Parking management systems are being increasing implemented in parking spaces in hospitals, malls, airports, etc., for helping individuals identify empty parking spaces, assist in parking, and calculate parking fare amongst others. The common elements involved in parking management systems include payment management, parking enforcement, access controls and reporting. Parking of vehicles, especially four wheelers, is a growing concern amongst individuals. The lack of awareness about available parking spaces in various locations is causing mismanagement in vehicular traffic in both developing and developed countries. In the U.S., for instance, studies show that there were approximately 2 million parking spaces in Philadelphia, while New York had 1.8 million spaces. Jackson city in the U.S. had over 100,000 parking spaces for a population of around 10,000 individuals. Hence, rather than a shortage in parking spaces, real-time data regarding the availability of vacant parking spot is the need of the hour for avoiding parking-related issues. Real-time parking management solutions are able to cater to these demands, and individuals are increasingly making use of smart devices for identifying vacant parking spots. Furthermore, smartphone applications with real-time GPS tracking systems are able to identify parking spots with ease, and parking management systems also assist individuals in safe parking. These factors are driving the demand of parking management solution market.
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The incorporation of AI parking management system is being increasingly considered by the end-users. The growth of computer vision technology helps in the identification of vacant parking spots. Also, object collision warning while parking is facilitated through computer vision, as the AI algorithm is capable of predicting impact using distance and speed formula. Moreover, there is a rise in demand for parking management systems in malls and apartments. Urbanization is occurring at a rapid pace in countries such as India, China, Malaysia, Indonesia, Brazil, etc., and in buildings such as shopping malls, complexes, sports stadiums, amongst others. In India, for instance, there were around 600 shopping malls in 2017, with an additional 30 malls expected to be functional by 2021. The development of infrastructure globally presents additional growth opportunities for the parking management solution marketX, as these projects are increasingly seeking to automate parking in the coming years.
The detailed research study provides qualitative and quantitative analysis of parking management solution market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- The global parking management solution market was valued at US$ 4563.12 MN in 2020 and is projected to grow at a CAGR of 7.9% over the forecast period. Increasing demand for automated parking assistance and vacant parking spot updates to ease parking and traffic congestion is expected to drive the growth of the global parking management solution market in the coming years. By 2029, the market is expected to be worth US$ 8998.21 MN.
- By offerings, hardware segment accounted for the major market share in 2020.
- By deployment mode, cloud segment is expected to grow at the fastest rate over the forecast period (2021 – 2029).
- In 2020, off-street parking area accounted for the major market share in the global parking management solution market.
- By solutions, parking access revenue control systems (PARCS) accounted for the highest market share in 2020 in the global parking management solution market.
- Auto-identifying appropriate parking slots - be it reserved or pay-and-park registered for the highest market share in 2020 and is expected to grow at the fastest growth rate over the forecast period, under usage segment.
- In 2020, cities and municipal facilities accounted for the major share in the global parking management solution market.
- By region, North America accounted for the highest share in the global parking management solution market in 2020. The presence of a large number of parking management solution providers in the U.S., coupled with growth in demand for automated parking solutions in the U.S., and Canada, is a major reason for the greater share of North America in the global parking management solution market. However, the APAC region is expected to show the highest growth during the forecast years in the global parking management solution market, with an estimated CAGR of 9.5%.
- Some of the major players operating in the global parking management solution market are REEF TECHNOLOGY INC. in partnership with TIBA PARKING SYSTEMS, Indigo, Amano Corporation, VersionX Innovations Pvt Ltd, BePark, Infocomm Group LLC, SWARCO, Matrix Comsec, Neptune Automatic Pvt. Ltd and Omnitec Group, amongst others
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Global Parking Management Solution Market:
- By Offerings
- Consulting Services
- System Integration and Deployment
- Support and Maintenance
- By Deployment Mode
- Cloud Based
- By Parking Area
- By Solutions
- Parking Meters, Sensor and Off Street Revenue Collection System
- Parking Violation Enforcement
- Parking Access Control
- Revenue Management
- Parking Enforcement System
- Parking Wallet and Mobile Application
- Parking Access Revenue Control Systems (PARCS)
- Ticket Machines
- Gate Arms
- Payment Machines
- Camera Systems
- By Usage
- Auto-identifying Appropriate Parking Slots - be it reserved or pay-and-park
- Auto-generating Parking Tickets
- Levying Penalties
- By Industry
- Hotels and Hospitality
- Healthcare and Hospital Campuses
- Retail and Mixed Use
- Education and Universities
- Cities and Municipal Facilities
- By Region:
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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