The global parking management market size is expected to reach USD 6,899.4 million by 2025, registering a CAGR of 9.4% from 2019 to 2025, according to a new report by Grand View Research, Inc. The increasing public sector funding and favorable government initiatives are expected to strengthen the market growth. The demand for carpark management solutions is expected to be high in the commercial and government application segments owing to various features such as tow management, ticketing, payment processing, and citation tracking offered by these solutions through a single platform.
Furthermore, image recognition, machine learning, tracking, and speed monitoring capabilities offered by these solutions are expected to enhance a consumer’s experience. The growing automation of services due to the adoption of analytics and big data and the rising demand for improved mobility among service consultants are expected to propel the growth of the market. The market is expected to gain traction owing to the development of systems with sophisticated features such as auto-payment options and voice guidance (enabled through mobile phone apps).
An increasing number of vehicles is negatively influencing the availability of carparks and is consequently fueling the demand for implementing intelligent solutions for managing carparks across the globe. The need for the development of carpark facilities that do not necessitate the use of gate arms and have a minimal negative impact on the environment is further expected to drive the growth of the market. The growing smartphone penetration is expected to benefit the market as carpark management applications use features such as Near-Field Communication (NFC), camera, and GPS to identify vacant spots.
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Further key findings from the study suggest:
- The system integration & deployment segment is anticipated to register the highest CAGR of 10.7% from 2019 to 2025. This can be attributed to the increasing focus of facility providers on the use of new technologies
- The parking reservation management segment is expected to register the highest CAGR of 11.1% from 2019 to 2025 as these solutions help reduce the time required to locate vacant carpark spaces
- The on-street segment is expected to emerge as the fastest-growing segment over the forecast period owing to the increasing favorable government initiatives
- The government application segment is expected to continue dominating the market over the forecast period due to increasing government investments for developing advanced carpark systems
- North America dominated the market in 2018 owing to the growing focus of automobile manufacturers in the U.S. and Canada on developing systems for efficiently managing carpark spaces
- The key players in the parking management market include 3M, Amano Corporation, Cubic Corporation, IBM Corporation, Kapsch TrafficCom, Siemens, SKIDATA AG, Swarco, T2 Systems, and Xerox Corporation.