The market for parking management systems is expected to grow from a US$ 4 billion valuation in 2022 to an estimated US$ 8.5 billion by the end of 2032, at a high-value CAGR of 7.8%.
| Parking Management System Market Size (2022E) | US$ 4 Bn |
| Projected Market Value (2032F) | US$ 8.5 Bn |
| Global Market Growth Rate (2022-2032) | 7.8% CAGR |
| Value Share of North America in Global Market (2021A) | 35.1% |
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Why are Parking Management Systems Gaining Rapid Traction across Regions?
“Rising Number of Vehicles Intensifying Issues of Parking Space”
At present, the count of vehicles across the world is growing at a rapid pace, which is further intensifying the issue of scarcity of parking spaces. Further, traffic congestion and problems related to transportation are increasing owing to limited availability of space for parking. As such, there arises a requirement for smart and efficient parking systems.
The available advanced parking management systems are competent enough to provide increased convenience to the drivers of vehicles. These systems automate and simplify business operations and other functions that occur at parking sites, making the management of traffic flow and parking much easier for both,operators and vehicle owners alike.
Which Factor Can Dent Parking Management System Market Expansion?
“Cost Sensitivity of Parking Space Operators”
The cost sensitivity of parking space operators who are involved in managing parking spaces on the behalf of parking space owners is predicted to bring challenges to the industry. Operating margins are low and the high cost of efficient and advanced parking systems acts as a hindrance to the other growth of the market.
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Recent Industry Development
- Flowbird Group, in July 2020, launched a hydro-alcoholic gel dispenser with a contactless feature, called Park and Sanitize. It generally comes as an attachment to the Glowbird parking and transport ticketing terminals to safeguard millions of transport passengers and motorists for combating the risk related to the spread of COVID-19.
Product Overview
Parking software includes systems for parking payment and parking information and management. Parking services include some professional services such as maintenance and support and customizations and deployment.
The entire parking management system includes various devices and components such as parking meters, handheld ticket writers, radio frequency identification (RFID) transponders, automated gates, occupancy sensors, surveillance cameras, drivers, and other devices.
Industry Segmentation
The global parking management system market is segmented based on component and service, solution, parking site, vertical, and geography. Based on component and service, the parking management system market is segmented into parking software, parking services, and parking devices.
A parking management system involves several services and solutions which are offered to the customers by the management system. Based on solutions parking management system market is segmented into access control solutions, security and surveillance solution, parking fee and revenue management solution, Parking Reservation Management solutions, Parking Enforcement and Permit Management solution, Valet Parking management system solution, and Parking Guidance and Slot Management solutions.
Pay-by-plate, coin-based revenue management, and smart card-based revenue management are some of the techniques used in parking fee and revenue management solutions. Whereas, biometrics, ID management, and License Plate Recognition (LPR)-Based Automatic Vehicle Identification (AVI) are some techniques in access control for parking management of the system.
On-street parking and off-street parking are the two types of parking sites where parking management systems are installed and implemented. Based on verticals where parking management systems are implemented the parking management system is segmented into academia, municipalities and government sector, recreation sector, transportation sector, healthcare industry, hospitality industry, banking, financial services and insurance (BFSI) sector, commercial parks and corporate sector and other verticals.
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Leading Market Players
Tyco Security Products (Nedap AVI), 3M Company, TCS International Inc., Integrapark, LLC, Complus Data Innovations, Inc., Amano Corporation, Passport Parking, LLC, TransCore LP, Vodafone Group PLC, Affiliated Computer Services, Siemens AG, Group Techna, Inc., Netpark, LLC, HCL Technologies Ltd., Data Ticket, Inc., Parkopedia Inc., and Energy Development Corporation, among others are some of the major players operating in the global parking management system market.
Parking Management System Industry Research by Category
By Component and Service:
- Parking Software
- Parking Services
- Parking Devices
By Solution:
- Access Control Solutions
- Security and Surveillance Solutions
- Parking Fee and Revenue Management Solutions
- Parking Reservation Management Solutions
- Parking Enforcement and Permit Management Solutions
- Valet Parking Management Solutions
- Parking Guidance and Slot Management Solutions
By Parking Site:
- On-Street Parking
- Off-Street Parking
By Vertical:
- Academia
- Municipalities and Government Sector
- Recreation Sector
- Transportation Sector
- Healthcare Industry
- Hospitality Industry
- Banking, Financial Services, and Insurance (BFSI) Sector
- Commercial Parks and Corporate Sector
- Others
By Region:
- North America
- Europe
- Latin America
- East Asia
- The Middle East & Africa
- South Asia & Pacific
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