The parking management market is slated to observe substantial expansion by 2027 due to prevalent product demand in key regions across the globe. Moreover, the advent of smart parking solutions is also expected to boost market growth through the forecast timeline.

Parking management comprises policies and programs that can make the use of parking resources more efficient. The flourishing transport sector has bolstered the number of on-road vehicles, which has impelled the need for effective parking systems to accommodate the increasing number of automobile and prevent traffic, especially in populous areas. Subsequently, rising awareness pertaining to the benefits of using parking management systems has played a vital role in the growth of the parking management industry in recent years.

Notably, industry players are adopting profitable strategies to extend their consumer reach and improve their market standing, which has been favorable for business growth. For instance, in November 2021, Verra Mobility, a major smart mobility technology solutions provider, signed an agreement to acquire T2 Systems, a prominent firm in the parking management space, from leading software investment company Thoma Bravo.

Furthermore, companies are increasingly focusing on product development and innovation, which has positively influenced the global product landscape of the parking management market. To cite an instance, in October 2021, Stanley Robotics, a pioneer in robot-assisted parking management solutions, partnered with market leader Mitsubishi Heavy Industries, Ltd. (MHI) to jointly work on Japan’s first system for automated transportation of finished vehicles and automated valet parking service.

The parking management market has been categorized on the basis of type, solution, services, application, and region. Based on solution, the market has further been divided into parking access control, parking analytics, parking reservation management, revenue management, security & surveillance, and others.

The revenue management sub-segment is estimated to observe substantial growth by 2027, expanding at a robust CAGR through the assessment timeframe. Rapid digitalization is set to propel the growth of the segment in the coming years.

The parking reservation management sub-segment held a sizable share in the market in 2020 and is anticipated to expand at a stable pace over 2021-2027. Parking reservation system (PRS) helps individuals book car (vehicle) parking spaces online. The system enhances the website by helping customers reserve car parking spaces, pay online, and access additional services, which is foreseen to support segmental demand over the analysis period.

From the application perspective, the parking management market has been segregated into commercial, transport, and government. The transport sub-segment is expected to reach a notable valuation by 2027, registering a considerable CAGR through the forecast period. Rising government investments towards advancing the public transport infrastructure are facilitating the expansion of the transport market, which is likely to promote segmental development in the forthcoming years.