Parking Management System Market

Parking Management System Market Outlook (2024 to 2034)

The global parking management system market is estimated to be valued at US$ 5.6 billion in 2024 and is forecast to reach a value of US$ 12.16 billion by 2034, with a projected CAGR of 8.1% from 2024 to 2034, as per this new market analysis published by Fact.MR.

Rapid urbanization across geographies is leading to increased vehicular traffic, which boosts the demand for effective parking management systems. These systems help in the optimization of available parking spaces according to requirements. Local as well as government authorities are introducing policies and regulations for parking management, optimization of available space, and reducing traffic congestion.

Rising incidences of vehicle ownership are leading to an increased demand for more parking spaces. Systems used in parking management aid in the optimum utilization of space and improve the overall parking experience and effectiveness for vehicle owners. More consumers are seeking efficiency and convenience in parking. Parking management systems with mobile payment options, information about real-time space availability, and online reservations are gaining prominence among drivers.

• Demand for parking management systems in the United States is projected to increase at a CAGR of 8% and reach a market value of US$ 2.81 billion by 2034-end.

• Off-street parking sites are forecast to account for 77.9% share of global market revenue by 2034.

Parking management systems help reduce traffic congestion while offering proper guidance to owners about space availability, thus helping minimize carbon emissions. These features are further forecasted to support sustainability efforts in alignment with environmental concerns. Integration of technologies, including license plate recognition, secure payment systems, and surveillance cameras with parking management systems, ensures improved security.

Systems used for parking management generate valuable data about peak hours, revenue, and usage patterns. City planners and businesses can rely on this data for decision-making and enhancing operational effectiveness.

Report Attributes	Details
Parking Management System Market Size (2024E)	US$ 5.6 Billion
Forecasted Market Value (2034F)	US$ 12.16 Billion
Global Market Growth Rate (2024 to 2034)	8.1% CAGR
Market Share of Off-screen Parking Sites (2034F)	77.9%
East Asia Market Share (2034F)	38.4%
South Korea Market Growth Rate (2024 to 2034)	9.4% CAGR
China Market Value (2034F)	US$ 2.72 Billion
Key Companies Profiled	3M Company Tyco Security Products TCS International Inc. Complus Data Innovations, Inc. Integrapark, LLC Amano Corporation TransCore LP Passport Parking, LLC Vodafone Group PLC Siemens AG Affiliated Computer Services

Why are Parking Management Systems Becoming Popular across the World?

“Increasing Vehicle Ownership Leading to Shortage of Parking Space”

In recent years, there has been a rapid increase in vehicle production around the world, which is projected to intensify the issue of limited parking spaces. In addition, problems related to transportation and traffic congestion are rising due to the limited availability of parking spaces. Therefore, the demand for efficient and smart parking systems is growing.

Currently, the market available options for parking management are fairly competitive to ensure convenience for vehicle owners. They simplify and automate business operations and similar functions, which are generally encountered at parking sites, therefore making parking and traffic flow easier for vehicle owners and operators.

“Growing Need for Advanced Solutions Minimizing Hardware and Connectivity Costs”

The rising need for smooth traffic flow is projected to serve as one of the prominent factors contributing to the increased adoption of parking management systems, especially in big cities. These advanced solutions assist in minimizing the costs of hardware and connectivity associated with parking systems.

Parking management systems contribute to revenue generation for the owners of respective parking locations. Revenue generation and smoothing of traffic flow are prominent factors that are forecast to stimulate the parking management systems market revenue worldwide over the next ten years.

What are the Challenges Associated with Using Parking Management Systems?

“Complexities Associated with Integration of Parking Management Systems with Existing Ones”

Various hardware sensors, computer servers, traffic control devices, application interfaces, and wired and wireless telecommunication systems are involved in parking management systems. The variety of available software systems and infrastructure is enormous. In addition, the collection and analysis of respective data from multiple systems is pivotal for the effective operation of these systems. The integration of all software and hardware in parking management into one platform is projected to act as a restraint on parking management system market growth.

How can Startups Establish Themselves in This Business Space?

“Emphasis on Integrating AI, Cloud Computing, and IoT in Parking Management Systems”

Startups need to invest in technological advancements, including AI (artificial intelligence), cloud computing, and the Internet of Things (IoT). These technologies are leading to the development of parking management systems with improved efficiency and a smarter approach. Thus, these advancements are estimated to help new players secure a position for themselves.

Country-wise Insights

The newly published analysis by Fact.MR, a market research and competitive intelligence provider, says that the market in East Asia is forecast to hold a 38.4% share of the global market by 2034. Many smart city projects are introduced in countries in East Asia to address transit, utilities, and infrastructure requirements and enhance citizen services. Governments in the region are promoting smart parking solutions owing to an increased need for efficiently managing traffic and environmental concerns.

Why is the United States a Lucrative Market for Parking System Manufacturers?

“Widespread Adoption of Smartphones and Efficient Parking Applications for User Convenience”

Attribute	United States
Market Value (2024E)	US$ 1.3 Billion
Growth Rate (2024 to 2034)	8% CAGR
Projected Value (2034F)	US$ 2.81 Billion

The United States is projected to account for a 79.5% share of the North America market by 2034. The increasing number of automobiles in the United States is forecast to propel the demand for parking management systems to minimize traffic congestion. Furthermore, the growing adoption of smartphones and the introduction of more efficient applications to seek parking spaces are forecasted to ensure convenience for vehicle owners.

The growing commercialization of parking systems, along with an urge to offer customized solutions to end users, is projected to result in the expansion of the parking management system market size in the country.

Why are Providers of Parking Management Systems Investing Heavily in China?

“Focus of Government on Ensuring Efficient Traffic Management and Smart City Development”

Attribute	China
Market Value (2024E)	US$ 1.21 Billion
Growth Rate (2024 to 2034)	8.4% CAGR
Projected Value (2034F)	US$ 2.72 Billion

China is projected to account for a 58.2% share of the East Asia market by 2034. Further, the government’s plan to develop smart cities, along with the increasing need for a smooth and systematic flow of traffic, is projected to promote market growth. In addition, rapid industrialization in China is also contributing to increased demand for parking management systems for smart logistics and transportation.

Category-wise Insights

As per this Fact.MR study, demand for parking devices is forecast to increase more due to their ability to collect data about peak traffic hours, usage frequency, parking patterns, etc. The same data helps in making decisions and improving the overall efficiency of the parking system, therefore contributing to parking management system market trends.

Which Parking Management System Component & Service Generates High Revenue?

“Improved Efficiency of Parking Devices Reducing Driver Search Time”

Attribute	Parking Devices
Segment Value (2024E)	US$ 2.51 Billion
Growth Rate (2024 to 2034)	7.5% CAGR
Projected Value (2034F)	US$ 5.21 Billion

Parking devices are projected to contribute 42.9% share of the global market by 2034. Several parking devices, including guidance systems and sensors, help in the optimization of parking space while offering real-time information related to the available parking spots. This further helps in the reduction in time spent by automotive drivers looking for parking spaces, therefore leading to the more effective use of parking areas.

Why are Off-street Parking Sites Projected to Become Popular Going Forward?

“Role of Off-street Solutions in Accommodating Many Vehicles in Confined Spaces”

Attribute	Off-street Parking Sites
Segment Value (2024E)	US$ 4.33 Billion
Growth Rate (2024 to 2034)	7.9% CAGR
Projected Value (2034F)	US$ 9.47 Billion

Off-street parking sites are projected to hold 77.9% of the parking management system market share by 2034. This inclination toward off-street parking sites is attributed to the availability of limited parking spaces owing to the growing population density in urban areas. Off-street parking solutions, including parking lots, garages, and structures, offer a more effective way to accommodate numerous vehicles in a confined space.

Competitive Landscape

Leading providers of parking management systems are spending on offering quality products, strengthening their supply chain management systems, new developments, etc. They are coming up with new launches to offer more effective services to their respective end users.

For instance:

• Flowbird Group launched a dispenser named Park and Sanitize in July 2020. It offers a contactless feature and comes as an attachment to the parking & transport ticketing terminals of Flowbird to safeguard several motorists and transport passengers for combating the risk of infection caused due to COVID-19.

3M Company, Tyco Security Products, TCS International Inc., Complus Data Innovations, Inc., Integrapark, LLC, Amano Corporation, TransCore LP, Passport Parking, LLC, Vodafone Group PLC, Siemens AG, and Affiliated Computer Services are key players in the global parking management system industry.

Segmentation of Parking Management System Market Research

• By Component & Service :

  • Parking Software
  • Parking Services
  • Parking Devices

• By Solution :

  • Access Control Solutions
  • Security & Surveillance Solutions
  • Parking Fee & Revenue Management Solutions
  • Parking Reservation Management Solutions
  • Parking Enforcement & Permit Management Solutions
  • Valet Parking Management Solutions
  • Parking Guidance & Slot Management Solutions

• By Parking Site :

  • On-street Parking
  • Off-street Parking

• By Vertical :

  • Academia
  • Municipalities & Government Sector
  • Transportation Sector
  • Recreation Sector
  • Healthcare Sector
  • Hospitality Sector
  • Banking, Financial Services, & Insurance (BFSI) Sector
  • Commercial Parks & Corporate Sector

• By Region :

  • North America
  • Europe
  • East Asia
  • Latin America
  • Middle East & Africa
  • South Asia & Oceania