Market Outlook

According to Future Market Consulting analysis, Global Parking Management System Market size was valued at USD 4.71 Billion in 2021 and is projected to reach USD 10.35 Billion by 2030, growing at a CAGR of 8.14 % from 2022 to 2030.

Organizations may allot parking areas, provide network access, and decrease administrative costs by using real-time data and analytics. Parking management system is a cost-effective and dependable solution that decreases the time drivers spend looking for available parking spaces and traffic congestion. Furthermore, the growing popularity of electric vehicles necessitates the installation of charging stations in order to meet the increased need for parking management. Parking management assists businesses in attaining their full potential by providing them with a variety of parking options.

The COVID-19 epidemic has had a negative impact on economies all across the world, causing a significant slowdown in both industrial and non-industrial activity. The consequences of this pandemic have been seen in parking management, with a sudden halt in new construction operations in high-growth countries around the world. The majority of essential infrastructure construction projects in prospective countries were halted. For two straight years, 2020 and 2021, this scenario is predicted to have cascading effect on market revenue. Withholding new and innovative parking management system initiatives would have the result of a limited revenue generation possibilities.

Technological innovations such as parking sensors, Internet of Things (IoT), and electronic payment systems are also contributing to the market's growth. Enterprises are attempting to provide a better client experience and hassle-free parking in order to get a competitive edge over others.

Key Players

• Amano Corporation (Japan)
• IBM Corporation (U.S.)
• Cubic Corporation (U.S.)
• Robotic Parking Systems, Inc. (U.S.)
• SWARCO AG (Austria)
• SKIDATA AG (Austria)
• SEIMENS AG (Germany)
• Skyline Parking AG (Switzerland)
• UNITRONICS (Israel)
• Flowbird Group (France)
• T2 Systems Inc. (U.S.)

Segmentation

By Technology

• Image Processing
• Reservation Based Parking System
• RFID Parking Management System
• Visible Light Communication
• License Plate Recognition

By Component

• Software
• Services
• Devices

By Solution

• Access Control
• Security & Surveillance
• Revenue Management
• Parking Reservation Management
• Enforcement & Permit Management
• Valet Parking Management
• Other Solutions

By Deployment

• Cloud
• On-Premises

By Location

• On-Street
• Off- Street

By Application

• Residential
• Commercial
• Government

By Region

• North America (US, Canada, Mexico);
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe);
• Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific);
• Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa);
• South America (Brazil, Argentina, Rest of South America);