Parking Management Market Growth, Opportunity and Future Outlook 2023-2031 | DEPLOT, Bond Traffic Solutions, FlashParking, Inc., TIBA Parking

The global parking management market size was US$ 36.9 billion in 2021. The global parking management market is forecast to grow to US$ 51.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.

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Parking management systems aid drivers in getting parking spaces easily. The solutions deliver appropriate instructions to minimize frustration and enhance the travel experience of the users. Parking management services encompass real-time vehicle monitoring, traveller information systems, video surveillance, etc. Many sophisticated parking management services allow users to reserve their space on phone.

Factors Influencing the Market
The growing demand for efficient traffic management will primarily drive the growth of the parking management market during the study period. Parking management allows users to have excellent mobile solutions and comfort in traveling. It reminds users about the exact location when and where the e-parking space is accessible. Apart from that, the real-time parking indicators of the parking management solution minimize the wasting of parking spaces, which will accelerate the adoption of parking management systems during the study period.
The rising adoption of cloud computing technology is expected to have a beneficial impact on the parking management market during the study period. On the flip side, security concerns related to parking management may limit the growth of the overall market during the study period.

COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for parking management decreased, owing to the stringent lockdown restrictions imposed by governments across various states. Apart from that, the terror of the pandemic restricted people from going out, which substantially dropped the demand for parking management.

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Regional Analysis
North America is forecast to dominate the parking management market due to the rising contribution of the US and Canada. The market expansion in this sector is being driven by large IT corporations and quick technological advancements, such as the digitalization of the US and Canada. Because of their developed economies, the area can make significant investments in cutting-edge parking management products and services. Asia-Pacific is expected to become the region with the quickest rate of growth, owing to the increased government spending on the development of smart cities. In addition, rising disposable income and increasing demand for effortless parking will also contribute to the market growth during the study period.

Competitors in the Market
• DEPLOT
• Bond Traffic Solutions
• FlashParking, Inc.
• TIBA Parking
• Infocomm Group LLC
• Passport Inc.
• Nex Valet LLC
• Amano McGann
• SAP SE
• Q-Free ASA
• Parkmobile USA Inc.
• Siemens AG
• Other Prominent Players

Market Segmentation
The global parking management market segmentation focuses on Component, Parking Site, Deployment, Application, and Region.
By Component:
• Solutions
o Access Control
o Security & Surveillance
o Revenue Management
o Parking Reservation Management
o Valet Parking Management
o Other

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• Services
o Consulting Services
o System Integration & Deployment
o Support & Maintenance
By Parking site:
• Off-street Parking
• On-street Parking
By Deployment Model:
• On-premises
• Cloud
By Application:
• Transport Transit
• Commercial
• Government
By Regional Outlook
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific

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● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

Table of Content

Chapter 1: Global Parking Management Industry Overview

Chapter 3: Market Dynamics

Chapter 4: Top Company Profiles

Chapter 5: Global Parking Management market Competition, by Players

Chapter 6: Global Market Size by Regions

Chapter 7: Global Market Segment by Application

Chapter 8: Global Parking Management Industry Segment by Type

Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers

Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders

Chapter 11: Key Marketing Strategy Analysis, by Market Vendors

Chapter 12: Market Effect Factors Analysis

Chapter 13: Global Parking Management market Size Forecast (2023-2031).

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This release was published on openPR.