Parking Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Parking Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Report Format: PDF+Excel | Report ID: SR112023A5376
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Market Overview:

The global parking management market reached a value of US$ 3.94 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 6.85 Billion by 2027, exhibiting a CAGR of 9.30% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Parking management represents various programs, strategies and implemented policies that are designed to promote the efficient utilization of different parking resources and create more walkable areas. It constitutes parking management systems, security and surveillance solutions, boom barriers and parking reservation structures. These devices assist in mitigating the demand for parking subsidies, increasing travel options, inhibiting traffic, generating a return on investments (ROI) and maintaining the safety and security of the vehicle. On account of these properties, it finds extensive applications in off-street and on-street parking sites in on-premises and cloud solutions deployment forms. 

 

 
 

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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Parking Management Market Trends:

The widespread adoption of parking management policies and solutions across commercial, residential and transportation sectors can be attributed to the increasing need for improved mobility amongst service consultants and optimizing overall revenue. This, along with the favorable initiatives being undertaken by the government bodies for managing tows, resolving traffic congestion issues, and mitigating overall operational expenditure (OPEX) and capital expenditure (CAPEX) represents the key factor primarily driving the market growth. In line with this, significant technological advancements, such as the integration of various parking management solutions with near-field communication (NFC), global positioning systems (GPS) and cameras is acting as another growth-inducing factor. These systems assist in identifying vacant spots, monitoring systems, providing enhanced signage, real-time parking indicators, and reducing the wastage of spaces by promoting efficient usage of parking resources. Other factors, such as rising demand for effective parking management solutions and the continuous investments in research and development (R&D) activities to introduce automated license plate recognition solutions and mobile phone applications for monitoring speed, gaining traction, and receiving voice guidance, are creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global parking management market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on offering type, deployment mode and parking site.

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 Deployment Mode:

 

 
 

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  • On-premises
  • Cloud-based
     

Breakup by Parking Site:

  • Off-street
  • On-street
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
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)

 

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Parking Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
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