Market Overview

According to our latest market study on “Parking Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Parking site, Solution, Services, and Deployment Type,” market is expected to grow from US$ 32,221.73 million in 2021 to US$ 45,125.82 million by 2028; it is estimated to grow at a CAGR of 4.9% during 2021–2028.

The Parking Management market is broadly segmented into five major regions— North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Asia Pacific held the largest market share in 2020, followed by Europe, North America, Middle East & Africa, and South Africa.

The parking management market is highly fragmented market with presence of significant number of players in each country coupled with multiple players with small and regional presence. The companies provide different parking management solution such as access control, ANPR, parking security & surveillance, parking reservation and valet parking, and fee enforcement among other parking management solutions. Moreover, the increasing number of registered passenger vehicles along with limited parking space availability across major cities has led to the surge in demand for efficient parking management solutions in the past few years. Subsequently, the leading end-users of parking management such as airports, government & municipals, universities, hospitals, hotels, restaurants, and commercial complexes among other end-users have witnessed significant increase in parking management requirement across major cities. In addition, among on-street parking especially in metro cities has attributed in significant collection of revenue generated through parking violation and parking fees which is effectively utilized for providing important utilities to the public. Factors such as increasing rate of infrastructure development coupled with growing purchasing power of the individuals has significantly increased the demand for improving the vehicle mobility at major popular commercial hubs in developed as well as developing countries.

With the advent of technology and precisely handling the parking space issues faced by an individual, the market players are robustly focusing on the development of contactless parking systems. The contactless parking management system facilitates the entry & exit of the vehicle without any physical contact with parking entry/exit stations. The driver does not have to push the ticket button or even touching a payment machine. The contactless intelligent parking system integrates a unique QR Coded e-ticket, which is generated at the entry station with the help of a smartphone device. This QR Coded e-ticket credential also permits the users to make an online payment at the exit station.

Top Companies - 

  • Flowbird Group
  • PASSPORT LABS, INC.
  • T2 Systems, Inc
  • TIBA PARKING SYSTEMS
  • Group Indigo
  • Precise ParkLink
  • FlashParking
  • Amano Corporation
  • Robert Bosch GmbH
  • Siemens AG