Parking Management Market Key Drivers, Forecast, Analysis 2024-2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Parking Management Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $5.4 billion In 2028 At A CAGR Of 8.7% :

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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Parking Management Market Major Segments
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

Key Driver - Global Parking Management Market Surges With Optimal Space Utilization Demand

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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Prominent Trend - Industry Leaders Embraces Compliance Solutions To Revolutionize Parking Management Market

Major companies operating in the parking management market are focused on developing innovative technologies such as parking compliance management solutions. A Parking Compliance Management Solution refers to a comprehensive system designed to manage and enforce parking regulations and compliance within a specific area, such as a city, campus, or private facility. For instance, in March 2021, Smart Parking Limited, an Australia-based company offering car park management solutions launched the 'Tessera' app. The app utilizes SmartCloud platform that offers end-to-end parking management and enforcement system. The Tessera app empowers city parking wardens to conduct patrols of parking sites with increased efficiency and safety. The app's functionality incorporates real-time, automatic alerts triggered by in-ground sensors, notifying of a parking violation, such as overstaying or non-payment.

Parking Management 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

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Largest And Fastest Growing Region In The Market
North America was the largest region in the parking management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the parking management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Parking Management Market Report Structure
3. Parking Management Market Trends And Strategies
4. Parking Management Market - Macro Economic Scenario
5. Parking Management Market Size And Growth
…..
27. Parking Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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