Global Parking Management Market Surges With Optimal Space Utilization Demand: Key Factor Driving The Growth In The Parking Management Market

The Parking Management Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Current Parking Management Market Size and Its Estimated Growth Rate?
In recent times, the parking management market has seen a robust expansion. There is an anticipated growth from $3.78 billion in 2024 to about $4.09 billion in 2025, reflecting a Compound Annual Growth Rate (CAGR) of 8.1%. This significant growth during the previous period has been driven by factors such as rapid urbanization and population surge, government-led smart city initiatives, growing anxieties over traffic congestion, a surge in vehicle ownership and progressive initiatives for environmental sustainability.

In the coming years, the parking management market size is forecasted to experience robust expansion. By 2029, the sector's worth is projected to escalate to $5.96 billion, with a compound annual growth rate (CAGR) of 9.9%. This positive trend over the forecast period is due to factors such as the advent of autonomous cars, data analytics, predictive parking solutions, compliance with regulations, and parking policies. Noteworthy tendencies during the forecast period include the incorporation of smart technologies, progress in payment technologies, contactless payment systems, and environmentally friendly solutions.

Purchase the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=6919

How Are Emerging Segments Shaping the Parking Management Market Landscape?
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

Subsegments:
1) By Access Control: Barrier Gates, RFID Solutions, License Plate Recognition Systems
2) By Security And Surveillance: CCTV Cameras, Video Analytics, Monitoring Systems
3) By Revenue Management: Pricing Optimization Tools, Payment Processing Systems, Reporting And Analytics
4) By Parking Reservation Management: Online Booking Systems, Mobile Apps For Reservations, Integration With Navigation Systems
5) By Valet Parking Management: Valet Tracking Systems, Fleet Management Solutions, Customer Management Tools
6) By Other Solutions: Parking Guidance Systems, Data Analytics Platforms, Maintenance Management Solutions

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=6919&type=smp

Which Growth Factors Are Influencing Parking Management Market Expansion?
The escalation in the need for maximizing parking space use worldwide is propelling the parking management market's expansion. The mismanagement of parking spaces is a problem commonly seen due to the rise in vehicles in this modern age. Authorities responsible for parking spaces are progressively investing in high-tech parking management solutions for the best business performance and to reduce mistakes. For example, in August 2022, Parking Network, a Netherlands-based statistics firm, reported that in significant centers and non-residential areas, between 50 and 70% of the land is reserved for parking, contrasted with a global residential average of 35%, while there are 8 parking slots for every vehicle in the US. Thus, the burgeoning need for the most effective use of parking spots is slated to propel the demand for the parking management market in the anticipated period.

Who Are the Dominant Players Across Different Parking Management Market Segments?
Major companies operating in the parking management 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., 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

What Parking Management Market Trends Are Gaining Traction Across Different Segments?
Leading enterprises in the parking management market have adopted a strategic partnership method to deliver custom-branded apps, elevating user convenience and smoothing out parking operations. Strategic partnerships involve corporations mutually utilizing each other's strengths and resources for their collective gain and success. For example, in May 2024, a collaborative agreement was struck between Nationwide Parking Services, a parking solution firm based in the US, and Get My Parking, an American software company. Their joint aim is to create groundbreaking solutions with a custom-branded app - the NWPRK app, which is intended to improve the parking process for users across the nation. It offers a seamless way to locate, reserve and pay for parking at varied facilities, while improving convenience through elements like real-time availability and online payments. Beyond this, it offers a contactless experience with text notifications for session expiry, which lets users prolong their parking time remotely via their phones.

Get the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/report/parking-management-global-market-report

Which Geographic Regions Are Expected to Dominate the Parking Management Market in the Coming Years?
North America was the largest region in the parking management market in 2024. 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Parking Management Market?
2. What is the CAGR expected in the Parking Management Market?
3. What Are the Key Innovations Transforming the Parking Management Industry?
4. Which Region Is Leading the Parking Management Market?

Why This Report Matters:

Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.

Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.

Efficient Research: Quickly identify market growth, leading players, and major segments.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.