$4550
The Parking Management market is expected to grow from US$ 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.
Lucrative Regions for Parking Management Providers
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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.
Parking Management Market, by Parking Site, 2020 and 2028 (%)
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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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.
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Parking Management Market: Strategic Insights
Market Size Value in US$ 32,221.73 Million in 2021 Market Size Value by US$ 45,125.82 Million by 2028 Growth rate CAGR of 4.9% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Parking Management Market: Strategic Insights
| Market Size Value in | US$ 32,221.73 Million in 2021 |
| Market Size Value by | US$ 45,125.82 Million by 2028 |
| Growth rate | CAGR of 4.9% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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:
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
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Parking Site , Solutions , Services , Deployment
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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
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 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.
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.
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..
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.
APAC held the significant market share in year 2020, along with the notable revenue generation opportunities in Europe and North America.
The List of Companies - Parking Management Market
- Indigo Parking Service
- Streetline
- Flowbird Group
- Parkmobile
- TIBA Parking
- Smart Parking Limited
- T2 Systems
- Swarco
- Passport Inc.
- Siemens AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
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- Validates and strengthens in-house secondary research findings
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Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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