The global parking management market was valued at US$ 37.6 Bn in 2017 and is expected to reach US$ 58.5 billion by 2027 and estimated to witness a moderate CAGR growth rate of 4.8% from 2019 to 2027.
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The parking management market is poised to flourish in the coming years because several developing country governments are attracting foreign direct investments (FDI) to optimize traffic congestion and enhance parking operations. Additionally, the smart city initiatives in the developing countries are also gaining speed, which is also expected to catalyze the demand for technologically advanced and intelligent parking management solutions. Moreover, the increasing commercialization and urbanization in the developing countries coupled with increasing vehicles on the road are expected to accentuate the demands for various on-street and off-street parking management solutions. Furthermore, the reduction in the cost of technology and services by the solution service providers is foreseen to stimulate the adoption growth of parking management market in several developed countries as well as developing countries worldwide.
The rising trend of commercialization and industrialization across the globe has led to steep growth in the off-street parking in the current scenario. Additionally, the residential sector also drives the off-street parking segment significantly. Off street parking includes indoor as well as outdoor parking spaces. Another major factor influencing the growth of off-street parking in the developed countries and few financially emerging countries is the rapid growth of smart cities. The rising smart city initiatives are driving the deployment of sensors and related technologies for various applications which includes parking. Owing to this, several parking management technology developers as well as numerous parking management service providers are developing and offering advanced technologies to facilitate the municipalities and private spaces to optimize unutilized and unorganized parking areas. Currently, the off-street parking accounted for more than two-fifths of the global parking management market in 2017, and the same is estimated to continue dominating the market in the developed countries as well as developing countries in the coming years. The off-street parking management is foreseen to witness upswing due to the changing consumer and behavior towards smart technologies in the developed countries and few developing countries worldwide.
Some of the key companies operating in the field of parking management market across the globe include Indigo Parking Service, APCOA, Flowbird Group, Parkmobile, TIBA Parking, Smart Parking Limited, T2 Systems, Swarco, Passport Inc., and Skidata AG among others. Several other players are also functioning in the parking management market worldwide, contributing significant revenue shares year on year. Thus, the players operating in the parking management market are expected to find substantial profitable opportunities in the coming years. Thus, the parking management market is expected to provide substantial lucrative profitable opportunities for the players in the coming years.
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