Parking Management Market to Grow at a CAGR of 4.9% to reach US$ 45,125.82 million from 2021 to 2028

The Parking Management market is expected to grow from US$ 32,221.73 million in 2021 to US$ 45,125.82 million by 2028; it is estimated to grow at a CAGR of 4.9% during 2021–2028.

The major cities in several countries across the globe are adopting smart technologies heavily with an objective to reduce day to day traffic and parking challenges. Traffic and parking spots have been long-lasting problems in both developed as well as emerging regions worldwide. At present, the smart parking technologies is revolutionizing the car park management, and the demand for intelligent parking technologies is exponentially growing. The smart technologies, which are experiencing tremendous growth in the current parking management system include parking guidance information systems, automated parking, smart parking payment system and parking reservation systems. In addition to these technologies, demand for security and safety of the parked vehicles is also increasing rapidly among the drivers and the vehicle owners, which is propelling the procurement of parking surveillance system, thereby creating substantial market space for parking management companies to grow over the years.

Impact of COVID-19 Pandemic on Parking Management Market

The COVID-19 pandemic has shaken several industries across the world. The lockdown hindered the operations of various industries, including manufacturing and IT. However, essential industries such as fast-moving consumer goods (FMCG) and pharmaceutical had to continue their operations. The outbreak has led to disruptions in primary industries including electronics, semiconductor, and automotive. A sharp decline in the growth of mentioned industries is limiting the Parking Management market growth. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have impacted the working of many commercial and corporate buildings across the world. At present, the US is the world’s worst-affected country due to COVID-19 outbreak. The majority public entities and municipalities depends on parking taxes and parking revenue to fund several big projects for citizens in the country. The corporate buildings, CBDs, universities, shopping centers, hospitals, hotels, airports, and many others consist of great parking facilities and services to efficiently handle their business functions. Owing to the impact of COVID-19 pandemic, the cross-board activities and maintaining social distancing for supporting the slow-down of the virus spread, the parking industry is being impacted very hard. Many businesses have been under tremendous pressure to survive, and hundreds of thousands of frontline workers are losing jobs. The real time monitoring dynamics of over 2,000 parking facilities across the North America, as well as the observations to improve quantitatively understand the impact of COVID-19 to parking.

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Parking Management Market: Strategic Insights

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Parking Management Market Insights

Increasing Partnerships and Mergers to Stimulate the Parking Management in Urban Areas

The parking management systems market across the globe is highly fragmented, as several players are operating in the industry with their respective technologies and services. This has created substantial complexities among the end users of parking management systems. The need and demand for technologically enhanced parking management system is continuously increasing in the developed regions as well as emerging areas across the globe. The parking management market players have a significant opportunity to grow it the near future by partnering with other parking management service providers and governments. Partnerships among the service providers facilitate to provide bespoke services which are expected to drive the market to a great extent. For instance, in July 2021, Passport has enabled parking payments to be paid directly through the Uconnect infotainment system in Chrysler, Dodge, Jeep, and Ram cars, thanks to a partnership with Xevo, a leader in connected-car technologies and innovative user experiences. Similarly, in 2020, T2 Systems, a parking technology company, has collaborated with TEZ, the creators of TEXT2PARK, to offer T2 MobilePay, a mobile parking payment solution that gives users an easy and convenient method to pay for parking on their cellphones while giving operators control over their data and revenue.

Parking Site - Based Market Insights

Based on parking site, the global parking management market is segmented into on-street parking and off-street parking. In 2020, the off-street parking segment led the parking site segment and accounted for a larger market share.

Solutions-Based Market Insights

Based on solution, the parking management market is segmented into parking guidance solutions, parking reservation solutions, parking security & surveillance solutions, and others. In 2020, the others segment led the parking management market and accounted for the largest market share.

Services-Based Market Insights

Based on services, the parking management market is segmented into managed services and professional services. In 2020, the managed services segment led the parking management market and accounted for a larger market share.

Deployment-Based Market Insights

Based on Deployment, the parking management market is segmented into cloud and on-premise. In 2020, the on-premise segment led the parking management market and accounted for a larger market share.

The players operating in the parking management market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

• In August 2021, T2 Systems' Mobile Enforcement Software (MEA), a citation issuance app for iPhones, iPads, and Android tablets, now interacts with Genetec's AutoVu automated licence plate recognition (ALPR) system, giving parking operations a mobile LPR-based enforcement solution.
• In August 2021, ParkMobile, the #1 mobile parking app in the U.S. has announced today a new strategic partnership agreement with TIBA Parking Systems, a member of the FAAC group - the largest manufacturer of Parking Management Systems in North America, to provide contactless payment options at gated garage locations.The global parking management market has been segmented as mentioned below:

Parking Management Market Regional Insights

The regional trends and factors influencing the Parking Management Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Parking Management Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Parking Management Market Report Scope

Parking Management Market Players Density: Understanding Its Impact on Business Dynamics

The Parking Management Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Parking Management Market are:

1. Indigo Parking Service
2. Streetline
3. Flowbird Group
4. Parkmobile
5. TIBA Parking

Disclaimer: The companies listed above are not ranked in any particular order.

By Parking Site

• On-street
• Off-street

By Solutions

• Parking Guidance Systems
• Parking Reservation
• Parking Security & Surveillance
• Others

By Services

• Managed Services
• Professional Services

By Deployment Type

• Cloud
• On-premise

By Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC

• Middle East & Africa (MEA)

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

• South America (SAM)

  • Brazil
  • Argentina
  • Rest of SAM

Company Profiles

• Flowbird Group
• PASSPORT LABS, INC.
• T2 Systems, Inc
• TIBA PARKING SYSTEMS
• Group Indigo
• Precise ParkLink
• FlashParking
• Amano Corporation
• Robert Bosch GmbH
• Siemens AG