Global Parking Management Solutions Market Growth Accelerates: Strategic Forecast Predicts $6.47 Billion by 2029

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What Will the Parking Management Solutions Industry Market Size Be by 2025?
There has been substantial growth in the size of the parking management solutions market over the recent past. The market, currently valued at $4.14 billion in 2024, is projected to reach a value of $4.4 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 6.2%. Factors such as urbanization, population explosion, increasing number of vehicles, concerns about the environment and sustainability-oriented urban planning, along with government schemes and laws, have contributed to the growth experienced in the historic period.

What's the Long-Term Growth Forecast for the Parking Management Solutions Market Size Through 2029?
In the ensuing years, the parking management solutions market is anticipated to witness significant growth, reaching a value of $6.47 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 10.1%. This predicted growth during the forecast period is largely due to the integration of smart city initiatives, mobile payment and contactless solutions, real-time data analytics, electric vehicle charging integration, and a concentrated focus on user experience. Factors contributing to these trends during the forecast period include an increase in smart city initiatives, the use of IoT and sensor technologies, mobile applications and payment systems, and the implementation of contactless and touchless 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 cloud-native parking management solutions. Cloud-native technology, a method for developing and deploying workloads in the cloud to gain the advantages of the cloud computing model, will enhance the service provision in the parking management solutions market. For example, Tigera, a US cloud-native application protection firm, stated in 2022 that 75% of organizations are prioritizing the use and development of cloud-native applications. Additionally, the Cloud Native Computing Foundation, a US software firm, reported in May 2022 that the worldwide cloud-native developer community grew by one million in 2021, reaching a current estimated total of 7.1 million. Consequently, the parking management solutions market is experiencing growth due to cloud-native parking solutions.

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What Are the Key Trends Driving Parking Management Solutions Market Growth?
Leading companies in the parking management solutions market are harnessing advanced technologies like cloud-based parking management software to expand their customer reach, drive sales and boost earnings. Cloud-based parking management software refers to a tech-based platform or application that equips parking facility managers with the necessary tools and resources to manage and supervise parking operations leveraging cloud computing technology. For example, in October 2023, Adaptive Recognition, a software firm based in Hungary, introduced Carmen Cloud ANPR. This unique cloud-based application offers outstanding adaptability, allowing parking operators to use it from anywhere and at any time. This forward-thinking solution liberates parking facilities from the constraints of on-site systems, providing the luxury of remote accessibility while preserving high operational standards.

How Is the Parking Management Solutions Market Segmented?
The parking management solutionsmarket 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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