Press release
Parking Management Market Growth Driven by Urbanization, Smart Cities Initiatives and Adoption of Smart Technologies: Market Set to Reach $5.96 billion by 2029, CAGR 9.9%.
Parking Management Market Size
What Is The Projected Market Size Of The Global Parking Management Market And Its Growth Rate?
•The market has shown robust growth in recent years, growing from $3.78 billion in 2024 to $4.09 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.1%.
•Driving factors for this growth include urbanization, population growth, government initiatives for smart cities, traffic congestion, increased vehicle ownership, and environmental sustainability initiatives.
•It is forecasted to grow to $5.96 billion in 2029 at a CAGR of 9.9%, driven by the emergence of autonomous vehicles, data analytics, predictive parking solutions, regulatory compliance and parking policies.
What Is Driving The Growth In The Parking Management Market?
The surge in the number of vehicles globally has created an increasing demand for optimal parking space utilization, fueling the growth of the parking management market. In response to this, authorities are investing in advanced parking management solutions for efficient business performance and error-proof operations. A report from Parking Network, a Netherlands-based statistical company, revealed more than 50% to 70% of land in large centers and non-residential regions is allotted to parking, in contrast to the average of 35% in residential areas. Also, there are eight parking spaces available for every vehicle in the U.S. This mounting demand for optimum utilization of parking spaces is anticipated to boost the parking management market's growth during the forecast period.
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Who Are the Key Players Driving Parking Management Market Growth?
Key players in the market include:
• 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.
What Are The Key Trends In The Parking Management Market?
Emerging trends in the market include:
• Integration of smart technologies
• Advancements in payment technologies
• Adoption of contactless payment systems
• Focus on environmentally sustainable solutions
What Are The Segments Of The Global Parking Management Market?
The global parking management market is categorized based on:
1) Solution: Access Control, Security & Surveillance, Revenue Management, Parking Reservation Management, Valet Parking Management, Other Solutions
2) Parking Site: On Street, Off Street
3) Application: Transport Transit, Commercial, Government
Which Region Leads The Parking Management Market?
North America held the dominant share of the Parking Management market in 2024. However, it is anticipated that Asia-Pacific will exhibit the fastest growth during the forecast period. The market report further provides insights for regions including Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Parking Management Market Global Market Report?
- Market Size Analysis: Analyze the Parking Management Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Parking Management Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Parking Management Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Parking Management Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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