IMARC Group’s latest report, titled ‘Parking Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032’, offers a comprehensive analysis of the global parking management market demand. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global parking management market size reached US$ 4.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 9.7 Billion by 2032, exhibiting a growth rate (CAGR) of 8.1% during 2024-2032.
Parking Management Market Overview:
Parking management encompasses strategies, technologies, and services designed to optimize the use of parking resources in urban and suburban areas. This system integrates hardware, software, and operational protocols to effectively control access to parking spaces, streamline traffic flow, and enhance user convenience. Types of parking management systems include on-street and off-street parking solutions, automated parking guidance, electronic payment systems, and real-time data analytics platforms. These systems are employed across various sectors, including municipal settings, commercial complexes, airports, and residential areas. The advantages of implementing robust parking management solutions are manifold. They reduce traffic congestion by efficiently managing the space available, lower carbon emissions through decreased driving times, and increase revenue for city administrations and commercial entities through optimized space usage. Additionally, modern parking management systems improve the overall user experience by reducing the time spent searching for parking and simplifying the payment process.
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Parking Management Market Trends:
The global market is driven by the escalating need for streamlined traffic flow and increased vehicular safety in densely populated urban environments. As cities continue to grow, effective management of limited parking spaces has become crucial. Technological advancements such as the integration of Internet of Things (IoT) sensors and artificial intelligence (AI) in parking systems enable more sophisticated data analysis and real-time space monitoring, fueling market growth. Along with this, the rise of smart city initiatives around the world also significantly propels the adoption of intelligent parking management solutions. These initiatives prioritize technology-driven systems to enhance urban mobility and sustainability. In addition, the increasing consumer preference for convenience and time-saving options supports the proliferation of mobile applications related to parking management, which allow users to locate and reserve parking spots remotely. Furthermore, government regulations mandating the reduction of traffic congestion and pollution further augment the market expansion. Some of the other factors driving the market include technological innovation, governmental support, and changing consumer expectations.
Competitive Landscape with Key Players:
3M Company
Amano Corporation
Cubic Corporation
FlashParking Inc. (Arrive Mobility Inc.)
Infocomm Group LLC
International Business Machines Corporation
Passport Labs Inc
Q-Free ASA
Robert Bosch GmbH
SAP SE
Siemens AG
T2 Systems Inc. (Verra Mobility)
Key Market Segmentation:
Breakup by Offering Type:
Solution
Access Control
Security and Surveillance
Revenue Management
Parking Reservation Management
Valet Parking Management
Others
Service
Consulting and Training
System Integration and Deployment
Support and Maintenance
Breakup by Parking Site:
Off-street
On-street
Breakup by Deployment Mode:
On-premises
Cloud-based
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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