Parking Management Market Overview
The global parking management market is expected to reach USD 407.9 billion by 2032, growing at a CAGR of 16.26% during the forecast period. The market growth is attributed to the rising number of vehicles, increasing demand for an effective traffic management solution, and rapid development of smart cities.
Parking management is the process of planning, designing, operating, and maintaining parking facilities. It includes a wide range of activities, such as parking space allocation, parking fee collection, and traffic management. Parking management systems can help to improve the efficiency of parking facilities, reduce congestion, and generate revenue.
Some of the key players in the global parking management industry include:
- Johnson Controls
- Cubic Corporation
- TKH Group
- Sensys Gatso
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The global parking management market is segmented based on offering, parking site, application, and region.
- Parking guidance
- Parking reservation management
- Payment processing
- Access control
- Professional services
- Managed services
By Parking Site
- Smart cities
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
North America is the largest market for parking management, followed by Europe and Asia Pacific. The North American market is dominated by the United States, which accounts for a significant share of the global market. The European market is driven by the growing demand for smart parking solutions in major cities. The Asia Pacific market is expected to witness the fastest growth during the forecast period, owing to the increasing urbanization and rising number of vehicles in the region.
Industry Latest News
- In September 2023, Siemens announced the launch of its new parking management system, which uses artificial intelligence (AI) to optimize parking space utilization and reduce congestion.
- In August 2023, Bosch acquired Parkopedia, a leading provider of parking information and services. This acquisition is expected to help Bosch strengthen its position in the parking management market.
- In July 2023, Johnson Controls announced a partnership with IBM to develop a new cloud-based parking management platform. This platform is expected to help parking operators improve their efficiency and reduce costs.
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