The
United States Parking Management Systems Market is expected to grow during the
forecast period, 2024-2028. Significant factors such as the demand for safety,
security, and connectivity, as well as growing parking concerns due to the increasing
number of vehicles, drive the growth of parking management systems market.
The increasing number of
vehicles across the country impacts the availability of parking lots, thus
increasing the need for a parking management system. It helps in the systematic
allocation and maximum utilization of space for parking. Furthermore, the
increasing adoption of the Internet of Things (IoT) in parking and the
increasing penetration of smartphones will likely boost the growth of parking
management systems market over the forecast period.
Moreover, innovations like
the development of electric and autonomous cars will likely provide further
opportunities for the United States parking management market. The rising
adoption of parking management systems by multi-storeyed parking services and
residential & commercial sites propels the market's growth.
A parking management system
is a system that helps control and regulate the use of parking spaces in a
given area. This can include the use of parking meters, parking garages, and
other forms of parking control. The goal of a parking management system is to
ensure that there are enough parking spaces available for everyone who needs
them while also reducing congestion and making it easier for people to find
parking.
United States Parking
Management Systems Market: Drivers & Trends
Increased Demand for
Advanced Parking Management System:
There has been a
significant and tremendous increase in the demand for parking spaces due to the
rise in road traffic over the past decade in small cities. This has resulted in
congestion of on-street spaces in official neighborhoods, leading to
inappropriate parking areas in office and shopping mall complexes during peak
times of official transactions. The demand also leads to economic, social, and
environmental losses, and with the increase in population, the problem becomes
more critical. As such, parking space optimization and control have become real
challenges for city transport planners and traffic authorities.
As a result, the government
of the United States is increasingly adopting advanced parking management
systems as they offer a convenient and space-saving solution to parking
problems in urban areas. Advanced parking management systems use low-cost
sensors, real-time data, and applications to allow users to monitor available
and unavailable parking spots. The aim is to automate the procedure and
decrease the time spent manually searching for the optimal parking level, spot,
or even more. Some systems are expected to introduce a whole collection of
services, such as parking time alerts, online payments, and even vehicle search
capabilities for especially large parking lots. A parking solution extends
general advantages to both the user and the lot owner. Therefore, with the increasing
demand for advanced parking management systems, the United States parking
management systems market is also expected to increase during the forecast
period.
The Increasing Number of
Car Users:
The ratio of car ownership
in the United States has been trending upwards. According to the Hedges
Corporation, in 2020, there were 286.9 million registered cars in the US, which
is 0.84% more than the 284.5 million units in 2019. The US automotive industry
has experienced its fair share of ups and downs. This is due to factors such as
the oil and energy crisis, improvement of fuel economy, fluctuation of gas
prices, innovative upgrades, and the COVID-19 pandemic. As a result, the number
of vehicles present on the road is exponentially increasing day by day. To
facilitate parking for every vehicle, the government needs to use the available
space most efficiently. The increased number of vehicles, in addition to the
misuse of available space, is leading to parking issues. It is necessary to
develop a smart parking system that helps users locate the nearest available
parking space. This saves a lot of time for users, reduces fuel consumption of
vehicles, and in turn reduces pollution.
Thus, effective car parking
management is essential for cities, businesses, and other organizations to
ensure that parking spaces are used efficiently and safely. By using
technology, implementing dynamic pricing, and creating parking zones,
organizations can take steps to improve car parking management and make it
easier for drivers to find and pay for parking. Additionally, by focusing on
the root causes of parking issues such as urbanization and the increasing
number of vehicles on the road, organizations can work towards making parking
more efficient and sustainable. Hence, the United States parking management
systems market is likely to grow in the upcoming period.
United States Parking
Management Systems Market: Challenges/Restraints
System integration complexities:
Parking management
encompasses several hardware sensors, real-time messaging systems, traffic
control devices, wireless and wired telecommunications systems, computer
servers, and application interfaces. The variation and variability in the hardware
infrastructure and software systems for parking management are massive. Also,
the collection and evaluation of parking data from different systems are
necessary to execute the concept of dynamic priced parking. These parking data
stores are contrasting and often present on inappropriate hardware and software
systems, making it relatively hard to integrate the data into a consistent
whole. The integration of all the hardware and software included in parking
management into one single platform is difficult and acts as a restriction to
the development of the parking management systems market in the United States.
High costs impede progress
in parking management systems:
High cost is another
significant obstacle in the parking management market. Parking management
companies incur high costs to establish new parking garages, maintain existing
sites, and invest in new technologies such as automated parking systems and
smart parking platforms. However, the costs are not limited to infrastructure
expenses.
Automation and outsourcing
decrease parking costs:
In addition to employee
salaries, insurance, and equipment, other factors contribute to the high costs.
To reduce these costs, parking management companies can consider outsourcing a
portion of their services, implementing automated parking systems that reduce
or eliminate the need for employees, and investing in energy-efficient
lighting, HVAC, and other technologies that reduce utility costs.
Impact of regulatory
restrictions on the parking industry:
The parking management
industry is also subject to regulatory restrictions. Public safety,
environmental impact, zoning, and land use laws and regulations can have a
substantial impact on the operations and profitability of parking management
companies. For instance, parking management companies may be required to
acquire multiple permits, which can be costly and time-consuming.
United States Parking
Management Systems Market: Recent Developments
- In February 2023, Eleven-x, a Canada based
IoT company, was selected for one of the largest municipal smart parking
installations in North America. The project, located in Arlington County,
Virginia, aims to bring a new level of efficiency and convenience to parking
for both residents and visitors. The smart parking system will utilize
eleven-x’s wireless technology to monitor parking spots and provide real-time
data on availability. This will enable drivers to quickly find available spots
and reduce the amount of time spent circling the block in search of parking.
The data will also be used to optimize parking enforcement and reduce
congestion in the area.
- In June 2020, Rekor Systems, Inc., a
Maryland-based company offering real-time roadway intelligence through
AI-driven decisions, and Cygnet Infotech, a leading product engineering and
application development services firm along with affiliates of Cygnet,
announced the introduction of a standalone company, to be named ROKER, to automate
parking enforcement and allow higher profit recovery for both public safety
institutions and private businesses alike.
- In 2019, North America’s largest
provider of Parking Access and Revenue Control Systems (PARCS) and parking
automation systems, and Smarking, the parking industry’s leader in business
intelligence and yield management software, announced a formal partnership to
provide Amano’s 7,000+ client sites and future sites with Smarking’s
cutting-edge business intelligence and yield management enterprise
software-as-a-service solution.
- In 2021, Kastle Systems announced
the launch of KastlePark, cloud-based software that incorporates office
building and parking garage access management into one coordinated system.
KastlePark enables building management, tenants, and office workers to control
and shorten both the retrieval and billing processes of a property's parking
operation.
Market Segments
The United States parking management systems market
is categorized based on component, platform type, solutions, parking site type,
deployment type, end user, region and competitive landscape. In terms of
components, the market consists of software and services. Platform types
include palleted and non-palleted. Solutions comprise parking guidance
solutions and parking reservation management. Parking site types are further
classified as on-street and off-street. Deployment types are categorized as
cloud and on-premises. End users of the market include residential, commercial,
government, transportation, hospitality, retail, and others. The market is
regionally segmented into Northeast, Southwest, West, Southeast, and Midwest.
Market Players
Major market
players in the United States parking management systems market are Conduent Inc., Amano McGann, Inc., Cubic
Transportation Systems, Inc., T2 Systems, Inc, Inrix Inc, Kapsch TrafficCom
USA, Inc, IPS Group, Inc., TIBA LLC, SKIDATA, Inc, Propark Mobility.
Download Free Sample Report
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Attribute
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Details
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Base Year
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2022
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Historic Data
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2018 – 2021
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Estimated Year
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2023
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Forecast Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
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Report coverage
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Revenue forecast, company share,
growth factors, and trends
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Segments covered
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Component
Platform Type
Solutions
Parking Site Type
Deployment Type
End User
Region
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Regional Scope
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Northeast, Southwest, West,
Southeast, and Midwest.
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Key companies profiled
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Conduent Inc., Amano McGann, Inc., Cubic Transportation Systems, Inc.,
T2 Systems, Inc, Inrix Inc, Kapsch TrafficCom USA, Inc, IPS Group, Inc., TIBA
LLC, SKIDATA, Inc, Propark Mobility
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Customization scope
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10% free report customization
with purchase. Addition or alteration to country, regional & segment
scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email (We
can also provide the editable version of the report in PPT/Word format on
special request)
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Report Scope:
In this report, United States Parking Management
Systems Market has been
segmented into following categories, in addition to the industry trends which
have also been detailed below:
- United States Parking
Management Systems Market, By Component:
- United States Parking
Management Systems Market, By Platform Type:
- United States Parking
Management Systems Market, By Solutions:
- Parking Guidance Solution
- Parking Reservation Management
- United States Parking
Management Systems Market, By Parking Site Type:
- United States Parking
Management Systems Market, By Deployment Type:
- United States Parking
Management Systems Market, By End User:
- Residential
- Commercial
- Government
- Transportation
- Hospitality
- Retail
- Others
- United States Parking
Management Systems Market, By Region:
- Northeast
- Southwest
- West
- Southeast
- Midwest
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the United States Parking Management Systems Market.
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to a company’s specific needs. The following customization options are
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Company Information
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Detailed
analysis and profiling of additional market players (up to five).
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