Parking Management Systems Market Share to Rise at 7.3% CAGR, To Reach USD 11.29 Billion by 2034 | PMR

New York, USA, Dec. 09, 2024 (GLOBE NEWSWIRE) — Market Overview

The parking management systems market is projected to grow from USD 5.59 billion in 2024 to USD 11.29 billion by 2034, at a CAGR of 7.3%, according to a new report by Polaris Market Research.

Market Introduction

A parking management system (PMS) is a combination of software and hardware that helps manage parking spaces and vehicles. Parking management systems (PMS) are able to help with parking space optimization, parking rule enforcement, payment processing, reporting, access control, real-time data collection, and enhanced user experience.

Parking management systems can provide numerous benefits, including improved security, better user experience, reduced traffic, time-saving, increased revenue, minimized cost, software integration, and optimizing the use of parking space.

Parking Management Systems can also benefit from the following advanced technologies.

License Plate Recognition

Also known as Automatic Number Plate Recognition, it is a technology that can automatically interpret vehicle number plates.

GPS Vehicle Tracking System

This technology can monitor vehicles and drivers by sending alerts and providing updates.

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Report Scope and Attributes

Major Players in Parking Management Systems Market

The leading key players in the parking management systems market are intensely competitive. Some of the major players influencing the growth of the market are:

• Amano
• SWARCO
• SKIDATA
• Chetu
• INRIX
• FAAC Technologies
• TIBA Parking Systems
• FlashParking
• Passport Labs
• Get My Parking
• DESIGNA

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Market Drivers and Opportunities

Increasing Integration of IoT and Artificial Intelligence

The integration of IoT devices and artificial intelligence (AI) is propelling the parking management systems market. Smart sensors installed in parking lots provide real-time availability information, which reduces search times and traffic congestion. Mobile applications enable users to find, reserve, and pay for parking spaces while also enabling dynamic pricing models based on demand.

Growing Vehicle Ownership

The parking management systems market is being driven by rising vehicle ownership. Vehicle ownership necessitates the implementation of advanced parking management systems in order to use limited space and improve the user experience efficiently.

Technological Advancements

Data analytics play a critical role in analyzing usage patterns, peak times, and revenue trends, providing valuable insights for infrastructure investments and policy changes. Advances in license plate recognition technology have automated access control and billing, increasing the overall efficiency of parking management systems by removing the need for physical tickets and manual payments.

Regional Overview

The study provides market insights for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North America had the largest revenue share due to high vehicle ownership and advanced infrastructure. The region’s major players are pursuing mergers and acquisitions to strengthen their position in the parking management systems market.

Asia Pacific is expected to grow at a significant CAGR between 2025 and 2034, owing to increased automobile adoption and the expansion of the automotive sector. The parking management systems market in India is expected to grow significantly due to urbanization and increasing traffic congestion.

Recent Market Progress

In July 2024, SWARCO announced the acquisition of Elmore Group in. SWARCO’s strategic move aims to increase its presence in the Republic of Ireland’s Intelligent Transportation Systems (ITS) market.

In November 2022, DESIGNA announced the acquisition of NextGen Parking, LLC, based in Houston, Texas. According to DESIGNA, NextGen’s current management team will continue to lead the company as a wholly owned subsidiary of its new German parent company.

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Parking Management Systems Market Segmentation

By Offering Outlook

• Solutions
  • Parking Guidance
  • Parking Reservation Management
  • Parking Permit Management
  • Parking Enforcement Management
  • Parking Access and Revenue Control System
  • Parking Security and Surveillance
  • Others Solutions
• Services
  • Professional Service
    • Consulting and Training
    • Systems Integration and Deployment
    • Support and Maintenance
  • Managed Services

By Parking Site Outlook

• On-Street Parking
• Off-Street Parking
  • Garage Parking
  • Lot Parking

By End Users Outlook

• Residential
• Commercial
• Industrial
• Others

By Regional Outlook

• North America
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

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About Polaris Market Research & Consulting, Inc:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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