Parking Management Market Analysis and Opportunity Assessment up to 2032

Parking Management Market: A Growing Industry

The parking management market is growing rapidly, as more and more cities and businesses are looking for ways to improve the efficiency of their parking systems. The market is being driven by a number of factors, including the increasing number of vehicles on the road, the growing demand for smart cities, and the rising popularity of mobile parking apps.

Market size and growth

The global parking management market is expected to reach USD 407.9 billion by 2032, growing at a CAGR of 16.26% from 2023 to 2032. The market is segmented by solution (parking guidance, parking reservation management, parking permit management), deployment type (on-street and off-street), parking site (commercial and residential), and region.

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Market segmentation

The Parking Management Market is segregated by component, parking site, solution and vertical. Based on the component, the market is divided into software and service. Off-street parking and on-street parking are the variables of the segment parking site. The solution segment is bifurcated into Access Control, Security, Surveillance, Valet, and Revenue Management. By vertical, the market is divided into retail, transportation, hospitality, BFSI, healthcare, academia, government etc.; the service segment is anticipated to witness a high segment in the forecast period. The increasing demand is due to the appropriate pricing for all car parks by providing a view of the price rates. The one-site parking segment is expected to dominate the market in the forecast period due to the global adaptation of government authorities. Other segments of the market will also register growth in the forecast period.

Regional analysis

The Parking Management Market is studied in prominent places like North America, Asia Pacific, Europe, etc. The continuous increase of vehicles in Canada and U> the S is attributed to the growth of North America. It is creating the need for deducing issues like traffic congestion, and it is also essential to increase the growth of the market. In the next few years, it is expected that the Asia Pacific region will hold a large growth rate as the government of the Asia region is increasing the spending on the development of smart cities. The adaptation of automation technologies and development investment by the top IT companies to develop AI technologies will improve the market growth.

Industry news

The MoWiz app, a user-friendly parking payments platform, facilitates parking payments by allowing Curitiba residents and visitors to park and pay in zone-regulated areas from the convenience of their mobile phones.

North America is the leading market

North America is the leading market for parking management, followed by Europe and Asia-Pacific. The growth of the market in North America is being driven by the increasing number of vehicles on the road, the growing demand for smart cities, and the rising popularity of mobile parking apps.

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