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

Parking Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Parking Site (On-street, and Off-street), Solutions (Parking Guidance Systems, Parking Reservation, Parking Security & Surveillance, and Others), Services (Professional, and Managed), Deployment (On-premise, and Cloud)

  • Report Code : TIPAT00002641
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 177
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Parking Management Market to Grow at a CAGR of 4.9% to reach US$ 45,125.82 million from 2021 to 2028

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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

Parking Management Market

  • CAGR (2021 - 2028)
    4.9%
  • Market Size 2021
    US$ 32.22 Billion
  • Market Size 2028
    US$ 45.13 Billion

Market Dynamics

GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players

  • Indigo Parking Service
  • Streetline
  • Flowbird Group
  • Parkmobile
  • TIBA Parking
  • Smart Parking Limited
  • T2 Systems
  • Swarco
  • Passport Inc.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Parking Site
  • On-street
  • Off-street
Solutions
  • Parking Guidance Systems
  • Parking Reservation
  • Parking Security & Surveillance
  • Others
Services
  • Professional
  • Managed
Deployment
  • On-premise
  • Cloud
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

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 Report Scope

Report Attribute Details
Market size in 2021 US$ 32.22 Billion
Market Size by 2028 US$ 45.13 Billion
Global CAGR (2021 - 2028) 4.9%
Historical Data 2019-2020
Forecast period 2022-2028
Segments Covered By Parking Site
  • On-street
  • Off-street
By Solutions
  • Parking Guidance Systems
  • Parking Reservation
  • Parking Security & Surveillance
  • Others
By Services
  • Professional
  • Managed
By Deployment
  • On-premise
  • Cloud
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Indigo Parking Service
  • Streetline
  • Flowbird Group
  • Parkmobile
  • TIBA Parking
  • Smart Parking Limited
  • T2 Systems
  • Swarco
  • Passport Inc.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    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

    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Parking Site , Solutions , Services , Deployment

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    Which region has the largest market share in the parking management market?

    APAC held the significant market share in year 2020, along with the notable revenue generation opportunities in Europe and North America.

    Who are the major vendors in the parking management market?

    The key vendor operating in the field of parking management across the globe include Indigo Parking Service, Streetline, Flowbird Group, Parkmobile, TIBA Parking, Smart Parking Limited, T2 Systems, Swarco, Passport Inc., and Siemens AG.

    What are the future trend for parking management market?

    Smart parking systems require the congruence among its core hardware devices and software applications. Currently, there are hundreds of companies providing equipment or services to the intelligent parking industry, making it uncertain to the extent at which software and hardware standards are shared across distinct equipment vendors coupled with the blends of equipment years that makes the existing facility unpredictable quite often. All hardware devices need to be compatible with all software services. Thus, the organizations working on smart parking systems need to combine and develop a standard, thereby eliminating compatibility issues and in turn eliminating a barrier in the development of the smart parking systems market to a great extent..

    Which parking site-based segment has the largest market share in 2020?

    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 management segment accounted for a larger share in the market.

    What are the market opportunities for parking management market?

    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.

    What are the driving factors responsible for the growth of parking management market?

    Significant rise in number of vehicles on road are driving the growth of the global parking management market.
    Rising adoption of smart technologies in parking management is influencing the growth of the parking management market.

    The List of Companies - Parking Management Market

    1. Indigo Parking Service
    2. Streetline
    3. Flowbird Group
    4. Parkmobile
    5. TIBA Parking
    6. Smart Parking Limited
    7. T2 Systems
    8. Swarco
    9. Passport Inc.
    10. Siemens AG

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