PARKING MANAGEMENT MARKET ANALYSIS

Parking Management MarketSize and Trends

The global parking management market size was valued at USD 4,300 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.10% from 2023 to 2030. Increasing number of vehicles on the road is driving demand for smart parking solutions. The need for effective parking spaces and efficient utilization of available resources are also driving the market. Smart city initiatives are also expected to drive revenue growth for this market. Furthermore, high adoption of mobile applications is also projected to propel growth the market.

The global parking management market report is segmented into Deployment Type, Parking Site, and Offering Type

Global Parking Management Market Segmentation:

Based on Deployment, the market is segmented into On-Premise and Cloud-based. Out of which, On-Premise is expected to dominate the global market over the forecast period and this is attributed to the increasing number of vehicle users around the globe creating the need for more parking space. Thus, this in turn is creating demand for on-premise parking management solutions, which is expected to support growth of the segment.

Cloud-Based segment is also expected to witness significant growth in the near future and this is owing to the rapidly growing demand for data-driven operations and various benefits offered by these services. This is leading to rise in adoption of use of web services via implementing Platform as a Service (PaaS), as it offers less complicated, quick, and simple application development. This in turn is leading to growing adoption of cloud-based parking management services, which is likely to boost the segment growth in the near future.

Based on Parking Site, the market is segmented into Off-street, On-street. Out of which, Off-Street is expected to dominate the global market over the forecast period and this is attributed to the rise in number of public spaces such as stadiums and malls leading to increasing demand for multi-level off-street parking systems. For instance, as per the U.S. Census Bureau data, the number of shopping malls in the U.S. grew from 103 thousand in 2005 to 116 thousand in 2017. Thus, the need for off-street parking is increasing around the world, which is driving growth of the segment.

On-street segment is also expected to witness significant growth in the near future and this is owing to the increasing deployment of smart parking solutions for proper management of on-street parking. For instance, INRIX Inc., who offers analytics for connected car services and transportation, provides On-Street Parking services in the BMW 5 Series Sedan.

Based on Offering Type, the market is segmented into Solution, Service. Out of which, Solution is expected to dominate the global market over the forecast period and this is attributed to the lack of parking spaces in commercial and residential areas. Using parking management solutions, drivers are allowed to pre-book spaces and avoid the hassle. Thus, the adoption of parking management solutions is growing all over the world.

Services segment is also expected to witness significant growth in the near future and this is owing to the various advantages services such as centralized data management techniques, customization, and add-on features. Such various advantages of parking management services are creating strong demand for the segment. This is likely to fuel growth of the market in the near future.

Global Parking Management Market Trends:

Rise in investments in automation and automotive sectors among others is a recent trend

In recent years, sectors such as automation, automotive, IT, and telecom are witnessing strong investments for the development of smart parking solutions to cater the rising demand for new, innovative solutions for parking issues. Various automotive OEMs are vertically integrating their product portfolio to become a mobility ecosystem enabler from being a standalone mobility provider. This is with interests in EV charging, car sharing, parking, and payment solutions. This trend is anticipated to continue in the global parking management market over the forecast period.

Growth in Intelligent Parking Exchange (IPX) is a growing trend

Currently, many parking spaces are locale-specific, and parking operations are managed within the facility perimeters. This is leading to rapid growth of Intelligent Parking Exchange (IPX). IPX is expected to be responsible for management of end-to-end parking services for multiple facilities in suburban or urban districts. This will be integrating a parking lot with other parking lots and will incentive a person near a congested parking facility towards moving to a garage nearby having lesser occupancy. Therefore, growth in IPX is anticipated to boost the market growth in the near future.