In a recent market analysis by Fact.MR, a leading provider of market research and competitive intelligence, it’s been unveiled that the global demand for parking management systems is expected to soar, reaching a market value of US$ 5.6 billion by 2024. Anticipated to maintain this growth trajectory, the Parking Management System Market is forecasted to grow at a Compound Annual Growth Rate(CAGR) of 8.1% from 2024 to 2034.
Traffic congestion and parking are closely interrelated. Looking for appropriate parking space generally leads to unwanted delays and therefore results in increased congestion. Increasing parking issues are resolved with the assistance of effective parking management systems and services, which help drivers find proper parking spaces. In addition, these parking solutions also help in getting directions to respective parking spaces, reserving parking spaces beforehand, and making cashless payments.
Increasing demand for numerous parking management services is forecasted to help minimize fuel consumption and reduce time, thus enabling seamless traffic flow. Surging technological advancements are projected to stimulate urban areas to transform into smart cities. Economic functions, mobility, and housing are integrated into smart cities by using innovative communication technologies and information. These initiatives are forecasted to widen opportunities for parking management system providers.
Key Takeaways from Market Study
· The global parking management system market is estimated at US$ 5.6 billion in 2024.
· Worldwide demand for parking management systems is forecasted to reach a valuation of US$ 12.16 billion by the end of 2034.
· The market is projected to increase at 8.1% CAGR from 2024 to 2034.
· East Asia is forecasted to account for 38.4% share of the global market by 2034.
· Demand for parking management systems in Mexico is forecasted to increase at 10.9% CAGR from 2024 to 2034.
“Increasing demand for smart parking, enhanced security, and improved parking availability are driving sales of parking management systems worldwide,” says a Fact.MR analyst.
Increasing Number of Vehicles in North America Stimulating Adoption of Parking Management Systems
North America is projected to account for 29.1% share of the global market by 2034. The increasing number of vehicles is projected to stimulate demand for parking management systems. In addition, the growing adoption of smartphones helps in finding parking spaces while ensuring convenience for users, which is further projected to contribute to revenue streams going forward.
Key Market Players
Leading manufacturers of parking management systems are 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.
Smart City Initiatives Drive Parking Management System Market Growth in East Asia and North America
According to a recent analysis by Fact.MR, East Asia is anticipated to capture a significant 38.4% share of the global market by 2034. The region’s surge is attributed to the proliferation of smart city projects addressing transit, utilities, and infrastructure needs, alongside a concerted effort to enhance citizen services. Notably, governments are championing smart parking solutions to tackle traffic congestion and environmental issues effectively.
In parallel, the United States is poised to dominate the North American market with an impressive 79.5% share by 2034. The rise in automobile numbers in the country is driving demand for parking management systems to alleviate traffic congestion. Moreover, the widespread adoption of smartphones, coupled with the development of more efficient parking applications, is set to provide greater convenience for vehicle owners.
The escalating commercialization of parking systems, coupled with a focus on delivering tailored solutions to end-users, is expected to fuel the expansion of the parking management system market in the United States.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the parking management system market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on component & service (parking software, parking services, parking devices), 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), parking site (on-street parking, off-street parking), and vertical (academia, municipalities & government sector, transportation sector, recreation sector, healthcare industry, hospitality industry, banking, financial services, & insurance [BFSI] sector, commercial parks & corporate sector), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
