Parking Management Systems Market to Reach $8.23 Billion By 2032 | CAGR : 7.7%

The worldwide Parking Management Systems market is anticipated to reach around USD 8.23 billion by 2032 according to a new research published by Polaris Market Research. In 2023, the hardware segment dominated the global market, in terms of revenue. In 2023, North America accounted for the majority share in the global market.

The significant increase in the demand for luxury passenger cars coupled with significant growth in sale of motor vehicles across the world boosts the growth of parking management systems market during the forecast period. Additionally, the increasing need to improve road safety, and streamline traffic flow in populated urban areas supports the market growth. The growing demand for passenger vehicles owing to increasing disposable income, and changing lifestyles, coupled with modernization of vehicles support the growth of the parking management systems market. The increasing development of autonomous and semi-autonomous vehicles, and rising penetration of mobile devices boost the adoption of parking management systems. However, high costs of implementing parking management systems would restrict the market growth during the forecast period. New emerging markets, and growing adoption of smart cities would provide growth opportunities for parking management systems market in the coming years.

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In 2017, North America accounted for the highest share in the global parking management systems market. The growing need to streamline traffic flow coupled with introduction of stringent regulations regarding vehicular safety accelerate the adoption of parking management system in the region. The high living standards and disposable income further increases the demand of luxury automobiles in the region. The increasing development of smart cities in the region, and development of autonomous vehicles would provide growth opportunities during the forecast period.

The major players of the parking management systems market include Skyline Parking AG, Siemens AG, T2 Systems, IBM Corporation, Swarco Corporation, Kapsch TrafficCom, Skidata, Passport Inc., SAP, and Indigo Park Services. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.