Parking Management Market Competitive And Growth Analysis 2024 - Major Players, High Growth Strategies And Opportunities | Bosch Group, Siemens AG, IBM Corporation, SAP SE, Atos SE

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The Business Research Company presents an extensive market research report on the Parking Management Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The parking management market size has grown strongly in recent years. It will grow from $3.54 billion in 2023 to $3.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to urbanization and population growth, government initiatives for smart cities, rising concerns about traffic congestion, increased vehicle ownership, environmental sustainability initiatives.

The parking management market size is expected to see strong growth in the next few years. It will grow to $5.4 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to emergence of autonomous vehicles, data analytics and predictive parking solutions, regulatory compliance and parking policies. Major trends in the forecast period include integration of smart technologies, advancements in payment technologies, contactless payment systems, environmentally sustainable solutions.

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Key Market Players:

Major companies operating in the parking management market report are Bosch Group, Siemens AG, IBM Corporation, SAP SE, Atos SE, DEPLOT, Xerox Corporation, Globe Group Indigo, Flowbird Group, SWARCO, Amano Corporation, SKIDATA, Precise Parklink, IPS Group, Inrix Inc., Q-Free ASA, Chetu, Passport Labs Inc., SpotHero, Nex Valet LLC, FlashParking Inc., Streetline, TIBA Parking, ParkMobile LLC, T2 Systems, Get My Parking, Bond Traffic Solutions, Cleverciti Systems, Robotic Parking Systems Inc., Infocomm Group LLC

Market Drivers:

The increasing demand for optimal parking space utilization across the globe is driving the growth of the parking management market. In the current era, an increase in vehicles results in the mismanagement of parking spaces across the globe. The authorities operating parking spaces are increasingly investing in advanced parking management solutions for optimal business performance and error-free operations. For instance, in August 2022, Parking Network, a Netherlands-based statistical company, stated that, in large centers and non-residential regions, between 50 and 70% of the land is set aside for parking, compared to an average of 35% in residential areas across the globe, whereas there are 8 parking places available for every vehicle in the US. Therefore, the growing demand for optimum utilization of parking spaces is expected to boost demand for parking management market during the forecast period.

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The parking management market covered in this report is segmented -

1) By Solution: Access Control, Security & Surveillance, Revenue Management, Parking Reservation Management, Valet Parking Management, Other Solutions
2) By Parking Site: On Street, Off Street
3) By Application: Transport Transit, Commercial, Government

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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