Parking Management Market by Parking Site (Off-street, On-street), Application (Commercial, Government, Transport Transit), Service (System Integration & Deployment, Support & Maintenance, Consulting Services), Solution (Revenue Management, Parking Reservation Management, Valet Parking Management, Access Control, Security & Surveillance, Others), and Geography –Global Forecast to 2026

A rise in the number of vehicles worldwide drives the demand for an effective management system to counter parking issues. The accidents, traffic congestion, and environmental hazards are increasing worldwide and create the need for effective and flexible parking management solutions. Adopting solutions like ParkPlus System, parking management software, and bicycle parking system offers improved scalability and flexibility to tackle parking woes efficiently. Improper parking management leads to overcrowding of vehicles which results in traffic congestion as well as air and noise pollution. The use of smartphones, GPS, and cloud software is growing to develop accessible way-finding mobile applications that provide real-time data to support drivers navigate the nearest vacant parking space. The Parking Management Market is assumed to grow at the rate of 9.96% CAGR by 2026.

Parking Management Market, by Parking Site

• Off-street
• On-street

o Garage

o Lot

Parking Management Market, by Application

• Commercial
• Government
• Transport Transit

Parking Management Market, by Service

• System Integration & Deployment
• Support & Maintenance
• Consulting Services

Parking Management Market, by Solution

• Revenue Management
• Parking Reservation Management
• Valet Parking Management
• Access Control
• Security & Surveillance
• Others

Parking Management Market, by Geography

• North America
• Europe
• Asia-Pacific
• Rest of the World

As per the service segment, the market is segmented into consulting, system integration & deployment, and support & maintenance. In the competitive market, unanticipated downtime and failure in executing an application may result in the loss of a customer’s trust. Carpark facilities providers partner with support & maintenance service providers to raise the compatibility, agility, and availability of parking management solutions.

Based on Parking Site market is segmented into on-street and off-street. The off-street segment is further segmented into garage and lot parking. Factors like improved mobile applications penetration, improved ticketing and payment solutions for parking guidance, and the introduction of assistive systems are strengthening the off-street segment's development. Both short- and long-term users use off-street parking systems.

In the regional market, the rise in the number of automobiles in countries like the U.S. and Canada is creating the need for reducing issues like traffic congestion and is instrumental in driving the development of the regional market. The growing adoption of mobile devices and the introduction of mobile apps for finding car park spaces in the U.S. are anticipated to drive the market's development in the North American region. Moreover, cloud-based car park management solutions are growing as they aid the management of car park facilities cost-effectively.

3M, Amano Corporation, Cubic Corporation, IBM Corporation, Kapsch TrafficCom, Siemens, SKIDATA AG, Swarco, T2 Systems, and Xerox Corporation are the key companies covered in the report.

• This Parking Management market report presents the geographical region and sub-segments expected to have the fastest growth and have the largest share.
• This report describes the factors driving and restricting the market growth and the challenges and opportunities of the market.
• This report gives information on the market-leading players and their position in the market.
• This report also provides continuous market developments and innovations taking place in the Parking Management market.