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The parking management market size is estimated to grow at a CAGR of 11.52% between 2023 and 2028. The market size is forecast to increase by USD 3.38 billion. The growth of the market depends on several factors, including the increasing need for convenient and assured parking, the increasing number of vehicles on the road and the growth in smart parking deployment projects. Parking management generally refers to the various programs, strategies, and policies that result in more efficient usage of parking resources. Parking management helps the driver in locating the vacant parking spot through sensors installed in each parking space. It also helps in managing the price and provision of parking, especially in high-activity and dense locations, reducing the blockage of surrounding corridors.
The report includes a comprehensive outlook on the parking management market offering forecasts for the industry segmented by Component, which comprises solutions and services. Additionally, it categorizes Deployment into on-premises and cloud, and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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The increasing need for convenient and assured parking is notably driving the market growth. Convenient parking and modern retail industry growth are becoming increasingly intertwined. To attract more customers, commercial buildings such as malls, amusement parks, hotels, and even government-driven projects such as smart cities are deploying smart parking lots and solutions that are manned by security to assure customer and vehicle safety. With the growth in parking spaces being comparatively slower than the number of users, the demand for assured parking space, reduced waiting time at payment ticket collection counters, and faster parking process has increased.
Moreover, parking management solutions include technologically advanced security measures that help avoid misuse of parking spaces and suspicious activities in parking lots. Security, safety, and privacy are all improved by using parking management solutions. Such advantages are encouraging providers of parking facilities to deploy new and advanced parking management solutions, which will thereby drive the growth of the parking management market during the forecast period.
Deployment of LPWAN technologies in parking management is an emerging trend shaping the market growth. The Internet of Things (IoT) is crucial for parking management as it is the foundation on which the connectivity platform for smart parking projects is built. Low power wide area networks (LPWAN) are those technologies that IoT devices use to communicate with one another. LoRa, Sigfox, and NB-IoT are different types of LPWAN technologies that are being tested and deployed in smart parking projects. The choice of technology completely depends on their communication range and their scalability to support a large number of IoT devices.
Additionally, NB-IoT, which is an upcoming wireless networking technology, offers significant improvement in terms of power consumption, maintenance, and system capacity. It also provides spectrum range efficiency when deployed in underground parking spaces. NB-IoT-based smart parking implementation is expected to gain traction during the forecast period. Therefore, the use of LPWAN technologies will drive the growth of the global parking management market during the forecast period
The high deployment cost of parking management solutions is a significant challenge hindering market growth. The high deployment cost of parking management solutions and services is a major challenge that is expected to hamper the growth of the global parking management market during the forecast period. Due to expensive components, such as automated ticketing, statistical features, and others, the cost of building or installing a parking management system is high. The architecture of a parking management system is quite complex, as it involves several input/output devices and processors.
However, smaller organizations in the global parking management market have to pay huge charges to install parking management solutions, which can be a financial burden for them. As a result, the high installation cost is a major challenge for the parking management market during the forecast period.
The market share growth by the solutions segment will be significant during the forecast period. The parking management solution generally refers to a set of hardware designed and developed to maintain and manage parking availability in high-demand areas. The major hardware used in parking management solutions are single-space parking meters and multi-space parking meters.
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The solution segment was the largest and was valued at USD 2.15 billion in 2018. The solution segment is expected to register significant growth during the forecast period. The factors that drive the growth of the solutions segment include intensifying traffic congestion and the growing need for effective parking systems to address parking concerns globally. Major cities across the world, such as London, Beijing, and Tokyo, are adopting advanced parking management solutions to address traffic congestion and transportation issues. The companies are focusing on accentuating their product line and providing integrated solutions for efficiently managing parking requirements. Companies are also showing keen interest in the development of cost-effective, reliable and customer-friendly solutions. Such factors are expected to foster the growth of the solutions segment in the parking management market during the forecast period.
The share of the on-premises segment will dominate the global parking management market in 2023. The advantages provided by the on-premises segment, which include improved accessibility, lower risk of downtime, and improved security, drive the growth of the on-premises segment. Through on-premises, the company or businesses using on-premises can enjoy better control and data protection as it is stored on its own premises. It also provides the facility for the staff members to access the data even in the event of a network breakdown or lost internet connection, preventing downtime; it is another factor driving the adoption of this mode of deployment. Therefore, such factors are expected to drive the growth of the on-premises segment in the parking management market during the forecast period.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is expected to account for the largest share of the global parking management market during the forecast period. North America has several highly industrialized nations, such as the US and Canada. The region is one of the largest contributors to the growth of the global parking management market. The presence of large IT firms and rapid technological advancements, such as digitalization in the US and Canada, are driving market expansion in this region. The highly developed economy enables these countries to invest extensively in top parking management solutions and services.
Additionally, various parking management projects are currently underway in the region. The parking management market in the region is observing rapid advances and upgrades. Market vendors in the US are implementing innovative technologies to provide their customers with convenient and assured parking management solutions and services. Therefore, an increasing number of parking management solutions are being deployed across the region. With an increase in the number of automobiles and the growing number of parking projects in North America, the parking management market in the region is expected to witness growth during the forecast period.
The Parking Management Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Parking Management Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABM Industries Inc. - The company offers parking management systems such as off-street and on-street parking facilities which enhance safety and convenience.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The parking management market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028
Parking Management Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.52% |
Market Growth 2024-2028 |
USD 3.38 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.53 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABM Industries Inc., Alf Mizzi and Sons Ltd., Amano Corp., APCOA PARKING Holdings GmbH, Chetu Inc., Cisco Systems Inc., Conduent Inc., Hangzhou Hikvision Digital Technology Co. Ltd., INRIX Inc., IPS Group Inc., Kapsch TrafficCom AG, Kudelski SA, Nimble Planet Ltd., ParknSecure Pvt. Ltd., Passport Labs Inc, Robert Bosch GmbH, SAS Institute Inc., Siemens AG, SWARCO AG, and T2 Systems |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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