Parking Management Market Size, Share, Growth Analysis, By Offering (Solutions (Parking Guidance, Parking Reservation Management) and Services), Parking Site (Off-Street and On-Street), End Use, and Region - Global Industry Forecast to 2029
The global parking management market size reached USD 5.6 Billion in 2024. Looking forward, expects the industry to reach US$ 8.1 Billion by 2029, exhibiting a growth rate (CAGR) of 7.4% during 2024-2029. Several factors that are fueling the market growth are the increasing rate of urbanization, global vehicle sales, the proliferation of mobile and smartphone devices, and the growing demand for seamless traffic flow. The emergence of autonomous vehicles, rising smart city initiatives, and demand for innovative parking management solutions will create significant opportunities in the market. Many government activities and smart city developments can also be considered as major IoT middleware promoters. Various governments across the globe are adopting smart infrastructure as a solution to boost up the standard of living of people in cities, enhance public services and ensure sustainable development. These programes are supported by IoT Middleware, which facilitates the IoT applications as well as the integration of the same for purposes like smart transport, smart energy, safety among others.
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Parking Management Market Dynamics
Driver: Growing demand for seamless traffic flow and reduction in fuel consumption
In cities specifically, mobility is increasing and the length of time it take to travel is longer because of congestion and thus consume more fuel. The problems are solved by parking control systems based on IoT and AI to help in reasonable utilization of the parking land and direct the drivers away from their long searches for a proper parking lot. By improving parking utilization and then minimizing the requirement for extensive searching for parking spaces promotes a more efficient traffic flow and reduce fuel consumption, leading to enhanced and eco-friendly urban transportation. Efficient traffic circulation is maintained by data collection and analysis in real time so that the drivers are informed about the status of existing parking places. Smart parking systems can also involve the use of sensors and cameras to check the availability of parking spaces and inform the drivers either through the mobile applications or the digital billboards. These systems make it easier to point drivers to areas that have available space by reducing movement surrounding parking zones notably in urbanized regions.
Restraint:System integration complexities
One of the key challenges and barriers of the parking management market are system integration issues where new technologies like sensors, cameras, payment system, software platform have to be integrated. Another drawback originates from the fact that other vendors employ different standards and protocols, which prevents new components from seamlessly connecting with a current system. There are also other challenges as the meeting of specific facility requirements, merging with other legacy systems, and data volumes management. These complexities lead to increased costs, longer period in implementation time and and a need for experienced technical professionals. In addition, the integration process is followed by security issues that initiate the need for stricter security to avoid risks or possible flaws.
Opportunity: Rising smart city initiative globally
The parking management industry has a growth opportunity around the world as Smart City is becoming a trend as citys integrate smart technology including smart sensors, data processing and AI’s in their infrastructure and services. Smart parking management systems can easily connect with these technologies, so as to enable present time data on the availability of parking spaces, the eradications of traffic congestions and reduction of pollutants to support the principles of smart cities agenda on sustainability and efficiency. They improve the engagement with the mobile applications and digital payments, raise the city’s revenues through dynamic pricing and better enforcement, gather useful data for urban planning purposes. Also the contemporary types of parking technologies provide greater variety of potential application of innovative solutions in distinct urban settings, promote cooperation between governmental bodies and corporate entities, IT specialists and commercial companies; contribute to boosting innovation and expanding of the market potential.
Challenge: Data security and privacy issues related to IoT devices
In the parking management sector, protecting IoT device data security and privacy is a critical concern. These devices collect sensitive data, including payment details and car details, and are essential for tasks like automatic payments and live monitoring. However, they are vulnerable to cyber risks due to their connectedness and lack of strong security measures, which increases the possibility of illegal access and data leakage.
Privacy concerns are also rooted in the accumulation and utilization of individuals’ details without their consent, thus ethical and legal compliance questions in GDPR & CCPA regulations. Thus, managing companies of parking facilities must make appropriate investments in security systems, encryption features, and adequate data management to guarantee the users’ data confidentiality and compliance with data protection legislation so as to increase trust and secure the data in such systems.
Market Ecosystem
The parking management market is highly competitive and comprises many vendors who offer solutions to a specific segment or a niche segment of the market. In recent years, several changes have occurred in the parking management market. Currently, the vendors are involved in various partnerships and collaborations to develop comprehensive solutions that address a wide range of requirements. Group Indigo (France), Amano (Japan), Siemens (Germany), Bosch Group (Germany), Atos (France), SWARCO (Austria), SKIDATA (Austria), Chetu (US), Precise Parklink (Canada), FlashParking (US), Passport Labs (US), SpotHero (US), Get My Parking (India), INRIX (US), IPS Group (US), TIBA Parking Systems (Israel), CivicSmart (US), Streetline (US), ParkOffice (US), Urbiotica (Spain), etc. are some of the major players operating in this ecosystem.
Based on the solutions, the parking guidance segment is expected to hold the highest CAGR during the forecast period.
The parking guidance segment is regarded to have the highest compound annual growth rate in the forecast period due to the increasing urbanization and need for efficient use of parking space. Smart devices and IoT sensors, real-time data analysis, and AI algorithms are transforming common parking systems for better user experience by constantly updating users on availability of the parking slots and managing the flow of traffic. The opportunities for the parking guidance solutions segment in the market include the increasing demand arising from a technology application acre across various industries, including commercial, residential, public, among others.
Based on region, the North America is expected to contribute the largest market share in the parking management market.
North America leads the parking management market in terms of revenue creation, mostly due to increased vehicle sales and the adoption of cutting-edge technologies. Eleven-x, a Canadian IoT startup, was awarded a significant contract in February 2023 for a smart parking project in Arlington County, Virginia. Some of the ongoing projects in the regions include; smart parking project in Montreal, Elizabeth River tunnels project, Elgin O’ hare western access project, Johnson County gateway interchange project located in Kansas and Inuvik to Tuktoyaktuk highway project located in Canada. With a plethora of solution vendors as Precise Parklink, Conduent, T2 Systems, FlashParking, Passport Labs, Chetu, Streetline, and ParkOffice, the North American market is very competitive. The US and Canada are pioneers in smart city, transportation, and parking solutions due to their developed and healthy economy, that provides ample opportunities to invest in R&D and the development of new parking management systems.
Market Players:
The major players in the Parking Management market are Siemens (Germany), Bosch Group (Germany), Group Indigo (France), Amano (Japan), Atos (France), SWARCO (Austria), SKIDATA (Austria), Chetu (US), Precise Parklink (Canada), FlashParking (US), etc. These players have adopted various growth strategies such as partnerships, agreements, new product launches and enhancements to expand their footprint in the Parking Management market.
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Report Metrics |
Details |
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Market size available for years |
2018-2029 |
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Base year considered |
2023 |
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Forecast period |
2024–2029 |
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Forecast units |
Value (USD) Million/Billion |
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Segments Covered |
By Offering, Parking Site, End Use, and Region |
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Region covered |
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
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Companies covered |
The major players in the parking management market are Siemens (Germany), Amano (Japan), Group Indigo (France), Bosch Group (Germany), SWARCO (Austria), SKIDATA (Austria), Chetu (US), INRIX (US), IPS Group (US), TIBA Parking Systems (Israel), Atos (France), Precise Parklink (Canada), 3M (US), Infocomm Group (Oman), T2 System (US), FlashParking (US), Passport Labs (US), SpotHero (US), Get My Parking (India), Streetline (US), Flowbird (France), Cleverciti (Germany), Wayleadr (US), Urbiotica (Spain), Urbiotica (Spain), CivicSmart (US), Parklio (Croatia), TCS International (US), Parkable (New Zealand), Parkalot (Poland), Parking Telecom (France), and Omnitec (Dubai). |
This research report categorizes the parking management market to forecast revenues and analyze trends in each of the following submarkets:
Based on Offering:
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Solutions
- Parking Guidance
- Parking Reservation Management
- Parking Permit Management
- Parking Enforcement Management
- Parking Access and Revenue Control System
- Parking Security and Surveillance
- Other Solutions
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Services
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Professional Service
- Consulting and Training
- System Integration and Deployment
- Support and Maintenance
- Managed Services
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Professional Service
Based on Parking Site:
- On-Street Parking
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Off-Street Parking
- Garage Parking
- Lot Parking
Based on End Use:
- Residential
- Commercial
- Industrial
- Government/ Public
By Region:
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North America
- United States (US)
- Canada
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Europe
- United Kingdom (UK)
- Germany
- France
- Italy
- Spain
- Nordic Countries
- Rest of Europe
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Asia Pacific
- China
- Japan
- India
- Australia & New Zealand
- South Korea
- Southeast Asia
- Rest of Asia Pacific
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Middle East and Africa
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GCC Countries
- UAE
- KSA
- Rest of GCC Countries
- South Africa
- Rest of the Middle East & Africa
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GCC Countries
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Latin America
- Brazil
- Mexico
- Rest of Latin America
Recent Developments
- In April 2024, Risk Intelligence partnered with Bosch Logistics Operating System ("Bosch L.OS") for the integration of Bosch Secure Truck Parking with LandRisk Logistics as well as referral of Bosch L.OS clients to Risk Intelligence. Through the partnership with Bosch L.OS, users of LandRisk Logistics will be able to seamlessly book and pay for Bosch Secure Truck Parking spaces via the Risk Intelligence System.
- In June 2023, Amano launched a new parking management platform in the United Kingdom. The new Amano ONE platform is designed to provide cities and businesses with a single platform to manage their parking operations.
- In May 2021, Siemens collaborated with Telefonica on smart buildings in Spain. The experience and knowledge of both companies enabled them to include other joint solutions related to optimization, such as smart lighting, environmental monitoring, predictive maintenance, smart parking, occupancy, and capacity management, including audio-visual and space reservation solutions.
Frequently Asked Questions (FAQ):
What is the definition of Parking Management market?
Parking management is based on a set of policies and programs designed for the efficient use of parking spaces. Parking management uses adequate hardware, software, and services for various functions, such as managing several types of parking, tracking the inbound and outbound flow of vehicles, parking space management, creating and tracking permits, payment processing, and the efficient management of parking spaces.
According to the Architecture Reference for Cooperative and Intelligent Transportation (ARC-IT) section under the US Department of Transportation, the ‘parking management solutions’ help users detect and classify vehicles at parking facility entrances, exits, and other designated locations within the parking facility.
What is the market size of the Parking Management market?
The Parking Management market size is projected to grow from USD 5.6 billion in 2024 to USD 8.1 billion by 2029, at a CAGR of 7.4% during the forecast period.
What are the major drivers in the Parking Management market?
The parking management market is influenced by various essential factors. Urbanization and population growth in congested cities are causing a greater need for effective parking solutions, leading to increased use of smart parking systems. The market growth is enhanced by technological advancements like IoT-enabled sensors and mobile apps, which improve operational efficiency and user convenience. Requirements for sustainable city planning and the necessity to alleviate traffic congestion are also motivating factors for investment in smart parking solutions. Furthermore, the combination of AI and data analytics to provide real-time information on parking availability not only speeds up market growth but also enhances resource usage and customer satisfaction.
Who are the key players operating in the Parking Management market?
The major players in the Parking Management market are Group Indigo (France), Amano (Japan), Siemens (Germany), Bosch Group (Germany), Atos (France), SWARCO (Austria), SKIDATA (Austria), Chetu (US), Precise Parklink (Canada), FlashParking (US), Passport Labs (US), SpotHero (US), Get My Parking (India), INRIX (US), IPS Group (US), Smart Parking (Australia), TIBA Parking Systems (Israel), Streetline (US), ParkOffice (US), Urbiotica (Spain), CivicSmart (US), etc.. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the Parking Management market.
What are the opportunities for new market entrants in the Parking Management market?
New companies entering the parking management industry are ready to take advantage of various opportunities created by technological advancements and changing consumer demands. Combining IoT and smart technologies in parking solutions presents chances to boost effectiveness, lessen traffic jams, and enhance user satisfaction with the help of real-time data analysis and proactive maintenance. Additionally, the move towards sustainable practices and green initiatives creates opportunities for new developments in electric vehicle charging stations and environmentally friendly parking solutions. Another opportunity arises with the increasing need for smooth, touchless payment systems and reservations made through mobile apps, which can improve operations and customer satisfaction. In conclusion, the rise of urbanization and more people owning vehicles worldwide is leading to a greater need for updated parking infrastructure. This provides new players with the opportunity to introduce flexible and adjustable solutions to cater to a variety of market demands. .
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The research study involved four major activities in estimating the parking management market size. Exhaustive secondary research has been done to collect important information about the market and peer markets. The next step has been to validate these findings and assumptions and size them with the help of primary research with industry experts across the value chain. Both top-down and bottom-up approaches have been used to estimate the market size. Post which the market breakdown and data triangulation have been adopted to estimate the market sizes of segments and sub-segments.
Secondary Research
The market size of the companies offering parking management solutions to various end users was arrived at based on the secondary data available through paid and unpaid sources and by analyzing the product portfolios of major companies in the ecosystem and rating the companies based on their performance and quality. In the secondary research process, various sources were referred to identify and collect information for the study. The secondary sources included annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases.
Secondary research was mainly used to obtain critical information about industry insights, the market’s monetary chain, the overall pool of key players, market classification, and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market- and technology-oriented perspectives.
Primary Research
In the primary research process, various sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information for the report, Such as Chief Experience Officers (CXOs), Vice Presidents (VPs), directors from business development, marketing, and product development/innovation teams, and related key executives from Parking Management solution vendors, system integrators, professional and managed service providers, industry associations, independent consultants, and key opinion leaders.
Primary interviews were conducted to gather insights, such as market statistics, data on revenue collected from software and services, market breakups, market size estimations, market forecasts, and data triangulation. Stakeholders from the demand side, such as Chief Information Officers (CIOs), Chief Finance Officers (CFOs), Chief Strategy Officers (CSOs), and the installation team of end users who use parking management, were interviewed to understand buyers’ perspectives on suppliers, products, service providers, and their current usage of parking management solutions which is expected to affect the overall parking management market growth.
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Market Size Estimation
In the market engineering process, the top-down and bottom-up approaches were used along with multiple data triangulation methods to estimate and validate the size of the parking management market and other dependent submarkets. The research methodology used to estimate the market sizes includes the following:
- Initially, MarketsandMarkets focuses on top-line investments and spending in the ecosystems. Further, significant developments in the critical market area have been considered.
- Tracking the recent and upcoming developments in the parking management market that include investments, R&D activities, product launches, collaborations, mergers and acquisitions, and partnerships, as well as forecasting the market size based on these developments and other critical parameters.
- Conduct multiple discussions with key opinion leaders to learn about the diverse types of authentications and brand protection offerings used and the applications for which they are used to analyze the breakdown of the scope of work carried out by major companies.
- Segmenting the market based on technology types concerning applications wherein the types are to be used and deriving the size of the global application market.
- Segmenting the overall market into various market segments
- Validating the estimates at every level through discussions with key opinion leaders, such as chief executives (CXOs), directors, and operation managers, and finally with the domain experts at MarketsandMarkets
Market Size Estimation Methodology-Bottom-up approach
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Market Size Estimation Methodology-top-down approach
Data Triangulation
After arriving at the overall market size from the above estimation process, the parking management market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, data triangulation and market breakdown procedures have been used, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides.
The parking management market size has been validated using top-down and bottom-up approaches.
Market Definition
Parking management helps increase efficiency in parking operations, reduce congestion in the lot, and increase revenues for parking lot owners. It also enables a good customer experience by reducing the time spent looking for a parking spot and simplifying the payment process.
Stakeholders
- Parking management solution providers
- Parking management service providers/third-party vendors
- Government organizations
- Consultants/advisory firms
- System Integrators (SIs)
- Training and education service providers
- Managed service providers
- Support and maintenance service providers
- System integrators
- Value-Added Resellers (VARs) and distributors
Report Objectives
- To determine and forecast the global parking management market by offering (solution and services), parking site, end-use, and region from 2024 to 2029, and analyze the various macroeconomic and microeconomic factors affecting the market growth.
- To forecast the size of the market segments concerning five central regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America.
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the parking management market.
- Analyze each submarket concerning individual growth trends, prospects, and contributions to the overall parking management market.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the parking management market.
- To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market’s competitive landscape.
- Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the report:
Geographic Analysis
- Further break-up of the Asia Pacific market into countries contributing 75% to the regional market size
- Further break-up of the North American market into countries contributing 75% to the regional market size
- Further break-up of the Latin American market into countries contributing 75% to the regional market size
- Further break-up of the Middle East African market into countries contributing 75% to the regional market size
- Further break-up of the European market into countries contributing 75% to the regional market size
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Parking Management Market