The Worldwide Parking Management Industry is Expected to Reach $10.14 Billion by 2030

Dublin, May 27, 2022 (GLOBE NEWSWIRE) -- The "Parking Management Market Size, Share, & Trends Analysis Report by Solution, by Service, by Deployment, by Parking Site, by Off-Street Parking Site, by Application, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The global parking management market size is expected to reach USD 10.14 billion by 2030, expanding at a CAGR of 11.1% from 2022 to 2030.

Growing demand for smart parking sensors, increasing need for parking spaces, and favorable government initiatives are some of the factors contributing to the market growth. Smart technologies are experiencing tremendous growth in the parking management system, including parking guidance systems, automated parking, and parking reservation systems.

In addition to these technologies, the demand for security and safety of parked vehicles is also increasing rapidly among vehicle owners, which is propelling the procurement of a parking surveillance system. This will create a substantial market space for parking management companies to grow over the years.

Several car park mobile applications have included the feature to reserve a vehicle park space and make payments through mobile wallets. It allows users to save meaningful time spent searching for vacant spaces and provides parking enforcement options, such as adding remote parking spaces and providing parking information to users.

For instance, in December 2021, T2 Systems, a parking management solutions provider, implemented T2Mobile Pay, a browser-based parking solution, in Houston City Center, so that the visitors could pay for parking quickly and easily on their mobile phones using this solution. This solution will increase mobile payment adoption and customer satisfaction. These features are anticipated to further increase the demand for parking management solutions over the forecast period.

The increasing availability of integrated automated solutions and advancements in wireless technology are anticipated to drive the adoption of parking management solutions. Moreover, parking management systems aid in increasing mobility in cities and offer a dependable revenue model. These systems use data analytics, wireless communication technology, and sensors to address parking issues in cities and metros. Furthermore, these solutions can be used to locate available parking spaces with the help of sensors and mobile applications, thereby saving customers time and minimizing the waste of fuel spent looking for available parking spaces.

Parking Management Market Report Highlights

• The parking reservation segment is anticipated to witness a significant growth of a CAGR of 12.6% during the forecast period due to the rising demand for parking reservation solutions (valet parking management solutions, access control, and slot management) to get information about available parking space by continuous monitoring.
• The support and maintenance segment held a market share of over 40% in 2021. The segment also includes software and equipment, which requires preventive maintenance to avoid downtime and ensure that systems running as smoothly as when it was first installed. These capabilities will supplement the growth of the segment during the forecast period.
• The cloud segment is anticipated to register considerable growth of a CAGR of 11.7% over the forecast period. The segment growth can be attributed to the increasing adoption of cloud-based solutions by parking management companies, zero maintenance cost, and flexible payment.
• The off-street segment accounts for the largest market share of over 70% in 2021. The growing use of mobile applications, better payment, and checking tickets solutions for parking assistance is expected to drive the growth of the segment during the forecast period.
• The government segment accounts for the largest market share of over 55% in 2021 due to the increasing government investments in implementing smart city development projects. Additionally, parking management vendors, technology providers, and consultants have aggressively started simulating innovative solutions based on conceptual modules for the designing and development of urban infrastructure.
• The Asia Pacific regional market is expected to reach USD 2,186.0 million by 2030. The regional market growth can be attributed to the rising government expenditures on developing smart cities and the rising number of individuals migrating toward popular cities for better opportunities. Hence, there is a huge requirement for an efficient and effective parking infrastructure in the era of the aggressive rise in the number of vehicles across the region.

Key Topics Covered:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Parking Management Industry Outlook
3.1. Market Segmentation and Scope
3.2. Market Size and Growth Prospects
3.3. Parking Management Value Chain Analysis
3.4. Parking Management Market Dynamics
3.4.1. Market driver analysis
3.4.2. Market restraint analysis
3.5. Penetration and Growth Prospect Mapping
3.6. Parking Management - Porter's Five Forces Analysis
3.7. Parking Management Market PESTEL Analysis
3.8. Impact of COVID-19 on Parking Management Market

Chapter 4. Parking Management Market: Solution Segment Analysis
4.1. Parking Management Market: by Solution Segment Outlook & Market Share, 2021 and 2030
4.2. Access control
4.2.1. Access control parking management market, by region 2017-2030 (USD Million)
4.3. Security & surveillance
4.3.1. Security & surveillance parking management market, by region 2017-2030 (USD Million)
4.4. Revenue management
4.4.1. Revenue parking management market, by region 2017-2030 (USD Million)
4.5. Parking reservation management
4.5.1. Parking reservation management market, by region 2017-2030 (USD Million)
4.6. Valet parking management
4.6.1. Valet parking management market, by region 2017-2030 (USD Million)
4.7. Others
4.7.1. Other parking management solution market, by region 2017-2030 (USD Million)

Chapter 5. Parking Management Market: Service Segment Analysis
5.1. Parking Management Market: by Service Segment Outlook & Market Share, 2021 and 2030
5.2. Consulting
5.2.1. Parking management consulting service market, by region 2017-2030 (USD Million)
5.3. System Integration and Deployment
5.3.1. Parking management system integration and deployment service market, by region 2017-2030 (USD Million)
5.4. Support and Maintenance
5.4.1. Parking management support and maintenance service market, by region 2017-2030 (USD Million)

Chapter 6. Parking Management Market: Deployment Segment Analysis
6.1. Parking Management Market: by Deployment Type Segment Outlook & Market Share, 2021 and 2030
6.2. Cloud
6.2.1. Cloud parking management market, , by region 2017-2030 (USD Million)
6.3. On-premise
6.3.1. On-premise parking management market, by region 2017-2030 (USD Million)

Chapter 7. Parking Management Market: Parking Site Segment Analysis
7.1. Parking Management Market: by Parking Site Segment Outlook & Market Share, 2021 and 2030
7.2. On-street parking
7.2.1. On-street parking management market, by region 2017-2030 (USD Million)
7.3. Off-street parking
7.3.1. Off-street parking management market, by region 2017-2030 (USD Million)

Chapter 8. Parking Management Market: Off-Street Parking Site Segment Analysis
8.1. Parking Management Market: by Off-Street Parking Site Segment Outlook & Market Share, 2021 and 2030
8.2. Garage Parking
8.2.1. Garage parking management market, by region 2017-2030 (USD Million)
8.3. Lot Parking
8.3.1. Lot parking management market, by region 2017-2030 (USD Million)

Chapter 9. Parking Management Market: Application Segment Analysis
9.1. Parking Management Market: by Application Segment Outlook & Market Share, 2021 and 2030
9.2. Transport Transit
9.2.1. Parking management market in transport transit, by region 2017-2030 (USD Million)
9.3. Commercial
9.3.1. Parking management market in commercial, by region 2017-2030 (USD Million)
9.4. Government
9.4.1. Parking management market in government, by region 2017-2030 (USD Million)

Chapter 10. Parking Management Market: Regional Segment Analysis

Chapter 11. Competitive Analysis
11.1 Recent Developments and Impact Analysis, by Key Market Participants
11.2 Company/Competition Categorization
11.3 Vendor Landscape
11.3.1 Parking Management Market: Key Company Market Ranking/Share Analysis, 2021

Chapter 12. Competitive Landscape
12.1. 3M Company
12.1.1. Company overview
12.1.2. Financial performance
12.1.3. Product benchmarking
12.1.4. Strategic initiatives
12.2. Amano Corporation
12.2.1. Company overview
12.2.2. Financial performance
12.2.3. Product benchmarking
12.2.4. Strategic initiatives
12.3. Cubic Corporation
12.3.1. Company overview
12.3.2. Financial performance
12.3.3. Product benchmarking
12.3.4. Strategic initiatives
12.4. IBM Corporation
12.4.1. Company overview
12.4.2. Financial performance
12.4.3. Product benchmarking
12.4.4. Strategic initiatives
12.5. Kapsch TrafficCom
12.5.1. Company overview
12.5.2. Financial performance
12.5.3. Product benchmarking
12.5.4. Strategic initiatives
12.6. Siemens AG
12.6.1. Company overview
12.6.2. Financial performance
12.6.3. Product benchmarking
12.6.4. Strategic initiatives
12.7. Skidata
12.7.1. Company overview
12.7.2. Financial performance
12.7.3. Product benchmarking
12.7.4. Strategic initiatives
12.8. Swarco Corporation
12.8.1. Company overview
12.8.2. Financial performance
12.8.3. Product benchmarking
12.8.4. Strategic initiatives
12.9. T2 Systems
12.9.1. Company overview
12.9.2. Financial performance
12.9.3. Product benchmarking
12.9.4. Strategic initiatives
12.10. Robert Bosch GmbH Corporation
12.10.1. Company overview
12.10.2. Financial performance
12.10.3. Product benchmarking
12.10.4. Strategic initiatives

For more information about this report visit https://www.researchandmarkets.com/r/6chm7z

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