MarketsandMarkets forecasts the global Parking Management Market size to grow from USD 4.4 billion in 2023 to USD 6.3 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. This growth is fueled by the growing popularity of improved parking availability, enhanced security, and growing demand for smart parking.

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Based on services, the professional service segment is expected to account for the largest market size during the forecasted period

Businesses can access specialized support services from professionals, experts, and specialists to foster growth. These professional services may include consulting and training, system integration and deployment, and support and maintenance. Companies that offer professional services have a team of technical consultants, project managers, and parking management experts who design and provide essential decision support tools, services, and expertise. Professionals in this field use the latest techniques, strategies, and skills to encourage customers to adopt innovative parking management solutions. They also provide tailored implementation and assessment services, assist clients with system integration, and deploy solutions with industry best practices. Service vendors cover all phases of the solution deployment, from auditing to implementation, support, and ongoing performance optimization.

The Parking Access and Revenue Control (PARC) segment is expected to account for the largest market size during the forecast period

The PARC solution is the most used solution by parking operators, allowing them to manage their revenue while regulating access to parking facilities. PARC is responsible for managing the entry and exit of vehicles in parking facilities. It also handles payments for both transient and non-transient vehicles. This system utilizes a combination of hardware, such as alarms, barrier gates, ticket validator machines, encoding stations, exit verifiers, lane controllers, and software to ensure smooth parking operations. Access control systems offer numerous benefits, including reduced manpower requirements, internal access restriction levels, and access and restriction to multiple entry and exit points. These systems are divided into biometrics, LPR-based Automatic Vehicle Identification (AVI), and ID management.

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Unique Features in Parking Management Market:

The market for parking management has special characteristics that were changing how parking spots were used and managed. Real-time data was incorporated into smart parking solutions to direct drivers to open spaces faster. Pre-booking and reservations ensured convenience during peak hours, while contactless payment alternatives sped up transactions.

Decision-making was facilitated by real-time availability updates, and cutting-edge navigation systems steered drivers to open places. Entry was made easier by licence plate recognition, while parking analytics gave information on usage and traffic trends. Urban planning was improved by integration with smart city efforts, and multi-modal integration permitted smooth changes in mode of transportation.

Security was a top priority for parking management systems, which included video monitoring and access control, while loyalty programmes and personalised services improved the customer experience. Sustainability programmes supported EV charging and environmentally friendly travel, in line with current environmental regulations.

Top Key Companies in Parking Management Market:

The major Parking Management include Group Indigo (France), Amano (Japan), Siemens (Germany), Bosch Group (Germany), Atos (France), SWARCO (Austria), SKIDATA (Austria), Chetu (US), Precise Parklink (Canada), FlashParking (US), Passport Labs (US), SpotHero (US), Get My Parking (India), INRIX (US), IPS Group (US), Smart Parking (Australia), TIBA Parking Systems (Israel), Q-Free (Norway), Streetline (US), ParkOffice (US), Urbiotica (Spain), and CivicSmart (US). These companies adopt various strategies, including product launches and enhancements; and partnerships, agreements, and collaborations, to cater to the growing demand for parking management globally and strengthen their position in the market.

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Group Indigo is a publicly held company founded in 1964 and headquartered in Puteaux, France. The company is a world leader in parking and individual mobility services. The company has a significant presence on three continents, with offices across 750 cities. It provides services in all parking segments: on-street, off-street, and shared private car parks. The group works with all industry verticals, such as hospitals, shopping malls, train stations, airports, and universities, along with the local authorities to design, build, finance, and operate on-street and off-street parking solutions based on owner-occupied, concession, and lease and management contracts. OPnGO, a digital solution, offers all parking services via a single application. This application connects all the car parks in the city, thus allowing users to book their parking spaces ahead of their trip for a competitive price. This digital solution is present in four European countries: France, Belgium, Spain, and Luxembourg.

Siemens, a publicly held company, was founded in 1847 and is headquartered in Munich, Germany. It is a globally operating technology organization focusing on electrification, automation, and digitalization. Siemens offers rail, road, and intermodal solutions to enhance the transportation systems under the Siemens Mobility division. In the parking management market space, Siemens mobility division offers various parking solutions, such as truck parking, parking space management, and intelligent parking solutions. The company’s parking management portfolio offers valuable tools for parking space management for both cars and trucks.

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