Parking Management Market worth $8.1 billion by 2029

(IT-NEWSWIRE.COM, September 05, 2024 ) The parking management market is expected to reach USD 8.1 billion by 2029 from USD 5.6 billion in 2024, at a CAGR of 7.4 % during 2024–2029.
Major advancements have been made in the development of parking technology because of AI, IoT, and smart sensors. These technologies enable tracking, usage of flexible tariff rates, payments for some particular services, and, most importantly, the identification of the users. Moreover, solutions like vehicle plate recognition systems and AI-based analysis enhance parking as an individual service and its effective utilization, augmenting organizational efficiency.

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Parking Management Market Dynamics:

Drivers:

• Rapid urbanization
• Growing focus on reducing urban congestion and maximizing space
use
• Rise in motor vehicle sales
• Proliferation of smartphones

Restraints:

• System integration complexities
• Regulatory hurdles

Opportunities:

• Rising smart city initiatives globally
• Emergence of autonomous cars
• Demand for innovative parking management solutions

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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Integrating GEN AI In Parking Management

The implementation of a generative AI application in the field of parking management changes the mentioned characteristics of parking systems using sophisticated algorithms and machine learning. Integration starts at the data acquisition level, during which the big data from an extensive array of sources, such as sensors, cameras, and records databases, is collected and processed. Thus, AI can transform the analyzed data into new models for predicting parking demand and distribution of spaces and give drivers instant navigation. The objective is to establish a flow of innovative, optimized, and user-friendly parking systems that have the most negligible impact on traffic density and the environment while guaranteeing total satisfaction from the service. Relative to human intervention, AI has the advantage of being able to learn over time and thus constantly improve parking management strategies.

The on-street parking segment is projected to register the highest CAGR during the forecast period.

On-street parking is the parking of motor vehicles on the sides of public roads or streets. Such areas are painted with lines or signs showing the governing rules like time to be taken, permit needed, or the amount paid. Local authorities or the parking management always ensure that such parking adheres to the set standards and regularities. Any infringements of the said parking regulations attract a parking ticket or fine issuance. On-street parking offers easy and quick access to the destination, especially in areas with limited off-street parking bays. On-street parking is riskier for vehicle owners than off-street parking because the vehicle is left open to be exposed to vandals, thugs, and theft experts. The government or municipal parking operators generally run on-street parking.

Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

The Asia Pacific parking management market is experiencing rapid expansion, primarily fueled by strong domestic consumption within Australia, South Korea, Japan, China, and India. Various governments are gradually advocating smart parking as a result of substantial environmental degradation and the improvement of traffic management. In August 2019, India’s Hyderabad Metro Rail Ltd. started a smart parking project, allowing smartphone payments at 24 metro stations with cloud-based systems and digital payments.

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Parking Management Market worth $8.1 billion by 2029