Parking Management Market Size

Parking Management Market Size

Parking Management Market size crossed USD 3 billion in 2020 and is projected to expand at around 12% CAGR from 2021 to 2027.

Companies in the ecosystem offer solutions related to the access control, revenue management, analytics, security, and surveillance & guidance, among others. These solutions help in the real-time monitoring of the parking spaces. Further, with the rising digital footprint & amount of data, several systems are integrating advanced technologies for proper data representation, tracking, real-time information, system monitoring, and data management. This factor has also supported the development of parking management in the industry with elaborative dashboard, remote accessibility, and customized solutions

The AI-based system offers Automated License Plate Recognition (ALPR), occupancy rate forecast, automatic data interpretation, and convenient traffic flow. The integration has helped in the addition of different online services, such as digital payment, interactive smartphone application, and dynamic pricing, improving the overall customer experience. The growing number of vehicles and lack of proper and designated parking spaces are propelling the need for the development of parking management solutions. Moreover, the rise in development of smart cities coupled with the government support for the expansion of parking solutions is boosting the industry demand.
 

The coronavirus pandemic moderately impacted the parking management market growth in 2020 due to the sudden global lockdowns, resulting in the temporary shutdown of the transportation projects. Additionally, there were a smaller number of vehicles on road and hence, there was a lot of parking space.
 

However, owing to the pandemic, there was an increase in reliance on digital methods for safety purposes, and the market witnessed a rise in demand for automation across different applications for effective system management & seamless user experience. This factor encouraged several facilities to utilize parking management to develop an automated structure. The rising adoption of online or digital payment technologies amongst several individuals has created growth opportunities.