The Latest research study released by Absolute Markets Insights Parking Management Market with 100+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint and status. Understanding the segments helps in identifying the importance of different factors that aid the market growth.Global parking management market was valued at US$ 3,355 million in 2022 and is expected to reach US$ 6,939.5 million by 2030, growing at an estimated CAGR of 8.5% over the forecast period. Some of the Major Companies covered in this Research are: Conduent, Inc., Amano, Indigo Park Services, Chetu Inc., Streetline, SWARCO, T2 SYSTEMS, INRIX, Flashparking, SAP, Siemens, APCOA PARKING amongst others.
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Parking Management Market:
By Type
- Solutions
- Parking Guidance Solution
- Parking Reservation Management
- Parking Permit Management
- Parking Enforcement Management
- Parking Access and Revenue Control
- Parking Security and Surveillance
- Parking Analytics
- Services
- Professional Services
- Managed Services
By Deployment
- On-Premise
- Cloud Based
By Parking Site
- Off-Street Parking
- On-Street Parking
By Verticals
- Retail
- Healthcare
- Government
- Hospitality
- Transportation & Transit
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Traffic congestion is one of the main reasons that afflict urban areas. It not only emits greenhouse gas emissions but also is responsible for smog in big cities. Thus, with the emergence of smart parking solution which consists of nested technologies, in parking and roadway areas, the problem arising due to congestion are being put in place.
Parking is an integral component of any mode of transport. In most developed cities around the world, increasing car ownership and utilization, growing population, high land values in central business areas and inadequate parking supply have complicated the parking situation. Due to this, business owners and residential dwellers compete with shoppers and customers for available spaces, to park their vehicles at street locations wherein, on-street parking is free. Hence, parking management schemes that involve charges have become a major part of most pricing schemes in major urban locations. It has been analyzed that by managing the supply, design and price of parking spaces, cities can exert a high level of control over the traffic flows and quantities.
Remote parking is one of the strategies to efficiently manage the parking, where motorists, mainly commuters and residents, are encouraged to use off-site or fringe parking facilities (typically located few blocks from a commercial center), so the most convenient spaces are available for priority users, mainly customers and service vehicles. This also involves shared facilities, such as office workers parking at a restaurant parking during the day, in exchange for restaurant employees using the office parking space in evenings and weekends. Special shuttle buses can be provided to connect destinations with such remote parking facilities, allowing them to be farther apart. Another type of remote parking is, park & ride facilities that are often located at the urban fringe, where parking is free or significantly less expensive than in main urban centers. Also, remote parking involves providing enough information and incentives to attract motorists and vehicle owners to use more distant facilities.
The Parking Access and Revenue Control held the largest market share in 2018 and is expected to continue the same trend over the forecast period in parking management market. It is a real time computerized parking system credentialed as well as transient customers. This system helps the parking owners and operators to control the access and collect revenue from users.
North America is expected to hold the largest parking management market share over the next eight years owing to large scale investments in parking management solution systems to meet the rising need of drivers as well as commuter’s convenience. The ParkPlus System is an application of ‘pay-by-plate’ technology. The system has been duly developed by Calgary Parking Authority and is deployed in Calgary since 2007. It is an effective parking management solution for payment, enforcement and permits. The users of the same are commercial and municipal parking manager. The system provides enforcement and management of full range of parking modes, which includes on-street, contract parking, parking garage, surface lot, event parking, special permits and residential parking permits. Growing smart city technology solutions along with the urge to provide world-class citizen services has made the United States and Canada region a proper hub of parking management market.
Parking Management Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE – All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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