Global Parking Management Market Report and Forecast 2024-2032

Global Parking Management Market Outlook

The global parking management market size reached nearly USD 5.04 billion in 2023. The market is projected to grow at a CAGR of 9.6% between 2024 and 2032 to reach a value of around USD 11.56 billion by 2032.

Key Trends in the Market

Parking management refers to a process in which parking resources are optimised. This process involves comprehensive management of location, cost, and parking space availability to improve the parking system.

• Parking management enhances the efficiency of parking, bolsters customer experience, and boosts safety in parking areas. Hence, the growing demand to reduce parking hassle is driving the parking management market growth.

• Fluctuations in the required number of parking spaces across various infrastructures, such as hospitals, schools, and recreational centres, among others, are further escalating the deployment of parking management solutions to optimise parking space, reduce parking costs, and ensure compliance with parking rules.

• Increasing penetration of the Internet of things (IoT) in the parking sector is boosting the decision-making of customers while saving their time. Hence, the rapid transition from traditional to intelligent parking management systems is further fuelling the parking management market demand.

Market Analysis

Based on offering, the parking management market segmentations include solutions and services. The solutions segment is further divided based on type into access control, security and surveillance, revenue management, parking reservation management, and valet parking management, among others. The services segment is further segmented into consulting services, system integration and deployment, and support and maintenance.

By deployment type, the market is bifurcated into cloud and on-premise. On the basis of parking site, the market is categorised into on-street and off-street. By application, the market is segmented into transport transit, commercial, and government. The major regional market for parking management include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global parking management market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Xerox Corporation

• T2 Systems, Inc.

• Cleverciti Systems GmbH

• SKIDATA GmbH

• Cubic Corporation

• Siemens AG

• Swarco Holding

• Robert Bosch GmbH

• FlashParking, Inc.

• Conduent Business Services, LLC

• Apcoa Parking AG

• Precise ParkLink Inc.

• Others

Market Share by Deployment Type

Cloud accounts for a significant portion of the parking management market share. Cloud parking systems offer real-time parking data, including the availability of parking spots, parking prices, and time of occupancy, hence saving time and costs. They also reduce the need for manual labour, thereby enhancing the cost-effectiveness of operators.

Moreover, in modern times, parking data and analytics can be monitored using mobile apps. In this regard, the escalating adoption of smartphones is fuelling the segment’s growth.

Market Share by Region

According to the parking management market analysis, North America holds a significant share of the market due to the growing adoption of parking management services and solutions by IT companies and enterprises. Increasing penetration of smart parking management solutions across commercial spaces such as malls and museums, among others, is further propelling the market growth in the region.

In addition, technological advancements and innovations are expected to be some of the key parking management market trends in the coming years.

Competitive Landscape

Xerox Corporation is a leading provider of document management and business solutions. The company offers solutions related to parking management, tariff management, and vehicle detection, among others. It was founded in 1906 and is headquartered in Connecticut, the United States.

Cubic Corporation is a leading global transportation and defence corporation which offers advanced mobility solutions. It was established in 1951 and is headquartered in California, the United States.

Siemens AG is a multinational technology company which designs, develops, and manufactures complex systems and facilitates several automation projects. The company was founded in 1847 and is headquartered in Munich, Germany.

Other market players include T2 Systems, Inc., Cleverciti Systems GmbH, SKIDATA GmbH, Swarco Holding, Robert Bosch GmbH, FlashParking, Inc., Conduent Business Services, LLC, Apcoa Parking AG, and Precise ParkLink Inc., among others.

Key Highlights of the Report