Parking Management Market Growth, Global Survey, Analysis, Share, Company Profiles and Forecast by 2028
Increasing need for more effective use of parking areas and rising number of vehicles globally are key factors driving global parking management market revenue growth
According to Emergen Research’s most recent analysis, the worldwide parking management market had a value of USD 3.77 billion in 2020 and is projected to grow at a CAGR of 8.1% over the following five years. During the forecast period, rising demand for more efficient parking space utilisation is anticipated to fuel revenue growth in the worldwide parking management market. Additionally, it is anticipated that increasing vehicle populations will fuel future revenue growth in the global parking management industry. Additionally, rising use of AI-based services is anticipated to boost expansion of the worldwide parking management market.
As developers end up constructing extra spots to comply with requirements governing the size and number of parking spaces, a proportion of parking spaces stay vacant. By alerting consumers when and where a parking spot is available, consistent parking management solutions, such as enhanced signage and real-time parking indicators, reduce the wastage of parking spaces. Through better revenue management, which combats overcharging and undercharging for parking spaces, parking management also leads to a more effective use of parking resources. By lowering parking needs by 20–40%, an efficient and integrated parking management solution contributes to the upkeep of city infrastructure, the conservation of land, increased tax revenue for the government, and increased user convenience.
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Key Highlights from the Report
- The solution segment revenue is expected to expand at a significant CAGR during the forecast period. Increasing adoption of parking management solutions by end-users is expected to boost this segment’s revenue growth.
- The support & maintenance segment is expected to account for higher revenue share over the forecast period due to rising partnership among parking management solution providers and support & maintenance service providers to boost the agility of parking management solutions.
- Increasing demand for revenue management solutions is expected to drive revenue growth of the global parking management market to a significant extent during the forecast period.
- The on-premises segment is expected to account for higher revenue share over the forecast period due to rising deployment of on-premises parking management solutions by end-users.
Key players in the market include Amano Corporation, Siemens AG, Conduent Inc., T2 Systems, Inc., APCOA Parking AG, IPS Group, Inc., FlashParking, Inc., Q-Free ASA, ParkMobile USA, Inc., and Cleverciti Systems GmbH
Emergen Research has segmented the global parking management market on the basis of offering, services, solutions, deployment, parking site, end-use, and region:
Offering Outlook (Revenue, USD Billion; 2018–2028)
Service Outlook (Revenue, USD Billion; 2018–2028)
- Support & Maintenance
- System Integration
Solution Outlook (Revenue, USD Billion; 2018–2028)
- Security & Surveillance
- Valet Parking
- Parking Reservation
- Revenue Management
- Access Control
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Deployment Outlook (Revenue, USD Billion; 2018–2028)
Parking Site Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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