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Parking Management System Market - Forecast(2024 - 2030)
Parking Management System Market Overview
Parking Management System Market revenue is forecast to reach
$7.1 billion by 2027, at a CAGR of 11.6% during 2022-2027. A Parking
Management system is developed in such a way that users book their parking
spots through short message services (SMS). The SMS sent will be processed by a
wireless communication instrumentation device called micro-RTU (Remote Terminal
Unit). The system is fully automated with the use of the Peripheral Interface
Controller (PIC). In addition to this, Parking Management systems comprises of
software and equipment such as parking meters, cameras, facial recognition, access control systems, automatic number plate recognition (ANPR) sensors, and automated
gates which help maintain the smooth flow of traffic and improve security.
Further rise in demand for real-time car parking data, new smart city
projects, and the increasing number of cars are some of the many significant
factors contributing to the growth of Parking Management System
revenue. In 2020, The Chinese government has committed to rise smart city
projects investment to around $181.7 billion in 2021. Moreover, the growing
demand for optimum utilization of remote parking spaces and government investment for
smart city development are some of the Parking Management System market trends
which will drive the market outlook in the forecast period 2022-2027. COVID has changed the way we use our cities and
it seems that this is something that will stay with us forever. Urban centers
will always have a vital role to play in cities. Yet, the days of commuters
traipsing in and out of cities for work every day appear to be over. Most
experts are predicting a blended model approach will emerge. This could lead to
under used parking lots thus minimizing need for Parking Management Systems.
Report Coverage
Key Takeaways
- North America had dominated the global Parking Management System market in 2020 with a share of around 38% and is analyzed to maintain a significant growth during 2021-2026, owing to the increasing number of vehicles in the region.
- Mobile-based solutions segment is analyzed to grow with the highest CAGR of 25.6% in the global Parking Management System market during the forecast period 2021-2026. These mobile based solutions provide greater efficiency when compared to other modes of Parking Management solutions.
- The increased vehicle production and traffic congestion has generated the demand for smart solutions for Parking Managements. The advent of location services and the development of interactive apps have positively influenced the growth of the Parking Management system market during the forecast period.
- Parking Management System companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
Parking Management System Market, By Region, 2021
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Parking Management System Market Segment Analysis - By Type
In Parking
Management System market research, Mobile-based solutions segment is analysed
to grow with the highest CAGR of 25.6% in the global Parking Management System
market outlook during the forecast period 2022-2027. This mobile-based
solutions provide greater efficiency when compared to other modes of Parking
Management solutions, in terms of retrieving real-time parking availability and
related packages. Moreover, with the rise in penetration of smartphones and the
internet, the governments and the organizations are introducing many digital
initiatives. Since many organizations are opting for technology and are
interested in gathering online information about customers, it has become
elementary for the solution providers to increase their revenues through
mobile-based Parking Management solutions. Furthermore, the increasing
investments in IoT and smart city projects have enabled the companies in the
market to increasingly concentrate on mobile-based solutions and increase the
footprint of their app-based solutions across various countries. For instance, in
2021 ParkMe provides data, availability, and payment information for on and
off-street parking in more than 1,800 cities and 32 countries. Hence these
factors are analysed to drive the Parking Management System industry growth in
the forecast period 2022-2027.
Parking Management System Market Segment Analysis – By Industry
In Parking Management
System market analysis, Transportation segment is analyzed to witness the
fastest growth, with a CAGR of 25.5% during 2022-2027, due to rise in travel by
several ways (air ways, road ways and other) post Covid-19 pandemic. Adding to
this, airport authorities worldwide have initiated the facility to book or
reserve parking spaces through their website and mobile apps. For instance,
owing to shortage of parking spaces, online airport ticket vendors such as
Ryanair offer the facility to reserve parking spaces at the airport while
booking airline tickets. Further with the rapid development of intelligent
in-vehicle terminals, drivers can receive real-time information and even
reserve a parking space in advance. This, in turn, is expected to propel the
transport transit segment growth over the forecast period.
Parking Management System Market Segment Analysis - By Geography
North America had dominated the global Parking Management System market share in 2021 with a share of around 38% and is analyzed to maintain a significant growth during 2022-2027, owing to the increasing number of vehicles in the region. In addition, civic authorities of Canada and the U.S. are making several efforts and regulations to reduce traffic congestion due to the growing adoption of vehicles. One of the efforts of civic authorities include, the increased adoption of smart parking systems, which helps to provide safe and legal parking for commercial and private vehicles. Further the increasing adoption of the smart cities concept and related technologies such as autonomous vehicles are further expected to drive the market in the region. In 2020, according to report given by Smart America, U.S city governments will invest approximately $41 trillion over the next 20 years to upgrade their infrastructure to benefit from the IoT. With these huge investments, and growth of IoT will positively impact Parking Management System market outlook in the forecast period 2022-2027.
Parking Management System Market Drivers
Advancement and investments in Parking Management.
The increased vehicle
production and traffic congestion has generated the demand for smart solutions
for Parking Managements. The advent of location services and the development of
interactive apps have positively influenced the growth of the Parking
Management system market during the forecast period. Parking Management system
assists people to find parking spots quickly, thereby enhancing the visitor’s
experience. Similarly, several companies have been investing and raising funds.
In 2021, Passport, a transportation tech startup focused on parking, has raised
$90 million investment to enable cities to replace capital-intensive physical
installations with effective, easy-to-use mobile technology solutions in
parking system. In November 2021, ABM a leading provider of facility solutions,
announced that it had extended its multi-year contract to manage parking
operations at Nashville International Airport (BNA). Ranked as the 34th busiest
airport in the U.S. by Airports Council International North America, the public
and military use airport in southeast Nashville is projected to serve more than
16 million passengers in 2021.
Increased Parking Concern Across the Globe
With
increased urbanization and rapid explosion in car density, resolution of the
car-parking problem is critical. The problem linked to this is solved by using
improved features such as notification of available free space by SMS &
live updates of space reservations using the Parking Management system. This
technology decreases the amount of time spend by the user for finding out the
vacant parking slot and automate the process of searching the optimal parking
floor and spot. Therefore, it creates a huge demand for the Parking Management System
market growth in the forecast period 2022-2027. In fact a 2021 McKinsey survey showed upwards of 90% of commuters
wouldn’t feel safe using public transport to return to work. With 81% of
employees stating a preference for driving to work upon return, it is safe to
say that employee car parks will become a key focus.
Parking Management System Market Challenges
High investment and in improving infrastructure:
High investment in improving
the infrastructure of the existing transportation industry is obstructing the
growth of Parking Management system market size. For instance, China is
investing approximately $551 million per year in Intelligent Transport System
(ITS). Improvement of existing roads or rail projects requires long time period
which further increases the resource and cost of the project. Similarly,
complexities in advanced transportation pricing systems, infrastructure
development and lack of internet penetration in under developed countries
further need heavy investment to improve supporting infrastructure for Parking
Management system.
Parking Management System Market Outlook
Technology
launches, acquisitions, Partnerships and R&D activities are key strategies
adopted by players in the Parking Management System market. Parking
Management System top 10 companies include
- Amano
- Group Indigo
- Smart Parking
- Conduent
- Precise ParkLink
- Verra Mobility
- SkiData
- ParkMobile
- APCOA Parking
- Bosch Group
Recent Developments
- In April 2021, Parking Services Provider Parkopedia has collaborated with Volkswagen America to provide Parking Management services to rivers using the Car-Net service and the associated smartphone app in the US. The service is now live for drivers and will cover both legacy and new vehicles produced by Volkswagen that support Car-Net services.
- In November 2021, Verra Mobility announced that it had signed an agreement to acquire privately held T2 Systems from leading software investment firm Thoma Bravo for $347 million on a cash-free and debt-free basis, plus an additional up to $9 million related to an impending asset acquisition by a wholly owned indirect subsidiary of T2 Systems.
- In August 2021, Smart Parking completed the acquisition of another UK parking management company, Enterprise Parking Solutions (EPS).
Relevant Report Titles:
Report Code: ITR 45396
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