The Parking Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Parking Management Global Market Report 2024, The parking management market size has grown strongly in recent years. It will grow from $3.54 billion in 2023 to $3.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to urbanization and population growth, government initiatives for smart cities, rising concerns about traffic congestion, increased vehicle ownership, environmental sustainability initiatives.
The parking management market size is expected to see strong growth in the next few years. It will grow to $5.4 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to emergence of autonomous vehicles, data analytics and predictive parking solutions, regulatory compliance and parking policies. Major trends in the forecast period include integration of smart technologies, advancements in payment technologies, contactless payment systems, environmentally sustainable solutions.
The increasing demand for optimal parking space utilization across the globe is driving the growth of the parking management market. In the current era, an increase in vehicles results in the mismanagement of parking spaces across the globe. The authorities operating parking spaces are increasingly investing in advanced parking management solutions for optimal business performance and error-free operations. For instance, in August 2022, Parking Network, a Netherlands-based statistical company, stated that, in large centers and non-residential regions, between 50 and 70% of the land is set aside for parking, compared to an average of 35% in residential areas across the globe, whereas there are 8 parking places available for every vehicle in the US. Therefore, the growing demand for optimum utilization of parking spaces is expected to boost demand for parking management market during the forecast period.
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The parking management market covered in this report is segmented –
1) By Solution: Access Control, Security & Surveillance, Revenue Management, Parking Reservation Management, Valet Parking Management, Other Solutions
2) By Parking Site: On Street, Off Street
3) By Application: Transport Transit, Commercial, Government
Major companies operating in the parking management market are concentrating their efforts on developing innovative solutions such as digital payment technology. Digital payment technology refers to the use of electronic or digital methods to facilitate financial transactions. This technology allows individuals, businesses, and organizations to make payments, transfers, and other financial transactions using electronic devices and online platforms. For instance, in October 2023, HUB Parking Technology, an Italy-based manufacturer and provider of smart parking solutions announced the launch of ‘J4Pay’ application. It is a mobile QR-based payment solution designed to provide the preferred digital consumer experience for today’s modern parkers. J4Pay offers drivers a convenient, straightforward, and secure means to directly pay their parking tickets using their own mobile devices.
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