives. One of the key ways this sector contributes is by integrating public transportation options with efficient parking facilities. Transit agencies are actively developing park-and-ride facilities, strategically locating parking lots near transit hubs such as bus stations, train stations, and subway terminals. This integration encourages commuters to park their vehicles at these facilities and continue their journey using public transit, reducing the number of cars on the road and alleviating congestion in urban areas.

Based on region, the North American segment is expected to account for the largest market share during the forecast period

The North American market has stringent government standards and regulations, ensuring parking management is regulated and controlled. The region's major growth driver is the investment in parking management solutions to enhance driver and commuter convenience. The US and Canada are extensively implementing parking management solutions, primarily due to the increasing adoption of mobile devices and the growing focus on managing traffic congestion.

The North American parking management market is the top revenue generator among all regional markets. This is due to the introduction of advanced parking management technologies and the increasing sale of vehicles in the region. The development of ICT has made it possible to reduce congestion, provide real-time information, prevent accidents, enforce speed and traffic rules, and decrease revenue leakages.

The break-up of the profile of primary participants in the Parking Management Market:

The study contains insights from various industry experts, from solution vendors to Tier 1 companies. The break-up of the primaries is as follows:

By Company Type: Tier 1 - 30%, Tier 2 - 42%, and Tier 3 - 28%
By Designation: C-level -48%, D-level - 30%, and Others - 22%
By Region: North America - 20%, Europe - 25%, Asia Pacific - 40%, Middle East and Africa - 10%, and Latin America - 5%

The major players in the Parking Management market are Group Indigo (France), Amano (Japan), Siemens (Germany), Bosch Group (Germany), Atos (France), SWARCO (Austria), SKIDATA (Austria), Chetu (US), Precise Parklink (Canada), FlashParking (US), Passport Labs (US), SpotHero (US), Get My Parking (India), INRIX (US), IPS Group (US), Smart Parking (Australia), TIBA Parking Systems (Israel), Q-Free (Norway), Streetline (US), ParkOffice (US), Urbiotica (Spain), CivicSmart (US), etc. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their footprint in the Parking Management market.

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