Global Parking Management Market Surges With Optimal Space Utilization Demand Emerges as a Core Driver of the Parking Management Market in 2025

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What Is the Expected CAGR for the Parking Management Market Through 2025?
The market size for parking management has experienced substantial growth in the last few years, expanding from a value of $3.78 billion in 2024 and predicted to reach $4.06 billion in 2025, all at a Compound Annual Growth Rate (CAGR) of 7.2%. The previous growth can be linked to factors such as urbanization and population expansion, government programs for the development of smart cities, increasing worries about traffic blockages, the rise in vehicle ownership numbers, and initiatives promoting environmental sustainability.

What's the Projected Size of the Global Parking Management Market by 2029?
The market size of parking management is projected to experience significant growth in the coming years, expanding to a worth of $5.83 billion in 2029, with a compound annual growth rate (CAGR) of 9.5%. The development in the projected period is believed to be a result of the arrival of autonomous vehicles, the use of data analytics and predictive parking techniques, compliance with regulatory norms, and the establishment of parking policies. The upcoming trends during this period will encompass incorporation of intelligent technologies, innovations in payment methods, touchless payment systems, and eco-friendly solutions.

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Top Growth Drivers in the Parking Management Industry: What's Accelerating the Market?
The surge in demand for efficient use of parking spaces worldwide is propelling the growth of the parking management industry. The modern era is witnessing an escalation in vehicular numbers, leading to a disorderly management of parking spaces globally. To improve business results and errorless operations, authorities in charge of parking lots are progressively investing in sophisticated parking management solutions. In August 2022, for example, Parking Network, a statistic firm based in the Netherlands, noted that large centres and non-residential areas allocate 50-70% of their land to parking, compared to a global average of 35% in residential zones. Meanwhile, the US provides 8 parking spots for every car. Hence, the ascending requirement for the best use of parking spaces is likely to invigorate demand in the parking management market in the projected period.

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What Trends Will Shape the Parking Management Market Through 2029 and Beyond?
Key players in the parking management market are leveraging strategic partnerships as a means to offer custom-made applications that not only simplify parking operations but also improve user ease. Such Strategic partnerships involve corporations pooling their resources and capitalizing on each other's strengths for shared success and benefits. A case in point is the partnership established in May 2024 between Nationwide Parking Services, an American parking solutions firm, and Get My Parking, a US-based software company. Their collaboration is focused on creating groundbreaking solutions comprised of a custom-branded app named the NWPRK app. This app aims to elevate the parking experience for users nationwide by offering a straightforward method to locate, reserve, and pay for parking at various locations, made more user-friendly by features such as real-time availability information and online payment possibilities. Moreover, users can experience touch-free interactions with text alerts regarding when their parking time is due to expire, giving them the option to prolong their parking time remotely via their smartphones.

What Are the Main Segments in the Parking Management Market?
The parking managementmarket 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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Which Top Companies are Driving Growth in the Parking Management Market?
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

Which Regions Will Dominate the Parking Management Market Through 2029?
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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