Smart technologies are particularly noted as experiencing tremendous growth in the parking management system market, including parking guidance systems, automated parking, and parking reservation systems. In addition to these technologies, the demand for security and safety of parked vehicles is also increasing rapidly among vehicle owners, which is propelling the procurement of parking surveillance systems. This, according to the analysts, will create a substantial market space for parking management companies to grow over the coming years.

Mobile wallets

Several car park mobile applications have included the feature to reserve a vehicle park space and make payments through mobile wallets. It allows users to save meaningful time spent searching for vacant spaces and provides parking enforcement options, such as adding remote parking spaces and providing parking information to users. For instance, in April 2022, Parkmobile, LLC announced a partnership with Diamond Parking, a parking facility provider in the U.S. Through the partnership the former company offers contactless payments in more than 25 cities across Western Canada, Washington, Alaska, Montana, Hawaii, Oregon, Idaho, California, and Hawaii. Parkmobile will now be accessible at more than 800 Diamond Parking spots.

The increasing availability of integrated automated solutions and advancements in wireless technology are anticipated to drive the adoption of parking management solutions. Moreover, parking management systems aid in increasing mobility in cities and offer a dependable revenue model. These systems use data analytics, wireless communication technology, and sensors to address parking issues in cities and metros.

Market share and segmentation

• The solution segment accounted for the largest share of 67.0% in 2024. The rise of contactless payments and digital solutions is driving the segment's growth.

• The on-premise segment held the largest market share in 2024. Data security and privacy concerns drive the growth of the segment.

• The government segment dominated the market in 2024. The ability to collect and analyse data related to parking usage is becoming increasingly vital for government parking management.

• The North America parking management market held a significant share in 2024. Smart City initiatives and government support drive the market's growth.
  

Key players

Some of the main players in this market and covered in the report include, 3M, Amano, Cubic, IBM, Kapsch Trafficcom, Siemens, Skidata, Swarco, T2 Systems and Bosch.