Global Parking Management Market to Reach US$ 9.7 Billion by 2032, Stimulated by Increasing Vehicle Traffic

August 18, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Parking Management Market Report by Offering Type (Solution, Service), Deployment Mode (On-Premises, Cloud-Based), Parking Site (Off-Street, On-Street), and Region 2024-2032,” the global parking management market size reached US$ 4.7 Billion in 2023. Parking management refers to an array of strategies that facilitate the more effective use of parking resources. This includes varied methods and technologies to improve the efficiency of operations, maximize space usage, reduce environmental impact, and increase revenue. Such strategies range from conventional practices, such as metered spaces and multi-level parking structures, to advanced solutions involving automated systems, smart parking, and real-time parking information updates. In a broader context, parking management is an essential aspect of urban planning and transportation infrastructure. It helps control traffic congestion, ensures swift and seamless parking operations, enhances user convenience, and contributes to smart cities' sustainable development. This vital role is transforming parking management from a mere operational function to a strategic tool for optimizing urban mobility and contributing to environmental sustainability.

Global Parking Management Market Trends:

The global parking management market is witnessing significant growth, driven by rapid urbanization and increased vehicular traffic, necessitating efficient parking solutions to mitigate congestion and maintain smooth urban traffic flow. Along with this, the rising number of vehicles across the globe is adding to this demand, contributing to the escalation of the market. In addition, the escalating adoption of smart city initiatives and advancements in IoT technologies are propelling the use of intelligent parking management systems, enhancing operational efficiency and user convenience. This integration of technology is streamlining the parking process and offering dynamic pricing models, thereby generating new revenue streams for parking space providers. Apart from this, the rising environmental awareness and the need for carbon footprint reduction have catalyzed the development and adoption of green parking initiatives, such as the use of solar-powered parking meters and electric vehicle charging stations. Furthermore, regulatory support and initiatives from governments worldwide to modernize urban infrastructure are positively impacting market growth. These factors, combined with continuous technological innovations, are creating a positive market outlook. Looking forward, the market value is projected to reach US$ 9.7 Billion by 2032, expanding at a CAGR of 8.1% during 2024-2032.

Market Summary:

Based on the offering type, the market has been segmented into solution (access control, security and surveillance, revenue management, parking reservation management, valet parking management, and others) and service (consulting and training, system integration and deployment, and support and maintenance).
On the basis of the deployment mode, the market is segregated into on-premises and cloud-based.
Based on the parking site, the market has been segmented into off-street and on-street.
Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being 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 and T2 Systems Inc. (Verra Mobility).

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Offering Type, Deployment Mode, Parking Site, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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 and T2 Systems Inc. (Verra Mobility).
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

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.

Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

Global Parking Management Market to Reach US$ 9.7 Billion by 2032, Stimulated by Increasing Vehicle Traffic

Purchase options

Single User License $2499
Five User License $3499
Corporate User License $4499

Inquire Before Buying

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Speak to an Analyst

Request Brochure

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.