Parking Management Market to be Worth $12.3 Billion by 2031

Meticulous Research®-a leading global market research company, published a research report titled, 'Parking Management Market by Component (Solutions, Services), End User (Commercial, Residential), Technology (Image Processing, RFID, Visible Light Communication), Deployment Mode, Parking Site, & Geography - Global Forecast to 2031.'

According to this latest publication from Meticulous Research®, the global parking management market is projected to reach $12.3 billion by 2031, at a CAGR of 14.2% during the forecast period. The growth of the parking management market is attributed to the growing demand for AI-based services, increasing demand for parking spaces, and growing focus on seamless traffic flow & reducing fuel consumption. However, the complexity of system integration and the shift from a car ownership model to a car sharing/rental model restrain the market's growth.

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Moreover, the increase in the adoption of smart city initiatives globally and technological advancements in autonomous cars offer significant opportunities for the growth of the global parking management market. However, high initial implementation cost, climate durability, and prevalence of vandalism may hinder the market's growth.

Meticulous Research® has segmented this market based on component, end user, technology, deployment mode, parking site, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, the global parking management market is segmented into solutions and services. The solutions segment is further sub-segmented into parking guidance systems, security & surveillance solutions, parking access & revenue control (PARC) solutions, permit management solutions, and reservation management solutions. The services segment is further sub-segmented into support & maintenance services and system integration services. In 2024, the solutions segment is expected to account for the larger share of the global parking management market. The large market share of this segment is attributed to the growing need for robust and seamless solutions to improve the parking experience for users and increase revenue and operational efficiency. In addition, the high focus of transport authorities across the world to reduce traffic congestion and encourage daily commuters to use more and more park-and-ride facilities is further supporting the growth of this market. Moreover, the segment is also projected to register the highest CAGR during the forecast period.

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Based on end user, the global parking management market is segmented into commercial and residential. The commercial segment is further sub-segmented into retail, entertainment, and leisure, airports, railway stations, & bus terminals, office spaces, and other commercial parking spaces. In 2024, the commercial segment is expected to account for the larger share of the global parking management market. The large market share of this segment is attributed to the increasing adoption of parking management systems in the commercial sector to manage security concerns, obstructive parking, and unallocated spots in many companies. Moreover, the segment is also projected to register the highest CAGR during the forecast period.

Based on technology, the global parking management market is segmented into license plate recognition, reservation-based parking management systems, image processing, RFID-based parking management systems, visible light communication, and other technologies. In 2024, the reservation-based parking management systems segment is expected to account for the largest share of the global parking management market. The large market share of this segment is attributed to the increasing advantages of reservation-based parking management systems. These advantages are periodic submission of parking status from central servers of the parking lot, allowing users to effectively find and reserve a vacant spot, constant updates on the physical status of parking, accessibility through smartphones, and dynamic prices.

However, the RFID-based parking management systems segment is projected to register the highest CAGR during the forecast period. The growth of the segment is attributed to the rise in the adoption of RFID tags in intelligent transportation systems and increasing government initiatives on integrating RFID technology in the commercial sector.

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Based on deployment mode, the global parking management market is segmented into cloud-based deployments and on-premise deployments. In 2024, the on-premise deployments segment is expected to account for the larger share of the global parking management market. The large market share of this segment is attributed to the speed of access and easier data management process by the on-premise servers. In addition, the data stored by on-premise servers are highly secured and can be accessed by the parking officials only inside the premises.

However, the cloud-based deployments segment is projected to register the highest CAGR during the forecast period. The growth of the segment is attributed to the growing demand to automate parking operations and the increasing adoption of cloud-based intelligent car parking solutions in smart cities.

Based on parking site, the global parking management market is segmented into off-street and on-street. In 2024, the off-street segment is expected to account for the larger share of the global parking management market. Moreover, the segment is also projected to register the highest CAGR during the forecast period.

Based on geography, the global parking management market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the global parking management market. Factors such as the increase in the number of vehicles across the U.S. and Canada and the increasing adoption of smart parking solutions to reduce traffic congestion contribute to the large share of the market. The increasing integration of advanced technologies in parking management solutions by market players in the region also contributes to the region's large market share.

However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period. The growth of this region is attributed to the increasing adoption of automation and advanced technologies across the region, favorable government initiatives for smart cities, and investments by major ICT companies for developing AI and IoT-based solutions.

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Key Players:

The key players operating in the global parking management market are Xerox Corporation (U.S.), Amano Corporation (Japan), IBM Corporation (U.S.), Cubic Corporation (U.S.), Robotic Parking Systems, Inc. (U.S.), Swarco AG (Austria), SKIDATA AG (Austria), Siemens AG (Germany), Skyline Parking AG (Switzerland), Unitronics (Israel), Robert Bosch GmbH (Germany), Precise Parklink Inc. (Canada), Flowbird S.A.S (France), T2 Systems, Inc. (U.S.), and Cleverciti Systems GMBH (Germany).

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This release was published on openPR.