The estimated global size of the parking management solutions market is US$ 768.2 billion, growing at a 5.6% CAGR over the forecasted period. In large part, since the majority of people now have access to great innovations, the global parking management systems industry has recently experienced rapid growth.
Congestion would worsen and parking accessibility would become more precarious, which would expand the market for parking management systems.
Some of the factors propelling the growth of the parking management market include the rise of fully automated parking systems (APS), an increase in traffic congestion, consistent improvements in machine-to-machine communication technology, and rising demand for intelligent parking sensors for parking management.
Rising interest in a rapid network with great help conveyance will emphatically affect the general market development.
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The market’s growth was fueled by the increasing uptake of cloud-based technologies across a wide range of applications, including big data and artificial intelligence. The parking venues category is likely to have attractive possibilities for the global market for parking management solutions.
Key Takeaways From The Parking Management Solutions Market:
- By technology, the parking kiosks segment is expected to record a 6.0% CAGR by 2032
- By installed location, the parking venues segment is to expand at a 6.8% growth rate during the forecast period
- The U.S market to garner US$ 168.2 Billion and record a 4.7% CAGR from 2022-2032
- Market in China to procure US$ 93.5 Billion, expanding at a 7.5% growth rate during the assessment period
Competitive Landscape:
- Among others, Parking BOXX, IPS Group, Inc., METRIC Group Ltd., Ventek International, and CivicSmart, Inc. are important market participants in the world for parking management solutions. Market participants are utilizing strategic joint ventures to boost their profitability and market share. Recent events involving important players include:
- In May 2020– FlashParking formed a national service partnership with Burroughs Inc. The partnership will help Flash Parking provide a unique maintenance service to its users and reduce the risk of hardware downtime
- In June 2020 – Passport Inc., partnered with the Panama City Beach community to equip the city with the technology needed to create a more frictionless parking experience.
- In March 2020 – Q-Free deployed a comprehensive parking guidance system at the Victorian Square parking garage in Sparks, Nevada. This system will provide real-time information on available spaces, making it easier for drivers to find parking. This contract will help Q-Free to mark its strong presence in the US market.?
What is the Contribution of Key Players to the Global Parking Management Solutions Market?
Market players are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.
Recent developments among key players are:
- In May 2020– FlashParking formed a national service partnership with Burroughs Inc. The partnership will help Flash Parking provide a unique maintenance service to its users and reduce the risk of hardware downtime
- In June 2020– Passport Inc., partnered with the Panama City Beach community to equip the city with the technology needed to create a more frictionless parking experience.
- In March 2020– Q-Free deployed a comprehensive parking guidance system at the Victorian Square parking garage in Sparks, Nevada. This system will provide real-time information on available spaces, making it easier for drivers to find parking. This contract will help Q-Free to mark its strong presence in the US market.?
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Parking Management Solutions Market Segmentation:
By Technology:
- Parking meters-based
- Parking Kiosks-based
By Installation Location:
- Street Parking
- Parking Venues
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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