PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1509723
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1509723
The global parking management system market is set to embark on a transformative growth trajectory, projected to surge from $4.62 billion in 2024 to $8.01 billion by 2031. This robust expansion reflects a compelling compound annual growth rate (CAGR) of 8.2%, underscoring the industry's response to mounting urban mobility pressures.
Market Overview
The parking management system market is on track to achieve impressive growth, with its valuation expected to double over the forecast period. North America, in particular, commands a significant portion of the global market, due to the region's high vehicle density and the escalating demand for intelligent parking solutions to manage traffic challenges.
Driving Factors
The global rise in vehicle ownership is creating severe parking space shortages, aggravating traffic congestion and associated transportation issues. This surge underscores the need for smart, efficient parking systems that can automate operations at parking sites, enhancing convenience for drivers and streamlining management for operators.
A critical factor behind the growing adoption of parking management systems is the necessity for smoother traffic flow, especially in urban centers. Modern parking solutions not only help reduce hardware and connectivity costs but also contribute to revenue generation for parking site owners. These dual benefits are expected to drive widespread adoption of parking management systems.
Market Challenges
One of the major challenges in the parking management system market is the high cost of implementing advanced systems, which can impact the margins of parking space operators. This cost sensitivity remains a barrier to the widespread adoption of these efficient solutions.
Regional Insights
North America is anticipated to maintain its leading position in the global parking management system market. The region's high vehicle numbers, particularly in the United States and Canada, fuel the demand for smart parking solutions. The growing use of smartphones and the development of mobile apps for locating parking spaces further enhance user convenience, supporting market growth. Moreover, increased commercialization and the demand for customized user experiences are expected to create lucrative opportunities in this region.
Industry Developments
A significant industry development includes Flowbird Group's launch of a contactless hydro-alcoholic gel dispenser, named Park and Sanitize, in July 2020. This innovation, which attaches to Glowbird parking and transport ticketing terminals, aims to protect transport passengers and motorists from COVID-19.
Product and Industry Segmentation
Parking management systems comprise various devices and components such as parking meters, handheld ticket writers, RFID transponders, automated gates, occupancy sensors, and surveillance cameras. Additionally, these systems incorporate parking software for payment and information management, as well as services like maintenance, support, customization, and deployment.
The market is segmented by component and service, solution, parking site, vertical, and geography. Key segments include parking software, parking services, and parking devices, with solutions ranging from access control and security surveillance to parking fee and revenue management, reservation management, enforcement and permit management, valet parking, and guidance and slot management.
Parking sites are categorized into on-street and off-street parking, while verticals span academia, municipalities, recreation, transportation, healthcare, hospitality, BFSI, commercial parks, and the corporate sector.
Leading Market Players
Key players in the global parking management system market include Tyco Security Products (Nedap AVI), 3M Company, TCS International Inc., Integrapark, LLC, Complus Data Innovations, Inc., Amano Corporation, Passport Parking, LLC, TransCore LP, Vodafone Group PLC, Affiliated Computer Services, Siemens AG, Group Techna, Inc., Netpark, LLC, HCL Technologies Ltd., Data Ticket, Inc., Parkopedia Inc., and Energy Development Corporation, among others.
Parking Management System Industry Research by Category