The global parking management market is experiencing significant growth, driven by factors such as the increasing number of vehicles worldwide, the need for efficient traffic management solutions, and the development of smart cities. In 2022, the market was valued at USD 4.38 billion and is projected to expand at a compound annual growth rate (CAGR) of 12.1% from 2023 to 2030.
While the COVID-19 pandemic temporarily slowed growth due to restrictions and lockdowns, the easing of these measures is expected to accelerate market demand. As businesses and public spaces reopen, the need for efficient parking management solutions will increase.
The rise of cloud-native parking management is a key trend in the market. By leveraging cloud technology, parking operators can benefit from scalability, cost-effectiveness, and flexibility. This shift towards cloud-based solutions is further driving the growth of the overall parking management market.
Gather more insights about the market drivers, restrains and growth of the Parking Management Market
Service Segmentation Insights
The support and maintenance segment dominated the market in 2022, accounting for over 40% of the market share. The ongoing need for training and support during and after the implementation of parking management systems is a key growth driver for this segment. Additionally, the requirement for enhancing mobile applications to maintain compatibility with the latest OS versions contributes to its growth.
The software and equipment used in parking management systems necessitate preventive maintenance to prevent downtime and ensure optimal performance. This factor is expected to further propel the growth of the support and maintenance segment.
The system integration and deployment segment is projected to exhibit the highest CAGR during the forecast period. This growth is attributed to the benefits of customization, add-on features, and centralized data management. Features like digital signage, license plate recognition, and quick upgrades without hardware changes enhance the customer experience and provide a competitive advantage.
Furthermore, system integration and deployment facilitate various operations such as payment imports, demographic data management, receivables management, vehicle owner retrieval, and user authentication.