Parking Management Systems Industry Report : Competitive Landscape & Key Players 2022-2032

Parking management systemhelp people, businesses to manage the vehicle parking facilities efficiently. It offer security, safety, and privacy for the vehicles. It is a set of tools and processes used to control and manage the use of parking spaces in a given area. This includes tracking and monitoring the number of available spaces, assigning permits & fees, and enforcing rules and regulations. It may also include providing access to information about available spaces and locating specific cars within the system. This system helps to reduce overall expenditure on parking and its maintenance.

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Increasing smart cities, rising urbanization, and increasing demand for connected vehicles are factors accelerating the demand for parking management systems globally. As per The International Organization of Motor Vehicle Manufacturers, in 2021, the sale of motor vehicles increased to 82.7 million, which is an increase of 5% compared to previous year. In addition, the sale of commercial vehicles witnessed growth an annual growth of 5.7% in 2021.

Governments in several countries have started implementing smart city initiatives to improve the quality of life and reduce traffic congestion.

As part of these initiatives, governments are investing in parking management systems to improve parking efficiency. However, high implementation cost, threat to cyber security are the factors, that can disrupt the market growth during the forecast period.

Technological Advancements and Increasing Adoption of Cashless Payments

Technological advancements such as the use of artificial intelligence, cloud computing, big data analysis, and Internet of Things have enabled the development of sophisticated parking management systems that enable efficient parking, access control, and security. The emergence of these technologies is transforming the parking management systems market. Companies must invest in these new technologies to remain competitive and capitalize on the changing landscape.

Segment Overview

By offering: The parking management systems market is categorized by offering; solution and services. These solutions include parking guidance solution, parking reservation system, parking analytics, and others. Its services include consulting, training, parking facility maintenance, and others.

By deployment model: The parking management systems market is segmented by deployment model namely on-premise and cloud. On-premise parking management systems are typically hardware and software solutions that are installed within an organization's physical premises. On the other hand, cloud parking management systems are hosted in the cloud and accessed remotely.

By parking site: The parking management systems market is divided by parking site; on-street and off-street. On-street segment typically consists of sensors, cameras, and software to monitor the availability of parking spaces and to collect data on parking usage. This information can be used to help drivers make more efficient parking choices, reducing traffic congestion and pollution. Whereas the off-street parking management system automates a vehicle parking system by optimizing the parking space. This type of facilities can be both indoors and outdoors.

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Regional Overview

The Asia-Pacific parking management system market is expected to grow at a healthy CAGR during the forecast period. The market is driven by the increasing penetration of connected and automated parking systems, rising demand for automated parking management solutions in the residential sector, increasing adoption of cloud-based solutions, and growing awareness regarding the benefits of parking management systems. The market is also propelled by the increasing use of smart parking systems in commercial and public sectors, implementation of innovative technologies such as big data and analytics, and increasing government initiatives for smart city development. The Smart City Mission in India, which was launched in 2015, is expected to complete in June 2023. In 2016, government of India identified smart parking solutions as one of the major infrastructure element and introduced sensor-based smart parking systems.

Competitive Analysis

Competitive analysis and profiles of the major players in parking management systems market, such as 3M, Amano Co., FlashParking, Inc., Nex Valet LLC, Passport Inc., Q-Free ASA, Robert Bosch GmbH, SAP SE, Siemens AG, and Verra Mobility are included in the report. This section includes the key financial metrics, operating segmentation, business description, geographical coverage, and recent developments by the company in the area of parking management systems market. There are some other important players in the market such as Flowbird Group, Get My Parking, IPS Group, ParkMobile, TIBA Parking Systems, and others.

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With the rising popularity of parking management systems, the market is becoming increasingly competitive. Companies are vying for market share, creating a highly competitive landscape. This has led to a reduction in prices, as well as an increase in the number of features and services being offered. The companies are competing on various grounds like price, geographical presence, automation and implementing different strategies like acquisition, new product development to expand their businesses. For instance, in October 2022, Flowbird Group launched the ParkNYC mobile parking app. It allows motorists to conveniently pay for on-street parking and municipal parking lots using a mobile device. This app has been implemented by New York City Department of Transportation. Similarly, in December 2021, Verra Mobility completed the acquisition of T2 Systems, a provider of parking management solutions in North America.

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