Parking Management Market: The Role of Technology in Modern Solutions
The global parking management market, valued at $4.38 billion in 2022, is projected to grow at a substantial rate of 12.1% annually from 2023 to 2030. This growth is primarily driven by the escalating number of vehicles worldwide, the increasing need for efficient traffic management solutions, and the rapid development of smart cities.
The COVID-19 pandemic temporarily impacted market growth due to strict lockdowns and government investments in healthcare systems. These measures, including restrictions on public transport, hindered the demand for parking management services.
However, as travel restrictions ease and places reopen with full occupancy, the market is expected to experience a surge in demand. This rising demand has led to a corresponding increase in cloud-native parking management solutions. Parking operators are increasingly adopting cloud-based infrastructure to benefit from its scalability and pay-as-you-go model.
a
Gather more insights about the market drivers, restrains and growth of the Parking Management Market
Solution Segmentation Insights
The revenue management segment, which accounted for the largest market share of over 25% in 2022, is a crucial component of the overall market. This segment's dominance can be attributed to its ability to optimize various aspects of business operations, including inventory prioritization, pricing strategies, and continuous monitoring. By leveraging advanced analytics, revenue management systems can predict and recommend future prices based on historical data, algorithms, and business rules.
Beyond traditional revenue management services like digital payments, audit and verification, and client banking, this segment also plays a vital role in helping facility providers stay competitive. By comparing their prices with those of competitors, revenue management can assist in developing effective pricing strategies.
The parking reservation management segment is poised to experience the most rapid growth during the forecast period. This growth is primarily driven by the shortage of parking spaces in both residential and commercial areas. With the help of reservation management solutions, drivers can pre-book spaces, eliminating the inconvenience associated with limited parking availability. These systems typically include a combination of hardware and software components, such as cameras, parking meters, wireless sensors, and automatic gates.
Order a free sample PDF of the Parking Management Market Intelligence Study, published by Grand View Research.