Delray Beach, FL, Aug. 15, 2025 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the Parking Management Market is expected to expand from USD 5.6 billion in 2024 to USD 8.1 billion by 2029, growing at a CAGR of 7.4%.
Adequate parking facilities must be provided due to the growing population density in metropolitan areas. This started with the increasing number of people moving from rural to urban regions, which increased the need for parking spaces because there were more cars on the road. By offering advanced solutions to satisfy the needs of both owners and manufacturers, this trend feeds the market's requirement to address the growing number of vehicle ownerships. The quality of life in cities is improved when there is good parking discipline because it guarantees that the many parking spots that are available are used to the fullest, reducing the number of chaotic parking drills that are typical on many streets.
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Parking Management Market Insights
- Emphasize Smart, Integrated Solutions: Target investments in IoT-powered parking guidance, mobile app integration, and AI-driven analytics to meet urban demand for real-time space availability and efficient operations.
- Prioritize Urban and Metropolitan Markets: Focus on densely populated regions where parking congestion and traffic delays drive greater willingness to adopt smart solutions.
- Partnership Ecosystem: Collaborate with city authorities, real-estate developers, and transportation planners to accelerate deployment and user adoption.
- Address Integration Complexity: Develop interoperable systems that work with diverse sensors, legacy infrastructure, and multiple payment platforms to ease deployment for operators.
- Sustainability as Value Proposition: Position offerings to address city sustainability goals—reduced emissions from congestion and better land use.
Key Takeaways
- The parking management market is set for steady expansion, underpinned by urban growth, technological advancements, and the global push towards smart mobility.
- North America retains leadership with innovation and project scale; Asia-Pacific and Europe remain strong growth opportunities due to infrastructure spending and urban development.
- The most successful firms will be those who combine technological sophistication with seamless integration and real-time user value.
List of Key Companies in Parking Management Market:
- Siemens (Germany)
- Amano (Japan)
- Group Indigo (France)
- Bosch Group (Germany)
- SWARCO (Austria)
- SKIDATA (Austria)
- Chetu (US)
- IPS Group (US)
- TIBA Parking Systems (Israel)
- Precise Parklink (Canada)
- Atos (France)
- Urbiotica (Spain)
- CivicSmart (US)
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These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These players can focus on developing innovative Parking Management Market technologies and offerings owing to the emergence of new application areas for Parking Management Markets. These companies offer several product offerings and have operations around the globe. These companies focus on product launches, acquisitions, and partnerships to strengthen their footprint through product innovations and extend their business reach.
The PARC solution segment contributed the largest market share in the Parking Management Market during the forecast period.
PARC, which stands for parking access and revenue control, is in charge of the main car park entry and exit. The payment of both intermittent and non-intermittent road users is another topic it covers. Access control systems offer several benefits, including reduced personnel, varied internal access, and the ability to limit or allow access to additional entry/exit points. To address issues like over or under capacity, variable, and advance booking, revenue management is also used in the parking management market. Parking operators can collect parking fees from lot users with the assistance of PARC.
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Based on region, North America holds the largest market size during the forecast period.
North America holds the maximum revenue share in the Parking Management Market. This is because of the emergence of new technologies in parking management systems and the improvement in the market relating to the provision of vehicles in the region. In February 2023, Eleven-x, a Canadian IoT company, entered into an agreement to lead a substantial smart parking project in Virginia. The initiative aims to enhance parking efficiency and accessibility for both residents and visitors. Notable ongoing parking management projects include the Smart Parking Project in Montreal, Canada; the Elizabeth River Tunnels Project and the Elgin O'Hare Western Access Project in the United States; the Johnson County Gateway Interchange Project in Kansas, United States; and the Inuvik To Tuktoyaktuk Highway Project in Canada. There are a lot of vendors operating in the North American parking management solution market. Some of them are Precise Parklink, T2 Systems, FlashParking, Passport Labs, Chetu, and Streetline.
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