The Asia Pacific region is poised to emerge as the fastest-growing market for parking management system, fuelled by rapid urbanization and government initiatives aimed at smart city development
New York, Jan. 18, 2024 (GLOBE NEWSWIRE) — The global parking management system market is expected to grow from $4 billion in 2022 to $8.5 billion by 2032, with a high-value compound annual growth rate (CAGR) of 7.8% over the next decade.
Factors contributing to this growth include the increasing number of vehicles worldwide, a rising need for effective traffic management, and the rapid development of smart cities. The COVID-19 pandemic initially led to a slight decline in growth activities due to lockdowns and restrictions in various countries. Governments invested heavily in healthcare systems, implementing measures such as social distancing and restrictions on public transport, which temporarily affected the parking management market.
The adoption of cloud-based platforms has played a crucial role in optimizing parking space usage. These platforms provide essential information, such as nearby free parking, allowing drivers to park safely while maintaining social distancing. Drivers can also choose filters like price, parking time, and rating. These advantages have contributed to the increased adoption of parking management solutions, especially during the pandemic. Additionally, the shift from on-premise to cloud-based solutions has enhanced the robustness and deployability of these solutions, positively impacting the demand for services in this market.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 4 Billion | |
| Estimated Revenue 2033 | US$ 8.5 Billion | |
| Growth Rate – CAGR | 7.8% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 250 Pages | |
| Market Segmentation | By Component and Service, Solution, Parking Site, Vertical, Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Parking Management System Market Dynamics
Driving Force: Increasing demand for smooth traffic flow and reduced fuel consumption
Parking and traffic congestion go hand in hand, as searching for parking spaces leads to delays, fuel consumption, and more congestion. The growing parking challenge can be addressed with Parking Management System solutions and services, helping drivers not only find parking spaces but also perform other functions like receiving directions, making cashless payments, and reserving spots in advance. The rising demand for diverse Parking Management System solutions and services will contribute to minimizing time and fuel usage while facilitating a seamless flow of traffic.
Collaboration is crucial for improving mobility in cities facing heavy traffic. The entire city management ecosystem, including city officials, vehicle manufacturers, traffic signal system providers, parking facilities, Parking Management System solution providers, traffic information providers, shared mobility providers, start-ups, and public authorities, collaborates to experiment and transform cities globally, making them more intelligent and efficient. Parking Management System solution providers play a pivotal role in alleviating traffic congestion through well-organized on-street and off-street parking facilities.
Restraints: Complexity in system integration
Parking Management System involves a range of hardware sensors, real-time messaging systems, traffic control devices, wireless and wired telecommunications systems, computer servers, and application interfaces. The diversity and variability in Parking Management System hardware infrastructure and software systems are immense. Additionally, collecting and analysing parking data from different systems is essential to implement dynamic priced parking. These parking data stores are disparate and often exist on incompatible hardware and software systems, making it challenging to integrate the data into a coherent whole. The integration of all the hardware and software components involved in Parking Management System into a single platform is difficult and acts as a restraint to the growth of the Parking Management System market.
Opportunity: Global rise in smart city initiatives
Advancements in technology have driven major urban areas to undergo transformations into smart cities. Smart cities integrate housing, mobility, and economic functions by leveraging innovative information and communications technologies. The smart city initiatives adopted by governments worldwide are expected to create business opportunities for providers of smart Parking Management solutions, which can be seamlessly integrated with smart city solutions.
Challenge: Data security and privacy issues related to IoT devices
While the Parking Management System market holds significant growth potential, maintaining data security and privacy poses a key challenge for industry players. Installed smart devices and sensors continuously generate vast amounts of data, aiding organizations in gaining insights about their competitors’ market positions. This data is analysed to derive actionable business insights, with a majority processed at the edge and stored in the cloud. Many IoT-enabled devices connect to various networks, including mobile connectivity, public Wi-Fi, and office WAN, and public networks may lack the necessary protection at an enterprise level. In large-scale deployments, privacy and security become closely linked concerns for IoT devices, as business data collected in the cloud and through IoT-enabled devices can be vulnerable to cyber threats and breaches.
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Industry Segmentation
The global parking management system market is divided based on different factors such as components and services, solutions, parking sites, verticals, and geography. When it comes to components and services, the parking management system market is categorized into parking software, parking services, and parking devices.
A parking management system provides various services and solutions to its customers. The solutions segment of the parking management system market includes 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 system solutions, and parking guidance and slot management solutions.
Techniques like pay-by-plate, coin-based revenue management, and smart card-based revenue management are used in parking fee and revenue management solutions. Access control for parking management involves techniques such as biometrics, ID management, and License Plate Recognition (LPR)-Based Automatic Vehicle Identification (AVI).
Parking management systems are implemented in two types of parking sites: on-street parking and off-street parking. Based on the verticals where parking management systems are used, the market is segmented into academia, municipalities and government sectors, recreation sector, transportation sector, healthcare industry, hospitality industry, banking, financial services, and insurance (BFSI) sector, commercial parks and corporate sector, and other verticals.
Which Region Dominates the Global Parking Management System Market?
North America to Remain Leading Regional Market
North America is expected to stay at the forefront of the global parking management systems market. The increasing number of vehicles in the region, particularly in the U.S. and Canada, has led to a demand for smart parking solutions to alleviate traffic congestion. Moreover, the widespread adoption of smartphones and the introduction of mobile applications for finding parking spaces ensure user convenience, contributing to the growth of the market in North America.
The growing commercialization in North America and the emphasis on delivering a personalized user experience are factors that are likely to create demand opportunities in this regional market in the upcoming years.
Key Market Players
Major players in the global parking management system market include 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.
Recent Developments
July 2022 – YourParkingSpace, one of the UK’s rapidly growing parking technology providers, has been acquired by Flowbird, a global leader in urban mobility. This acquisition marks a collaboration between Flowbird and YourParkingSpace to enhance Flowbird’s off-street and digital offerings.
June 2022 – APCOA Parking Deutschland has initiated a new partnership with the Danish car-sharing provider GreenMobility in Cologne. Customers now have access to ten parking spaces in the Klapperhof and Rheinauhafen underground parking facilities, where they can conveniently pick up and drop off GreenMobility’s Renault ZOE e-cars at no cost.
June 2022 – Flowbird Group, a global leader in unattended payment technology and mobile payment applications, has introduced an Automated Parking integrated fee collection system for Palisades Interstate Park Commission. This implementation is carried out in collaboration with the local distributor, Devo & Associates.
Key Questions Answered in the Report:
- What are the contributing factors to the market’s growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Parking Management System market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Parking Management System market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Parking Management System market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Parking Management System industry?
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Originally published at https://www.einpresswire.com/article/682214123/parking-management-systems-market-to-see-strong-growth-driven-by-urbanization-reaching-8-5-billion-by-2032-persistence-market-research
