Market Overview

The need for parking spaces related to the number of vehicles on the road is expected to drive the parking management market in 2020. It is expected to reach $7 billion by 2023 with the support of a 12% CAGR.

The need to reduce traffic problems is expected to give momentum to the parking management market in the future. The need to improve connectivity with urban areas is expected to drive the development of the parking management market in the future. It is also expected to benefit the parking management market during the forecast period as interest in urban planning increases.

Key Players

The well-known companies in parking management market are Kapsch TrafficCom AG (Austria), Siemens AG (Germany), T2 Systems, Inc. (U.S.), AMANO Corporation (Japan), XEROX Corporation (U.S.), SWARCO AG (Austria), Cubic Corporation (U.S.), INRIX, Inc. (U.S.), INDIGO (France), SKIDATA AG (Austria), among others.

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Market Segmentation

By Component
Software
• Parking Information Systems
• Parking Payment Systems
Service
• Deployment & Customization
• Support & Maintenance

By Parking Site Type
• Off Street Parking
• On Street Parking

By Solution
• Access Control
• Security & Surveillance
• Parking Fee & Revenue Management
• Valet Parking Management
• Parking Fee & Revenue Management
• Parking Guidance & Slot Management
• Others

By Vertical
• BFSI
• Recreation
• Healthcare
• Corporate & Commercial Parks
• Hospitality
• Academia
• Retail
• Transportation
• Government
• Others

Regional Insights

A regional analysis of the Parking Management Market is being studied for regions such as Asia Pacific, North America, Europe and other regions. While North America is estimated to hold the largest share of the market, Asia Pacific is expected to grow at the fastest rate during the forecast period. The major growth of the North American parking management market is due to advances and early adoption of parking management technologies in the region.

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