2025 Parking Management Solutions Market Outlook: Key Indicators Shaping Growth Through 2034

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What Will the Parking Management Solutions Industry Market Size Be by 2025?
There has been robust growth in recent years in the market size for parking management solutions. The market, which is poised to go up from $4.14 billion in 2024 to $4.44 billion in 2025, is expected to record a compound annual growth rate (CAGR) of 7.3%. Factors such as increasing urbanization and population, expansion in vehicle numbers, heightened concern for the environment, and sustainable city planning, as well as government policies and regulations, have contributed to the uptick during the historic period.

What's the Long-Term Growth Forecast for the Parking Management Solutions Market Size Through 2029?
We anticipate a swift expansion in the size of the parking management solutions market in the forthcoming years, with projections suggesting it will reach a worth of $6.72 billion in 2029, expanding at a compound annual growth rate (CAGR) of 10.9%. Reasons behind this predicted growth may include the alignment with smart city projects, the use of mobile payment and touchless solutions, real-time data analytics, incorporation of electric vehicle (EV) charging, integration with autonomous vehicles, and a focus on improving user experience. Key trends for the forecast period encompass smart city initiatives, the application of IoT and sensor technologies, the rise of mobile apps and payment systems, and the growth of touchless and contactless solutions.

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What Are the Key Growth Drivers Fueling the Parking Management Solutions Market Expansion?
The expansion of the parking management solutions market is anticipated to be fueled by the adoption of cloud-native parking management technologies. These technologies leverage the advantages of cloud computing to design, construct, and operate workloads in the cloud, enhancing the services provided by the parking management sector. As indicated by Tigera, a US-based firm specializing in cloud-native application protection, in 2022, 75% of organizations are concentrating on the use and creation of cloud-native applications. Moreover, the Cloud Native Computing Foundation, a US-based software firm, reported in May 2022 that there was a surge of one million in the global population of cloud-native developers in the previous year. Presently, the number of these developers worldwide has reached an estimated 7.1 million. Consequently, cloud-native parking solutions are becoming crucial contributors to the growth of the parking management solutions market.

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What Are the Key Trends Driving Parking Management Solutions Market Growth?
Leading firms in the parking management solutions market are progressing with cutting-edge tech such as cloud-based parking management solutions to meet larger consumer demands, boost sales, and hike revenue. A cloud-based parking management solution, essentially a technology platform or software application, offers parking facility operators the necessary tools and resources to effectively manage and oversee parking operations using cloud computing technology. For example, in October 2023, Adaptive Recognition, a software firm based in Hungary, unveiled Carmen Cloud ANPR. Carmen Cloud ANPR is an exclusive cloud-based solution that provides extraordinary flexibility by enabling parking operators to utilize it from any location and at any time. This pioneering approach liberates parking facilities from the constraints of on-premises systems, providing the advantage of remote accessibility while maintaining superior performance standards.

How Is the Parking Management Solutions Market Segmented?
The parking management solutions market covered in this report is segmented -

1) By Type: Solutions, Services
2) By Parking Site: On-Site Parking, Off-Site Parking
3) By Technology: Parking Meters, Parking Kiosks
4) By Application: Transport, Commercial, Government

Subsegments:
1) By Solutions: Parking Reservation Systems, Parking Guidance Systems, Mobile Parking Apps, Automated Payment Solutions, Access Control Systems, License Plate Recognition Systems
2) By Services: Consulting Services, Installation And Deployment Services, Maintenance And Support Services, Data Analytics And Reporting Services, Training And Education Services

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Which Companies Are Leading the Charge in Parking Management Solutions Market Innovation?
Major companies operating in the parking management solutions market include Amano Corporation, Bosch Group, Siemens AG, Skidata GmbH, Swarco Corporation, T2 Systems, Flowbird Group, TIBA Parking Systems, IPS Group, Chetu Inc., Conduent Inc., Q-Free ASA, FlashParking Inc, ParkMobile Inc, SpotHero, Get My Parking, INRIX Inc., Skyline Parking AG, Unitronics, Cleverciti Systems GmbH, Bond Traffic Solutions, Infocomm Group LLC, International Business Machines Corporation (IBM), Robotic Parking Systems Inc., Xerox Corporation, Streetline, Pavemint

Which Regions Are Leading the Global Parking Management Solutions Market in Revenue?
North America was the largest region in the parking management solutions market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the parking management solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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