Parking Management Market to be Worth $12.3 Billion by 2031

Parking Management is a system designed to streamline and automate various aspects of parking operations. Parking management systems refer to a set of technologies and strategies used to optimize the use of parking spaces in urban and suburban areas. These systems typically involve a combination of hardware and software, including sensors, cameras, and management software. The system helps people, companies, and organizations to manage their parking spaces. It captures the entry and exit times of vehicles entering and leaving the parking area to allocate the parking spaces efficiently, ensuring maximum utilization of available space. It allows users to reserve parking spaces in advance and handle the payments for parking, including options for hourly, daily, or monthly rates, as well as different payment methods such as cash, credit/debit cards, and mobile payments.

The growing number of vehicles, the increasing need to reduce traffic congestion, and the increasing adoption of smart parking management systems in smart cities support the market growth. Also, the adoption of parking management systems is increasing in the commercial sector to enhance efficiency, improve customer experience, and maximize revenue generation, supporting market growth.

In this market study, a comprehensive analysis of recent dynamics related to parking management was conducted to accurately forecast the future of the global parking management market. The study also includes an in-depth profile of key stakeholders in the global parking management market, categorized based on their market positions.

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Based on component, the parking management market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of the global parking management market. The large market share of this segment is attributed to the growing need for robust and seamless solutions to improve the parking experience for users and increase revenue and operational efficiency. In addition, the high focus of transport authorities across the world to reduce traffic congestion and encourage daily commuters to use more and more park-and-ride facilities is further supporting the growth of this market.

Based on end user, the parking management market is segmented into commercial and residential. In 2024, the commercial segment is expected to account for the larger share of the global parking management market. The large market share of this segment is attributed to the increasing adoption of parking management systems in the commercial sector to manage security concerns, obstructive parking, and unallocated spots in many companies.

Based on technology, the parking management market is segmented into license plate recognition, reservation-based parking management systems, image processing, RFID-based parking management systems, visible light communication, and other technologies. In 2024, the reservation-based parking management systems segment is expected to account for the largest share of the global parking management market. However, the RFID-based parking management systems segment is projected to register the highest CAGR during the forecast period. The growth of the segment is attributed to the rise in the adoption of RFID tags in intelligent transportation systems and increasing government initiatives on integrating RFID technology in the commercial sector.