Parking Management Market (2024-2031)
The Parking Management Market is projected to reach $12.3 billion by 2031, at a CAGR of 14.2% from 2024 to 2031.
- Published
- Oct 2024
- Pages
- 250
- Format
- PDF + Excel
- Report ID
- MRICT - 104396
- Base year
- 2023
- 2031 · FORECAST
- $12.30B
- 2031
- $12.30B
- CAGR 2024–2031
- 14.2%
2023 baseline · 2024–2031 forecast at 14.2% CAGR · hover a bar for the value
Key highlights
The Cloud-based Deployments Segment to Register the Highest CAGR During the Forecast Period
In 2024, the Off-street Segment is Expected to Dominate the Global Parking Management Market
Asia-Pacific is Expected to Register the Highest CAGR During the Forecast Period
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 250 |
| Format | |
| Forecast Period | 2024-2031 |
| Base Year | 2023 |
| CAGR | 14.2% |
| Estimated Market Size (Value) | $12.3 billion by 2031 |
| Segments Covered | By Component · Solutions · Parking Guidance System · Security & Surveillance Solutions · Surveillance Cameras · Alarms & Locators · Other Security and Surveillance Solutions · Parking Access & Revenue Control (PARC) Solutions · Automated Gates · Parking Meters · Handheld Ticket Writers · Permit Management Solutions · Reservation Management Solutions · Services · Support & Maintenance Services · System Integration Services · By End User · Commercial · Retail, Entertainment, and Leisure · Airports, Railway Stations, & Bus Terminals · Office Spaces · Other Commercial Parking Spaces · Residential · By Technology · License Plate Recognition · Reservation-Based Parking Management Systems · Image Processing · RFID-Based Parking Management Systems · Visible Light Communication · Other Technologies · By Deployment Mode · Cloud-based Deployments · On-Premise Deployments · By Parking Site · Off-street · On-street · By Geography · North America · U.S. · Canada · Europe · Germany · U.K. · France · Italy · Spain · Rest of Europe · Asia-Pacific · Japan · China · India · South Korea · Australia & New Zealand · Rest of Asia-Pacific · Latin America · Middle East & Africa |
| Countries Covered | North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, RoE), Asia-Pacific (China, Japan, India, South Korea, Australia & New Zealand, RoAPAC), Latin America, and the Middle East & Africa. |
| Key Companies | Xerox Corporation (U.S.), Amano Corporation (Japan), IBM Corporation (U.S.), Cubic Corporation (U.S.), Robotic Parking Systems, Inc. (U.S.), Swarco AG (Austria), SKIDATA AG (Austria), Siemens AG (Germany), Skyline Parking AG (Switzerland), Unitronics (Israel), Robert Bosch GmbH (Germany), Precise Parklink Inc. (Canada), Flowbird S.A.S (France), T2 Systems, Inc. (U.S.), and Cleverciti Systems GMBH (Germany) |
Report overview
Segments covered: component, end user, technology, deployment mode, parking site. Regions: North America, Europe, Asia-Pacific.
The growth of the parking management market is attributed to the growing demand for AI-based services, increasing demand for parking spaces, and growing focus on seamless traffic flow & reducing fuel consumption. However, the complexity of system integration and the shift from a car ownership model to a car sharing/rental model restrain the market’s growth.
Moreover, the increase in the adoption of smart city initiatives globally and technological advancements in autonomous cars offer significant opportunities for the growth of the global parking management market. However, high initial implementation costs, climate durability, and the prevalence of vandalism may hinder the market's growth.
The rising adoption of AI-based services has resulted in a remarkable growth of the parking management market in recent years. This growth is primarily attributed to the increasing use of AI in parking technology for detecting the availability of parking space in a given image using a video feed in real time. AI analyzes the real-time data from sensors, cameras, and other sources to provide drivers with information on available parking spots, reducing the time spent searching for parking. It enhances the overall parking experience and contributes to reduced emissions and fuel consumption, promoting environmental sustainability. AI can optimize the lighting and ventilation systems based on real-time occupancy data. Surveillance cameras equipped with AI play a crucial role in enhancing the security and safety of parking facilities by detecting unusual or suspicious activities and alerting security personnel in real time.
Further, the use of AI is gaining momentum primarily due to the developments by leading economies to offer AI-based technologies for parking management systems. For instance, in November 2023, Rezcomm (U.K.) launched AI-driven technology for lounges, parking, and other airport services to enhance operational efficiencies. Also, in October 2023, park360.io (India) launched an AI-based vehicle authorization system by using regular IP-based cameras to identify objects such as vehicles, number plates, and slots and extract vehicle numbers for authorization/payments, facilitating entry and exit across any premise without any manual involvement. Such developments and the increasing adoption of AI-based services in parking management systems support the market growth during the forecast period.
Report infographic
Table of contents
13 chapters · 331 sections · 250 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Deployment Mode | — | Cloud-based deployments |
| By Parking Site | Off-street | — |
By Deployment Mode
- The cloud-based deployments segment is projected to register the highest CAGR during the forecast period.
- The growth of the segment is attributed to the growing demand to automate parking operations and the increasing adoption of cloud-based intelligent car parking solutions in smart cities.
By Parking Site
- The off-street segment is expected to account for the larger share of the global parking management market.
- The large market share of this segment is attributed to the rising requirement for parking spaces in CBDs and efforts to reduce congestion levels on streets, making parking safe and convenient for both the driver and the vehicle.
Geographic analysis
Asia-Pacific
Fastest growthThe growth of this region is attributed to the increasing adoption of automation and advanced technologies across the region, favorable government initiatives for smart cities, and investments by major ICT companies for developing AI and IoT-based solutions. Asia-Pacific is Expected to Register the Highest CAGR During the Forecast Period
Competitive landscape
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by major market players in the last three to four years. The key players profiled in the global parking management market study are Xerox Corporation (U.S.), Amano Corporation (Japan), IBM Corporation (U.S.), Cubic Corporation (U.S.), Robotic Parking Systems, Inc. (U.S.), Swarco AG (Austria), SKIDATA AG (Austria), Siemens AG (Germany), Skyline Parking AG (Switzerland), Unitronics (Israel), Robert Bosch GmbH (Germany), Precise Parklink Inc. (Canada), Flowbird S.A.S (France), T2 Systems, Inc. (U.S.), and Cleverciti Systems GMBH (Germany).
- Xerox Corporation (U.S.)
- Amano Corporation · Japan
- IBM Corporation (U.S.)
- Cubic Corporation (U.S.)
- Robotic Parking Systems, Inc. (U.S.)
- Swarco AG · Austria
- SKIDATA AG · Austria
- Siemens AG · Germany
- Skyline Parking AG · Switzerland
- Unitronics · Israel
- Robert Bosch GmbH · Germany
- Precise Parklink Inc. · Canada
- Flowbird S.A.S · France
- T2 Systems, Inc. (U.S.)
- Cleverciti Systems GMBH · Germany
Frequently asked questions
The parking management market is projected to reach $12.3 billion by 2031, at a CAGR of 14.2% during the forecast period.
Cite this report
Meticulous Research. (2024). Parking Management Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MRICT - 104396). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/parking-management-market-5094