Parking Management Solutions Global Market Report 2024

Parking management solutions encompass innovative technologies designed to effectively manage parking. These systems incorporate features such as digitized payment processes, enforcement mechanisms, access control, and more. Individuals and organizations utilize parking management solutions to efficiently oversee their parking facilities.

The primary types of parking management solutions include services and solutions. Different solutions within this domain include access control, security and surveillance, revenue management, parking reservation management, valet parking management, and others. Access control solutions are designed to prevent unauthorized individuals from entering parking lots, offering security for high-risk venues and commercial offices. Parking sites can be categorized as on-site parking and off-site parking, each utilizing technologies such as parking meters and parking kiosks. Parking management solutions find applications in transport, commercial, and government sectors.

The parking management solutions market research report is one of a series of new reports that provides parking management solutions market statistics, including global market size, regional shares, competitors with a parking management solutions market share, detailed parking management solutions market segments, market trends and opportunities, and any further data you may need to thrive in the parking management solutions industry. This parking management solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The parking management solutions market size has grown strongly in recent years. It will grow from $3.9 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed in the historic period can be attributed to factors such as urbanization and population growth, an increasing number of vehicles, environmental concerns, and a focus on sustainable urban planning, as well as government initiatives and regulations aimed at addressing parking-related challenges.

The parking management solutions market size is expected to see strong growth in the next few years. It will grow to $6.01 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the forecast period can be attributed to the integration of parking management solutions with smart city initiatives, the implementation of mobile payment and contactless solutions, the utilization of real-time data analytics, the integration of electric vehicle (EV) charging facilities, the incorporation of autonomous vehicle integration, and an increased focus on enhancing the overall user experience. Key trends expected in the forecast period include the continued advancement of smart city initiatives, the incorporation of IoT and sensor technologies, the widespread use of mobile applications and payment systems, and the adoption of contactless and touchless solutions in parking management.

The anticipated growth of cloud-native parking management solutions is poised to drive the expansion of the parking management solutions market. Cloud-native technology, a framework for developing and operating workloads in the cloud, offers enhanced benefits derived from the cloud computing model. The integration of cloud-native technology into parking management solutions is expected to enhance customer service. As reported by Tigera, a US-based cloud-native application protection company, a significant 75% of companies are focusing on developing and utilizing cloud-native applications in 2022. Another report from the Cloud Native Computing Foundation, a US-based computer software company, published in May 2022, indicates a global increase of one million cloud-native developers in 2021, bringing the total to an estimated 7.1 million worldwide. Thus, the adoption of cloud-native parking solutions emerges as a driving force behind the growth of the parking management solutions market.

The escalating issue of traffic congestion is projected to contribute to the growth of the parking management solutions market. Traffic congestion, characterized by long queues, reduced speeds, and extended travel times, necessitates effective parking solutions to mitigate congestion-related challenges, enhance user experiences, and support sustainability initiatives. A report published by Government Technology, a US-based information technology magazine, revealed that in 2022, drivers collectively spent almost 4.8 billion hours stuck in traffic. The average American driver incurred a loss of $869 in 2022 due to traffic delays, marking an increase from $305 in 2021. Therefore, the mounting traffic congestion serves as a catalyst for the expansion of the parking management solution market.

Leading companies in the parking management solutions market are investing in advanced technologies, such as cloud-based parking management solutions, to cater to broader customer bases, increase sales, and boost revenue. Cloud-based parking management solutions leverage cloud computing technology to equip parking facility operators with tools for efficient management and monitoring. Adaptive Recognition, a Hungary-based software company, introduced Carmen Cloud ANPR in October 2023, offering a unique cloud-based solution characterized by flexibility and remote accessibility for parking operators.

Innovation continues to be a focus for major companies in the parking management solutions market, resulting in the development of products like parking guidance devices to expand customer reach and increase revenue. Parking guidance devices, designed to assist drivers in locating available parking spaces, are integral to parking facilities. Hanwha Vision, a South Korea-based video surveillance company, launched the Wisenet TNF-9010 360° parking guidance device in September 2021. Equipped with AI-based vehicle detection functionality and high-resolution image capture, this device streamlines the identification of available parking spaces, contributing to revenue maximization for parking operators.

In December 2021, Verra Mobility Corporation, a US-based mobility software company, completed the acquisition of T2 Systems for an undisclosed amount. This strategic move is expected to enhance Verra Mobility's capabilities in the rapidly growing North American parking management market, with T2 Systems operating as a distinct business unit within Verra Mobility. T2 Systems, a US-based provider of parking management solutions, aligns with Verra Mobility's expansion goals in the parking industry.

Major companies operating in the in the parking management solutions market report are Amano Corporation, Bosch Group, Siemens AG, Skidata GmbH, Swarco Corporation, T2 Systems, Flowbird Group, TIBA Parking Systems, IPS Group, Chetu Inc., Conduent Inc., Q-Free ASA, FlashParking Inc, ParkMobile Inc, SpotHero, Get My Parking, INRIX Inc., Skyline Parking AG, Unitronics, Cleverciti Systems GmbH, Bond Traffic Solutions, Infocomm Group LLC, International Business Machines Corporation (IBM), Robotic Parking Systems Inc., Xerox Corporation, Streetline, Pavemint

North America was the largest region in the parking management solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the parking management solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the parking management solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The parking management solutions market consists of revenues earned by entities by providing parking guidance solution, parking permit management and parking analytics. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.