What is the Size of US Parking Management Industry?
US Parking Management industry is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028. The parking management in the United States is a substantial industry, driven by factors such as urbanization, increasing vehicle ownership & the need for efficient parking solutions.
The market consists of various types of parking facilities: on-street parking, off-street parking lots, garages & parking structures. These facilities are managed by municipalities, private companies & commercial property owners. Numerous companies specialize in providing comprehensive parking solutions. They offer services such as parking facility, design, operations, maintenance, security & revenue management. Advancement in technology has significantly impacted the parking management solutions. Many parking systems incorporate smart parking systems including sensors, cameras & mobile applications, to optimize parking space utilization & enhance overall user experience.
Cashless payment methods such as mobile apps & contactless payment systems have gained popularity, making it more convenient for drivers to pay for parking & reducing the reliance on traditional-based parking systems. The emergence of ride-sharing & micro-mobility services (e.g., scooters, bikes) & autonomous vehicles have the potential to reshape the parking management landscape. Parking companies are exploring partnerships & solutions to accommodate these new mobility options.
Us parking management Market by parking sites
The US Parking Management market is segmented by Type into On-street and Off-Street. Off-street market, where individuals & businesses rent parking spaces outside of traditional parking lots or garages, has been a dominant segment in 2022. As urban areas continue to expand, the demand for parking spaces continues to exceed the supply. In densely populated cities, traditional parking facilities may not be able to keep up with the increasing demands, leading to emergence of off parking solutions.
Us parking management Market by deployment
US Parking Management market is segmented by Deployment type into On-premise and Cloud. The on-premise segment has been dominant in the market in 2022. On-premise segment offers various benefits which include enhanced security, reduced chances of downtime & better accessibility. Organizations have better control over data, as data doesn’t leave the organization’s premises leading to better data protections. Additionally, many firms rely on this method because of its enhanced reliability; in case of network failure & if the network connection is interrupted, employees can still access data & avoid downtime
Us parking management Market by Region
The US Parking Management market is segmented by Region into North, South, East & West North region of United States which includes cities like New York, Chicago & Boston have been the dominant force in the market in 2022.
These are densely populated cities which demand effective utilization of parking spaces. & experience challenges associated with urban congestion. It involves a mix of metered street parking, parked garages & permit systems for residents. These cities have been in the forefront of implementing advanced marketing technologies & innovative management strategies.
Competition Scenario in US parking management Market
The parking management systems industry in US is undergoing significant changes due to technological advancements & evolving customer preferences. Parking management systems are increasingly incorporated by advanced technologies such as IoT (Internet of Things), data analytics & artificial intelligence. This allowed for real time monitoring of parking spaces, predictive analysis for parking availability.
The COVID-19 pandemic accelerated the adoption of contactless payment & reservation systems. Parking operators are focusing on providing touchless payment options, mobile-based booking & license plate recognitions for seamless entry & exit. Smart parking systems which involve sensors & cameras to monitor parking space availability & relay that information to users, have been gaining popularity. These systems not only enhance user convenience, but also enable parking facility operators to optimize space utilization.
The rise of ride-sharing services, electric vehicles & autonomous vehicles was impacting parking demand & patterns. Some parking management systems were adopting to accommodate electric vehicle charging stations & to potentially integrate with autonomous vehicle infrastructure in the future.
The parking sector saw the emergence of various start-ups offering innovative solutions, ranging from parking reservation platforms to parking space sharing services. Established companies have been adapting to changing landscapes by offering new technologies & features. This included companies providing parking equipment (kiosks & barriers), software solutions & consulting services.
What is the Expected Future Outlook for the Overall US parking management Market?
The US Parking Management market was valued at USD ~billion in 2022 and is anticipated to reach USD ~ billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
As cities continue to grow & urbanization increases, the demand for parking services will also rise. Smart parking solutions, including sensor-based parking systems, real-time analytics & mobile apps are likely to become more prevalent. These solutions can help drivers find available parking spaces quickly, reducing congestion & overall traffic flow.
The Internet of Things (IoT) will play a significant role in the parking management system, are expected to become standard in parking facilities. IoT enabled sensors & devices can provide real time data on parking space availability, traffic patterns & even vehicle emissions. This data can be used to optimize parking operations, reduce energy consumption & enhance the overall parking experience. Contactless payment methods, such as mobile wallets & RFID based systems are expected to become standard in parking facilities. This trend has been accelerated by the COVID-19 pandemic.
Parking management will be closely integrated with urban planning efforts. Cities will focus on designing smarter transportation systems that will promote sustainable mobility, which might lead to an emphasis on personal car ownership. This could result in a shift towards mixed-use developments where parking structures are designed to be more flexible & adaptable to changing transportation trends.
Advanced data analytics will enable parking operators to gain valuable insights to usage patterns, peak hours & revenue generation. This information can help optimize pricing strategies, improve resource allocation & enhance overall customer satisfaction. Government policies & regulations related to parking may continue to evolve. These changes will shape the way parking is managed & priced, encouraging more sustainable & efficient transportation.