Future of the Parking Management Market: Trends, Innovations, and Key Forecasts Through 2034

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Parking Management Market Size Growth Forecast: What to Expect by 2025?
The market size for parking management has experienced robust growth in the past years. The market is predicted to expand from a value of $3.78 billion in 2024 to $4.09 billion in 2025, marking a compound annual growth rate (CAGR) of 8.1%. The notable growth in the preceding period is linked to elements like urbanization and population expansion, government efforts to establish smart cities, growing anxiety over traffic congestion, a surge in vehicle ownership, and initiatives for environmental sustainability.

How Will the Parking Management Market Size Evolve and Grow by 2029?
In the coming years, the parking management market size is predicted to witness robust growth, expanding to $5.96 billion by 2029 with a compound annual growth rate (CAGR) of 9.9%. This anticipated growth in the stated forecast period can be credited to the rise of autonomous vehicles, the use of data analytics and predictive parking solutions, as well as regulatory compliance and parking-related policies. Key trends during this forecast period are likely to involve the integration of smart technologies, advancements in payment technologies, the rise of contactless payment systems, and environmentally conscious solutions.

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What Drivers Are Propelling the Growth of Parking Management Market Forward?
The global surge in demand for optimal use of parking spaces is a major driver of growth in the parking management market. As the number of vehicles increases, there is a widespread issue of parking space mismanagement. In response, parking space authorities are heavily investing in cutting-edge parking management solutions to ensure smoother operations and superior business performance. For example, Parking Network, a statistical firm based in the Netherlands, disclosed in August 2022 that large centers and non-residential areas allocate between 50 and 70% of land to parking, whereas the average is 35% in residential areas worldwide. Moreover, there are eight parking spots per vehicle in the US. As a result, the intensified need to maximize parking space usage is predicted to stimulate the demand for the parking management market over the projected period.

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Which Emerging Trends Are Transforming the Parking Management Market in 2025?
Leading businesses in the parking management sector are using strategic partnerships to create personalized apps that improve user comfort and streamline parking procedures. This strategic collaboration allows companies to take advantage of each other's strengths and resources for mutual success. For example, in May 2024, a US-based parking solution company, Nationwide Parking Services, collaborated with Get My Parking, an American software firm. The purpose of this partnership is to generate innovative solutions through a personalized app, the NWPRK app, aiming to upgrade the parking experience nationwide. The app offers users an effortless method to locate, reserve, and pay for parking in different facilities while increasing convenience through features such as real-time availability and online payments. It also offers a contactless experience with text alerts for session expiry, enabling users to prolong their parking time remotely from their phones.

What Are the Key Segments in the Parking Management Market?
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

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Who Are the Key Players Shaping the Parking Management Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Parking Management Market?
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.

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