Parking Management System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global parking management system market is set to embark on a transformative growth trajectory, projected to surge from $4.62 billion in 2024 to $8.01 billion by 2031. This robust expansion reflects a compelling compound annual growth rate (CAGR) of 8.2%, underscoring the industry's response to mounting urban mobility pressures.

Key Insights into the Parking Management System Market

The parking management system market is currently valued at US$ 4 billion and is projected to reach a market value of US$ 8.5 billion by the end of the forecast period. North America holds a significant share of the global market, accounting for 35.1% of the value share. The region's dominance is attributed to the high number of vehicles and the growing demand for smart parking solutions to mitigate traffic congestion.

Why are Parking Management Systems Gaining Rapid Traction across Regions?

Rising Number of Vehicles Intensifying Issues of Parking Space

The global vehicle count is increasing at an unprecedented rate, leading to a scarcity of parking spaces. This surge in vehicles exacerbates traffic congestion and related transportation issues due to limited parking availability. Consequently, there is a growing need for smart and efficient parking systems that can automate and simplify business operations at parking sites. These advanced systems enhance convenience for drivers, streamline traffic flow, and make parking management easier for operators and vehicle owners alike.

Growing Global Requirement for Smooth Traffic Flow

The need for smooth traffic flow is a key factor driving the adoption of parking management systems, particularly in major cities. These newly developed solutions help reduce the costs associated with parking hardware and connectivity. Additionally, parking solutions contribute to revenue generation for parking site owners. The dual benefits of traffic flow improvement and revenue generation are expected to drive the global adoption of parking management systems over the forecast period.

Challenges in the Parking Management System Market

Cost Sensitivity of Parking Space Operators

One of the primary challenges faced by the parking management system market is the cost sensitivity of parking space operators. These operators manage parking spaces on behalf of owners, and the high cost of implementing advanced parking systems can impact their operating margins. This cost sensitivity poses a challenge to the widespread adoption of efficient parking solutions.

Regional Market Insights

North America to Remain Leading Regional Market

North America is expected to continue its dominance in the global parking management system market. The region's growing vehicle count, particularly in the U.S. and Canada, is driving demand for smart parking solutions to alleviate traffic congestion. The increasing adoption of smartphones and the introduction of mobile applications to find parking spaces further enhance user convenience and are projected to boost market growth in North America. Additionally, rising commercialization and the demand for customized user experiences are anticipated to create lucrative opportunities in this regional market.

Recent Industry Developments

One notable development in the industry is the launch of Flowbird Group's hydro-alcoholic gel dispenser with a contactless feature, called Park and Sanitize, in July 2020. This dispenser, which attaches to Glowbird parking and transport ticketing terminals, aims to safeguard transport passengers and motorists against the spread of COVID-19.

Product Overview

Parking management systems encompass a variety of devices and components, including parking meters, handheld ticket writers, RFID transponders, automated gates, occupancy sensors, surveillance cameras, and more. These systems also include parking software for payment and information management, as well as parking services such as maintenance, support, customizations, and deployment.

Industry Segmentation

The global parking management system market is segmented based on component and service, solution, parking site, vertical, and geography. Components and services include parking software, parking services, and parking devices. Solutions are segmented into access control solutions, security and surveillance solutions, parking fee and revenue management solutions, parking reservation management solutions, parking enforcement and permit management solutions, valet parking management system solutions, and parking guidance and slot management solutions.

Parking sites are classified into on-street and off-street parking. Verticals include academia, municipalities and government, recreation, transportation, healthcare, hospitality, BFSI, commercial parks, and the corporate sector.

Leading Market Players

Key players in the global parking management system market include Tyco Security Products (Nedap AVI), 3M Company, TCS International Inc., Integrapark, LLC, Complus Data Innovations, Inc., Amano Corporation, Passport Parking, LLC, TransCore LP, Vodafone Group PLC, Affiliated Computer Services, Siemens AG, Group Techna, Inc., Netpark, LLC, HCL Technologies Ltd., Data Ticket, Inc., Parkopedia Inc., and Energy Development Corporation, among others.

Parking Management System Industry Research by Category

By Component and Service:

• Parking Software
• Parking Services
• Parking Devices

By Solution:

• Access Control Solutions
• Security and Surveillance Solutions
• Parking Fee and Revenue Management Solutions
• Parking Reservation Management Solutions
• Parking Enforcement and Permit Management Solutions
• Valet Parking Management Solutions
• Parking Guidance and Slot Management Solutions

By Parking Site:

• On-Street Parking
• Off-Street Parking

By Vertical:

• Academia
• Municipalities and Government Sector
• Recreation Sector
• Transportation Sector
• Healthcare Industry
• Hospitality Industry
• Banking, Financial Services, and Insurance (BFSI) Sector
• Commercial Parks and Corporate Sector
• Others

By Region:

• North America
• Europe
• Latin America
• East Asia
• The Middle East & Africa
• South Asia & Pacific

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