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The parking management solutions market size is forecast to increase by USD 3.05 billion, at a CAGR of 7.1% between 2023 and 2028. The market is witnessing significant growth due to the increasing number of vehicles on the road and the subsequent demand for efficient parking management systems. Innovative products and services, such as cash machines, LED displays, and vehicle dashboard applications, are gaining popularity, enabling contactless payments and real-time parking information. However, challenges persist in the form of the lack of integration among siloed parking technologies, reliance on paper tickets and parking wardens, and the need for hardware-based management systems. Barrier arms and cash payments remain common in commercial and mall car parks, but the market is shifting towards more advanced solutions, such as mobile applications and RFID technology, to streamline the parking experience for users.
The market has evolved significantly in recent years, with digital tools playing a pivotal role in optimizing operations and enhancing the user experience. These solutions cater to various parking facilities, including residential buildings, commercial establishments, public areas, and parking lots. Key Components and Functions: Digital parking management systems consist of several components, including payment processing, parking enforcement, reporting, and reservation systems. Payment processing enables contactless, in-app transactions, reducing the need for physical cash and streamlining the payment process.
Parking enforcement is automated, ensuring fair usage and reducing the need for manual intervention. Reporting offers real-time data access, enabling parking facility managers to make informed decisions and identify trends. Reservation systems allow users to book parking spaces in advance, ensuring availability and reducing congestion. Benefits: The implementation of digital parking management solutions offers numerous benefits. Improved efficiency is a significant advantage, with real-time data access and automated reporting enabling swift decision-making. Enhanced user experience is another key benefit, with digital payment options, reservation systems, and automated enforcement ensuring a seamless parking experience. Increased revenue is also a notable benefit, with advanced booking options and parking permits enabling better space utilization and revenue generation. Future Potential: The future potential of digital parking management solutions is vast. Urban mobility solutions are increasingly prioritizing integrated parking management systems, enabling seamless transportation and parking experiences.
The integration of IoT devices and AI technologies will further enhance the functionality and efficiency of these systems. Upgrading to a digital parking management solution offers numerous advantages, including reduced operating costs, enhanced customer satisfaction, and improved space utilization. By automating parking operations and providing advanced features, digital solutions enable parking facility managers to optimize their operations and provide a superior user experience. In conclusion, digital parking management solutions are revolutionizing the way we manage parking facilities. With their ability to enhance efficiency, improve user experience, and generate increased revenue, these solutions are an essential component of modern urban mobility infrastructure. By implementing digital parking management systems, parking facility managers can streamline operations, reduce costs, and provide a superior parking experience for their users.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The revenue management segment is estimated to witness significant growth during the forecast period. Parking management solutions continue to gain prominence as car parking service providers seek to optimize the utilization of existing facilities. Revenue management software is a key component of these solutions, enabling providers to increase revenue, offer personalized pricing, and generate new business opportunities. This software leverages historical data analytics and sophisticated algorithms to deliver data-driven insights for maximizing revenue and enhancing management control.
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The revenue management segment was valued at USD 2.29 billion in 2018. Revenue management in parking facilities operates under the principle of selling the optimal product to the appropriate customer at the most effective price and time. By implementing revenue management strategies, companies across various industries can boost their earnings and improve overall efficiency in space allocation, payment processing, reporting, and parking enforcement. In summary, the adoption of digital tools for parking management is on the rise, as providers aim to streamline operations and enhance customer experience. Revenue management software plays a pivotal role in this transformation, offering data-driven insights to optimize parking facilities and generate increased revenue.
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APAC is estimated to contribute 28% 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. The North American region is projected to dominate the market due to its advanced technological infrastructure and significant investment in smart parking systems. With countries like the US and Canada being major contributors, the market's growth is driven by the presence of leading IT firms and rapid technological advancements. Digitalization and automation are key trends in the US and Canadian markets, enabling comprehensive oversight and control of parking spaces.
Sustainability and environmental benefits are increasingly important factors in the parking management solutions market. In North America, there is a growing focus on integrating electric vehicle charging infrastructure and promoting green initiatives. Scalable solutions catering to the unique requirements of large cities and commercial establishments are also gaining popularity. The market in the US is undergoing rapid upgrades, with projects underway to enhance parking experiences and optimize space utilization.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
An increasing number of vehicles on road is notably driving market growth. The global increase in the number of vehicles on the roads is leading to a significant demand for parking spaces. According to the International Energy Agency (IEA), the global vehicle population is projected to surpass 1.7 billion by 2035, with emerging and transitional economies contributing substantially to this growth. This trend is driving the need for more sophisticated technology and solutions to effectively manage parking spaces. Parking management solutions encompass various components such as payment methods, monitoring, enforcement, and access control. These systems can utilize technologies like computer vision, software apps, and gates/barriers to streamline the parking experience for users. Payment methods can include cashless options like mobile payments and contactless cards, while monitoring can be achieved through the use of CCTV cameras and real-time data analysis. Enforcement can be automated through the use of number plate recognition technology and software apps. Access control can be managed through gates and barriers that can be opened using a variety of methods, such as RFID tags or QR codes.
Professional parking management solutions can help improve the efficiency and effectiveness of parking operations, reduce congestion, and enhance the overall user experience. By implementing advanced technology and solutions, parking operators can optimize parking space utilization, reduce operational costs, and improve revenue generation. Additionally, these solutions can help ensure the safety and security of vehicles and their occupants. As the demand for parking spaces continues to grow, the adoption of advanced parking management solutions is expected to become increasingly important. Thus, such factors are driving the growth of the market during the forecast period.
The introduction of innovative products and services is the key trend in the market. The market has witnessed substantial evolution, driven by the integration of advanced IoT technologies. companies now offer a range of solutions, from integrated smart parking applications and contactless parking equipment to sophisticated mobile applications. In a recent development, SmartRent, a leading provider of smart home automation, unveiled Alloy Parking, a new smart parking management system.
This innovative solution leverages IoT technologies to streamline parking space management for multi-family building managers. By monetizing underutilized spaces, Alloy Parking not only simplifies parking management but also boosts revenue. Users can access real-time information via a user app or web panel, and integrations with EV chargers and credit card payments ensure a seamless parking experience. Thus, such trends will shape the growth of the market during the forecast period.
Lack of integration among siloed parking technologies is the major challenge that affects the growth of the market. Traditional parking management systems have limitations when it comes to data integration. Separate components like parking wardens, paper ticket systems, cash machines, and vehicle dashboard displays operate independently, each maintaining its own data silo. These components include enforcement systems, pay stations, mobile payments, sensors, off-street reservations, financial reconciliation systems, and business intelligence solutions. The lack of module- and component-level integration results in inefficient data sharing, making it challenging for users to identify crucial patterns related to compliance, occupancy, and financial performance. Moreover, isolated parking data cannot be merged into a unified urban parking management platform, restricting the platform's ability to acquire parking data and limiting its potential applications, such as urban parking guidance and parking space sharing. To address these challenges, parking management solutions are evolving towards hardware-based management systems that facilitate seamless data exchange between components.
This integration enables real-time data analysis and improves overall parking management efficiency. Cash payments, for instance, can be integrated with mobile payments and financial reconciliation systems, ensuring accurate and timely financial reporting. Similarly, sensors and parking wardens can share real-time occupancy data, enabling efficient parking space allocation and optimizing revenue generation. By breaking down data silos and integrating parking components, parking management solutions can deliver valuable insights and enhance the overall parking experience. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting 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 market growth analysis strategies.
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 off street and on street parking facilities with most efficient routes and also maintain the vehicles along with training of all employees to use most appropriate technology for enhancing safety and convenience.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key 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.
Payment Processing Digital tools are revolutionizing parking management operations in various parking facilities, including residential buildings, commercial establishments, public areas, and parking garages. These solutions offer key components such as real-time data access, automated reporting, and intelligent analytics to enhance user experience, improve efficiency, and increase revenue. Functionalities like parking reservation systems, in-app payment processing, and advanced booking options provide customers with convenient and contactless services. Real-time information on space utilization and occupancy helps manage parking lots effectively, reducing operating costs and enhancing customer satisfaction. The benefits of digital parking management solutions include improved efficiency, increased revenue, and sustainability.
Advanced technologies like computer vision, software apps, and parking enforcement systems enable comprehensive oversight, control, and monitoring. Automated payment methods, including credit card payments and automated payments, streamline the process and reduce the need for cash transactions. Future potential lies in the integration of electric vehicle charging stations, evolving into urban mobility solutions. The scalability of these systems ensures they cater to various parking facilities, from commercial car parks to mall car parks. Upgrading from hardware-based management to digital tools is an essential step towards enhancing the parking experience, ensuring environmental benefits, and promoting sustainable transportation.
Market Scope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.1% |
Market Growth 2024-2028 |
USD 3.05 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.5 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
APAC at 28% |
Key countries |
US, UK, Canada, France, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABM Industries Inc., AMANO Corp, APCOA PARKING Holdings GmbH, Chetu Inc., Cisco Systems Inc., Conduent Inc., Hangzhou Hikvision Digital Technology Co. Ltd., IDeaS, INRIX Inc., Intercomp Spa, IPS Group Inc., Kapsch TrafficCom AG, Kudelski SA, Nedap NV, Nimble Planet Ltd., ParknSecure Pvt. Ltd., Passport Labs Inc, Robert Bosch GmbH, Siemens AG, SWARCO AG, T2 Systems, TIBA PARKING SYSTEMS, and URBIOTICA |
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 market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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