Parking Management Market to be Worth $12.3 Billion by 2031

 Meticulous Research®—a leading global market research company, published a research report titled, ‘Parking Management Market by Component (Solutions, Services), End User (Commercial, Residential), Technology (Image Processing, RFID, Visible Light Communication), Deployment Mode, Parking Site, & Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research®, the global parking management market is projected to reach $12.3 billion by 2031, at a CAGR of 14.2% during the forecast period. 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 cost, climate durability, and prevalence of vandalism may hinder the market's growth.

Meticulous Research® has segmented this market based on component, end user, technology, deployment mode, parking site, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, the global parking management market is segmented into solutions and services. The solutions segment is further sub-segmented into parking guidance systems, security & surveillance solutions, parking access & revenue control (PARC) solutions, permit management solutions, and reservation management solutions. The services segment is further sub-segmented into support & maintenance services and system integration services. In 2024, the solutions 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 growing need for robust and seamless solutions to improve the parking experience for users and increase revenue and operational efficiency. In addition, the high focus of transport authorities across the world to reduce traffic congestion and encourage daily commuters to use more and more park-and-ride facilities is further supporting the growth of this market. Moreover, the segment is also projected to register the highest CAGR during the forecast period.

Based on end user, the global parking management market is segmented into commercial and residential. The commercial segment is further sub-segmented into retail, entertainment, and leisure, airports, railway stations, & bus terminals, office spaces, and other commercial parking spaces. In 2024, the commercial 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 increasing adoption of parking management systems in the commercial sector to manage security concerns, obstructive parking, and unallocated spots in many companies. Moreover, the segment is also projected to register the highest CAGR during the forecast period.

Based on technology, the global parking management market is segmented into license plate recognition, reservation-based parking management systems, image processing, RFID-based parking management systems, visible light communication, and other technologies. In 2024, the reservation-based parking management systems segment is expected to account for the largest share of the global parking management market. The large market share of this segment is attributed to the increasing advantages of reservation-based parking management systems. These advantages are periodic submission of parking status from central servers of the parking lot, allowing users to effectively find and reserve a vacant spot, constant updates on the physical status of parking, accessibility through smartphones, and dynamic prices.

However, the RFID-based parking management systems segment is projected to register the highest CAGR during the forecast period. The growth of the segment is attributed to the rise in the adoption of RFID tags in intelligent transportation systems and increasing government initiatives on integrating RFID technology in the commercial sector.

Based on deployment mode, the global parking management market is segmented into cloud-based deployments and on-premise deployments. In 2024, the on-premise deployments 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 speed of access and easier data management process by the on-premise servers. In addition, the data stored by on-premise servers are highly secured and can be accessed by the parking officials only inside the premises.

However, 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.

Based on parking site, the global parking management market is segmented into off-street and on-street. In 2024, 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. Moreover, the segment is also projected to register the highest CAGR during the forecast period.

Based on geography, the global parking management market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the global parking management market. Factors such as the increase in the number of vehicles across the U.S. and Canada and the increasing adoption of smart parking solutions to reduce traffic congestion contribute to the large share of the market. The increasing integration of advanced technologies in parking management solutions by market players in the region also contributes to the region’s large market share.

However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period. The 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.

Key Players: 

The key players operating in the global parking management market 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).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5094

Key questions answered in the report:

  • Which are the high-growth market segments in terms of component, end user, technology, deployment mode, parking site, and geography?
  • What is the historical market for parking management?
  • What are the market forecasts and estimates for the period 2024–2031?
  • What are the major drivers, restraints, and opportunities in the global parking management market?
  • Who are the major players in the global parking management market, and what are their market shares?
  • What is the competitive landscape like?
  • What are the recent developments in the global parking management market?
  • How do major players adopt the different strategies in this market?
  • What are the geographic trends and high-growth regions in the market?
  • Who are the emerging players in the global parking management market, and how do they compete with the other players?
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

Comments

Post a Comment

Popular posts from this blog

Social Media Management Market to Reach $109.4 Billion by 2031

  Meticulous Research ® —a leading global market research company, published a research report titled  ‘Social Media Management Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research ® , the social media management market is expected to reach  $109.4 billion by 2031 , at a CAGR of 23.2% from 2024 to 2031. The increasing need for customer engagement using social media, the growing need for integrated platforms for managing various social media accounts, the high demand for social media management solutions from businesses for lead generation, and the need for effective collaboration and coordination among teams are factors driving the growth of the social media management market. However, market growth is restrained by a lack of users’ trust in managing their social media accounts. Key Players: The social media management market is characterized by a moderately competitive scenario due...
Read more

Risk Management Market to be Worth $52.7 Billion by 2032

  Meticulous Research ® —a leading global market research company, published a research report titled " Risk Management Market—Global Opportunity Analysis and Industry Forecast (2025-2032)". According to this latest publication, the risk management market is projected to reach  $52.7 billion by 2032 , at a CAGR of 14.3% from 2025–2032. Increasing cybersecurity concerns and data breaches, as well as the rise in the adoption of risk management among financial institutions, are factors driving the growth of the risk management market. However, the high cost of risk management solutions hinders market growth. In addition, the digital transformation of businesses and the growing demand for real-time risk assessment and monitoring are potential growth opportunities for market players. The market faces substantial challenges, including a lack of skilled professionals and growing concerns about data privacy and protection. Furthermore, the integration of AI & ML in risk m...
Read more

Electric Vehicle Charging Stations Market to Reach $209.8 Billion by 2031

  Meticulous Research ® —a leading global market research company, published a research report titled  ‘Electric Vehicle Charging Stations Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research ® , the electric vehicle charging stations market is expected to reach  $209.8 billion by 2031 , at a CAGR of 29.7% from 2024 to 2031. Government initiatives to promote EV adoption and the development of associated infrastructure, rising demand for EV fast-charging infrastructure, increased implementation of vehicle-to-grid charging stations, and increased EV deployment by shared mobility operators are factors driving the growth of the electric vehicle charging stations market. However, market growth is restrained by the high installation cost of EV charging stations. Key Players: The electric vehicle charging stations market is characterized by a moderately competitive scenario due to the pres...
Read more