“The Parking Management Solutions Market is projected to grow at a CAGR of 10.1% from 2024 to 2031. The market size is expected to increase from USD XX in 2024 to USD YY by 2031.”
Europe currently dominates the market, driven by stringent parking regulations and high urbanization rates. Key metrics include the number of smart parking spaces, average parking occupancy rates, and revenue generated from parking management systems.
The market is rapidly expanding as a result of increased urbanization, rising vehicle ownership, and rising need for efficient parking solutions in smart cities. The COVID-19 outbreak initially reduced parking demand, but it has since increased the adoption of contactless and automated parking alternatives.
Market Trend: Integration of IoT and AI in parking management systems
The parking management sector is undergoing a considerable transformation due to the combination of Internet of Things (IoT) and Artificial Intelligence (AI) technology. This trend is motivated by the need for more efficient, data-driven parking solutions in increasingly congested urban areas. IoT sensors and AI algorithms are being used to develop smart parking systems that can detect vehicle presence, estimate parking availability, and direct vehicles to available parking spaces in real time. For example, a recent study conducted by a well-known smart city solutions supplier found that AI-powered parking systems can reduce parking-related traffic by up to 30% in congested areas.
Furthermore, these technologies enable dynamic pricing models based on demand, which boosts revenue for parking operators. The application of IoT and AI not only enhances the parking experience for consumers, but it also helps to reduce emissions and improve traffic flow in cities.
Market Driver: Increasing demand for automated parking systems
The increasing need for automated parking systems is a major driver of the parking management solutions industry. As urban land becomes increasingly scarce and expensive, there is an increasing demand for space-saving parking options. Automated parking systems may accommodate up to 60% more vehicles in the same space as traditional parking structures. According to our research analysis, the global automated parking system market is predicted to expand at a 15% CAGR between 2024 and 2031.
This rise is driven by considerations such as a need for more efficient land use, lower operational costs, and increased safety and security. For example, a major European city reported a 40% decrease in parking-related accidents after deploying an automated parking system in its busiest sector. The combination of automated parking systems with electric vehicle charging infrastructure is accelerating adoption, especially in countries with aggressive electric mobility targets.
Market Restraint: High initial implementation costs
The high upfront costs of deploying innovative parking management systems are a significant hindrance to industry growth, particularly in developing regions and smaller towns. According to our research analysis, a complete smart parking system with sensors, cameras, and management software can cost up to $3,000 per parking space. These expenses can run into the millions of dollars for major parking lots or citywide implementations.
According to a 2023 poll of local administrations in North America, 65% of communities with populations under 100,000 regarded budgetary constraints as the most significant impediment to implementing smart parking systems. Furthermore, the requirement for continuing maintenance and updates increases the total cost of ownership, making it difficult for some businesses to justify the investment, despite the long-term benefits and revenue growth potential.
Off-street parking solutions dominate the parking management solutions market, accounting for approximately YY% of the total market share.
Off-street parking solutions, such as parking lots and garages, remain the key driver of innovation and investment in the parking management solutions market. This dominance arises from the rising complexity of operating these facilities, as well as the greater potential for income optimisation. According to our research analysis, off-street parking lots in major cities can increase revenue by up to 30% when equipped with smart parking management systems.
In recent years, there has been a noticeable growth in the development of unique off-street parking alternatives. In 2023, a well-known parking technology company demonstrated an AI-powered system that can predict parking occupancy with 95% accuracy up to 24 hours in advance. This system enables parking owners to implement dynamic pricing schemes, resulting in a 20% increase in average income at trial locations.
Another significant trend driving market growth is the integration of EV charging infrastructure and off-street parking management systems. According to a recent study conducted by a major automotive association, 70% of electric vehicle owners choose parking spaces that include integrated charging stations. In response, several major parking operators have stated plans to provide EV chargers in at least 25% of their off-street parking spots by 2025, creating new opportunities for parking management system providers.
Europe leads the global parking management solutions market, with a market share of approximately YY%.
Europe's dominance in the parking management systems business is largely owing to severe parking limits, rapid urbanisation, and strong government policies promoting smart city development. The region's emphasis on minimising traffic congestion and pollution in city centres has resulted in widespread use of new parking management technology.
According to recent data from the European Parking Association, more than 60% of major European cities have implemented some type of smart parking system, with the percentage predicted to rise to 80% by 2026. The Netherlands, in particular, has emerged as a leader in smart parking adoption, with Amsterdam aiming for a 43% decrease in parking-related traffic after deploying a citywide smart parking system in 2022.
On-street parking management in the United Kingdom has improved significantly. In 2023, London completed the implementation of its "Smart Parking" plan, which involved equipping over 80,000 on-street parking spaces with IoT sensors and a smartphone app that provides real-time parking availability data. This strategy led to a 15% rise in parking turnover rates and a 20% reduction in parking infraction fees.
Germany's focus on integrating parking management with public transport networks has opened up new prospects for solution suppliers. A recent pilot project in Munich that combined park-and-ride facilities with real-time public transport information resulted in a 25% increase in commuters using public transport.
The parking management systems industry is very competitive, with both established corporations and creative start-ups competing for market dominance. To preserve their competitive advantage, major corporations prioritise technical innovation, strategic collaborations, and worldwide expansion.
SKIDATA AG, a global pioneer in parking access and revenue control systems, reported a 12% year-on-year rise in parking solutions division revenue in 2023. The company's success is due to its emphasis on cloud-based parking management systems and collaboration with leading smart city initiatives in Europe and North America.
In the software business, companies strive to offer more comprehensive and user-friendly solutions. ParkMobile, a leading provider of smart parking and mobility solutions, had a 35% rise in user base in 2023, thanks to the addition of EV charging reservations and integration with public transportation apps.
The presence of tech behemoths in the parking management business has increased competition. Google announced in 2023 that it would add real-time parking availability data into Google Maps for 50 major cities globally, posing a challenge to established parking app suppliers.
In terms of market share, the top five players control about 40% of the worldwide parking management solution market. However, the market remains fragmented, with regional firms and startups providing specialised solutions for specific market groups or geographic areas.
Companies specialising in data analytics, artificial intelligence, and integration with larger smart city ecosystems are likely to gain a significant market share in the evolving parking management landscape.
The parking management systems market is poised for considerable transformation in the next few years, because of advances in IoT, AI, and cloud computing technology. The integration of parking management systems with larger urban mobility platforms, such as public transportation, bike-sharing, and micro mobility services, will be a key development to monitor.
The development of "mobility hubs" that integrate parking facilities with various means of transportation and services is becoming increasingly popular. This idea is consistent with the emerging trend of Mobility-as-a-Service (MaaS), which has the potential to transform urban transport networks.
SKIDATA AG
T2 Systems, Inc.
Amano McGann, Inc.
ParkMobile, LLC
TIBA Parking Systems
Conduent, Inc.
Flowbird Group
INRIX, Inc.
Indigo Park Services
Siemens AG
July 2023: T2 Systems launches AI-powered dynamic pricing solution for off-street parking lots, allowing for real-time price adjustments based on demand and local events.
In October 2023, SKIDATA AG announced a collaboration with a major EV charging network to incorporate EV charging management into its parking access and revenue control systems.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. SKIDATA AG
5.2. T2 Systems, Inc.
5.3. Amano McGann, Inc.
5.4. ParkMobile, LLC
5.5. TIBA Parking Systems
5.6. Conduent, Inc.
5.7. Flowbird Group
5.8. INRIX, Inc.
5.9. Indigo Park Services
5.10. Siemens AG (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Integration of IoT and AI in parking management systems
6.1.2. Rise of contactless and touchless parking solutions
6.1.3. Growing adoption of cloud-based parking management platforms
6.2. Market Drivers
6.2.1. Increasing demand for automated parking systems
6.2.2. Rising urbanization and vehicle ownership rates
6.2.3. Government initiatives for smart city development
6.3. Market Restraints
6.3.1. High initial implementation costs
6.3.2. Concerns over data privacy and security
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY COMPONENT (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Hardware
7.1.1. Parking meters
7.1.2. Parking sensors
7.1.3. Cameras
7.1.4. Parking gates
7.2. Software
7.1.1. Parking management software
7.1.2. Mobile apps
7.1.3. Analytics and reporting tools
7.3. Services
7.3.1. Consulting services
7.3.2. Implementation services
7.3.3. Maintenance and support services
8. BY PARKING SITE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Off-street Parking
8.1.1. Parking lots
8.1.2. Parking garages
8.1.3. Automated parking systems
8.2. On-street Parking
8.2.1. Metered parking
8.2.2. Permit parking
8.2.3. Smart parking zones
9. BY SOLUTION TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Access Control
9.1.1. RFID-based systems
9.1.2. License plate recognition systems
9.2. Security & Surveillance
9.2.1. CCTV systems
9.2.2. Video analytics
9.3. Revenue Management
9.3.1. Payment systems
9.3.2. Dynamic pricing solutions
9.4. Parking Reservation Management
9.4.1. Online reservation systems
9.4.2. Mobile app-based reservations
9.5. Valet Parking Management
9.5.1. Valet tracking systems
9.5.2. Automated key management
10. BY END-USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. Government
10.1.1. Municipal parking
10.1.2. Airport parking
10.2. Commercial
10.2.1. Shopping malls
10.2.2. Hotels
10.2.3. Corporate offices
10.3. Transport Transit
10.3.1. Railway stations
10.3.2. Bus terminals
11. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
11.1. North America
11.1.1. United States
11.1.2. Canada
11.1.3. Mexico
11.2. South America
11.2.1. Brazil
11.2.2. Argentina
11.2.3. Rest of South America
11.3. Europe
11.3.1. Germany
11.3.2. United Kingdom
11.3.3. France
11.3.4. Italy
11.3.5. Spain
11.3.6. Russia
11.3.7. Rest of Europe
11.4. Asia-Pacific
11.4.1. China
11.4.2. Japan
11.4.3. India
11.4.4. Australia
11.4.5. South Korea
11.4.6. Rest of Asia-Pacific
11.5. Middle-East
11.5.1. UAE
11.5.2. Saudi Arabia
11.5.3. Turkey
11.5.4. Rest of Middle East
11.6. Africa
11.6.1. South Africa
11.6.2. Egypt
11.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Component:
Hardware
Software
Services
By Parking Site:
Off-street Parking
On-street Parking
By Solution Type:
Access Control
Security & Surveillance
Revenue Management
Parking Reservation Management
Valet Parking Management
By End-User:
Government
Commercial
Transport Transit
By Region:
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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