Parking Management Market Size, Share, Latest Trends, Growth Factors, Industry Analysis, Advance Technology And Forecast - 2029

Parking Management Market Size, Share, Growth Analysis, By Offering (Solutions (Parking Guidance, Parking Reservation Management) and Services), Parking Site (Off-Street and On-Street), End Use, and Region - Global Industry Forecast to 2029.
Parking management market [https://www.marketsandmarkets.com/Market-Reports/parking-management-market-1249.html?utm_campaign=PaidPr&utm_source=Abnewswire&utm_medium=Referral] is projected to grow from USD 5.6 billion in 2024 to USD 8.1 billion by 2029 at a CAGR of 7.4% during the forecast period. Enhancing the user experience is a fundamental driver of this goal. Time-effective parting services, such as the availability of parking space, parking fees, and navigating parking lots, increase customer satisfaction. More people are likely to use parking facilities by effectively making parking services recommendable. It improves traffic control and urban mobility.

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Major advancements have been made in the development of parking technology because of AI, IoT, and smart sensors. These technologies enable tracking, usage of flexible tariff rates, payments for some particular services, and, most importantly, the identification of the users. Moreover, solutions like vehicle plate recognition systems and AI-based analysis enhance parking as an individual service and its effective utilization, augmenting organizational efficiency.

Integrating GEN AI In Parking Management

The implementation of a generative AI application in the field of parking management changes the mentioned characteristics of parking systems using sophisticated algorithms and machine learning. Integration starts at the data acquisition level, during which the big data from an extensive array of sources, such as sensors, cameras, and records databases, is collected and processed. Thus, AI can transform the analyzed data into new models for predicting parking demand and distribution of spaces and give drivers instant navigation. The objective is to establish a flow of innovative, optimized, and user-friendly parking systems that have the most negligible impact on traffic density and the environment while guaranteeing total satisfaction from the service. Relative to human intervention, AI has the advantage of being able to learn over time and thus constantly improve parking management strategies.

The on-street parking segment is projected to register the highest CAGR during the forecast period.

On-street parking is the parking of motor vehicles on the sides of public roads or streets. Such areas are painted with lines or signs showing the governing rules like time to be taken, permit needed, or the amount paid. Local authorities or the parking management always ensure that such parking adheres to the set standards and regularities. Any infringements of the said parking regulations attract a parking ticket or fine issuance. On-street parking offers easy and quick access to the destination, especially in areas with limited off-street parking bays. On-street parking is riskier for vehicle owners than off-street parking because the vehicle is left open to be exposed to vandals, thugs, and theft experts. The government or municipal parking operators generally run on-street parking.

Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

The Asia Pacific parking management market is experiencing rapid expansion, primarily fueled by strong domestic consumption within Australia, South Korea, Japan, China, and India. Various governments are gradually advocating smart parking as a result of substantial environmental degradation and the improvement of traffic management. In August 2019, India's Hyderabad Metro Rail Ltd. started a smart parking project, allowing smartphone payments at 24 metro stations with cloud-based systems and digital payments.

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Unique Features in the Parking Management Market

As a result of the parking management market's growing adoption of smart technology, sophisticated systems like automated payment methods, smart sensors, and real-time data analytics have been developed. In order to help drivers find open places more quickly, smart sensors placed in parking areas can detect the presence and availability of vehicles. These sensors then provide data to centralized systems.

One special element that has completely changed parking management is dynamic pricing. In contrast to conventional flat-rate pricing, dynamic pricing modifies parking costs according on location, demand, and time of day. By promoting parking in less congested regions and maximizing income collection, this strategy aids in the management of traffic.

The use of big data and analytics has become a cornerstone of modern parking management. Parking operators leverage data to gain insights into usage patterns, peak times, and user behavior. This information can be used to make informed decisions about pricing, space allocation, and future infrastructure investments.

As electric vehicles become more prevalent, integrating EV charging stations into parking management systems is increasingly important. Modern parking solutions are incorporating EV charging infrastructure to accommodate the growing number of electric vehicles.

Mobile applications have transformed the parking experience by providing users with a range of features that enhance convenience and efficiency. Through dedicated parking apps, users can find available parking spaces, reserve spots in advance, pay for parking, and even receive notifications about time limits or expiration.

Major Highlights of the Parking Management Market

The quick uptake of smart parking solutions is becoming a defining feature of the parking management sector. Using IoT (Internet of Things) technology, which enables real-time parking space management and monitoring, is one example of this. By providing precise information about available space, smart sensors and linked gadgets help vehicles find parking faster.

The broad use of digital and mobile payment methods is a noteworthy feature in the parking management industry. The way people pay for parking has been completely transformed by mobile apps and contactless payment systems, which make the process quicker and more convenient. Digital wallets, automated payments, and online reservations all simplify the procedure and lessen the need for physical payment terminals.

Dynamic pricing is becoming a key feature in parking management, offering flexibility in pricing based on demand and availability. By adjusting rates according to peak times, location, and other factors, parking operators can manage space usage more effectively and maximize revenue.

The parking management market is increasingly focusing on sustainability and environmental responsibility. Many parking facilities are incorporating green features such as energy-efficient lighting, electric vehicle (EV) charging stations, and green roofs.

Parking management systems are becoming more integrated with broader urban mobility networks. This integration includes coordination with public transportation systems, bike-sharing programs, and ride-hailing services.

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Top Companies in the Parking Management Market

The major vendors covered in the parking management include Siemens (Germany), Amano (Japan), Group Indigo (France), Bosch Group (Germany), SWARCO (Austria), SKIDATA (Austria), Chetu (US), INREX (US), IPS Group (US), TIBA Parking Systems (Israel), Atos (France), Precise Parklank (Canada), 3M (US), Infocomm Group (Oman), T2 System (US), FlashParking (US), Passport Labs (US), SpotHero (US), Get My Parking (India), Streetline (US), Flowbird (France), Cleverciti (Germany), Wayleadr (US), Urbiotica (Spain), Urbiotica (Spain), CivicSmart (US), Parklio (Croatia), TCS International (US), Parkable (New Zealand), Parkalot (Poland), Parking Telecom (France), and Omnitec (Dubai). These firms have used a variety of growth methods, including partnerships, agreements, business expansions, collaborations, and the introduction of new products, to increase the prominence of parking management.

Amano, offers a wide array of products under its parking system business. The parking system business segment aims to improve efficiency and reduce the costs. It has also helped increase the convenience level for parking lot users, ensuring safety and security in parking lots and making reservations and payments through integration with the Internet. The company provides hardware and software for managing parking lots. Its product line-up includes gate-type systems, flap-lock systems, bicycle parking systems, vehicle guidance systems, parking lot management software, and security gate systems. The company's parking products are utilized in all locations around the city, including bicycle parking lots and train station parking facilities. The company's parking management software enables the parking operator to manage and monitor all the connected hardware and provide detailed reporting of sales data, the number of vehicle units, and others.

Siemens is an international business company that operates in technology and deals with electrification, automation, and digitalization. It also acts as the global supplier of energy-saving technologies to operate assets remotely and as the major supplier of power generation, transmission, and diagnostic systems. Siemens also offers optimal solutions to infrastructural and industrial problems. Products and services are delivered to numerous types of industries, including automotive, chemical, smart city, food & beverages, healthcare, glass/solar, machine building, marine/shipbuilding, metals, mining/cement, oil & gas, pharmaceuticals, and transportation/logistics, water/wastewater, and wind equipment.

Siemens Mobility unit offers services that span the rail, road, and intermodal categories. For parking management and parking lot solutions, Siemens' mobility division provides Desigo CC smart parking systems in its building management system portfolio.

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