Parking Management System Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Solution, Service), By Deployment (On-Premises, Cloud), By End-User (Hospitals, Malls & Shopping, Centers, Industries, Residential Apartments, Educational Institutions, Airports, Stadiums, Others) and Region

Parking Management System Market size was valued at US$ 4.01 billion in 2023 and is poised to grow at a CAGR of 5.4% from 2024-2030. The parking management system encompasses a variety of rules and activities that result in more efficient parking resource utilisation. The access control system, revenue management, security system, boom barrier, and statistical information are all part of the parking management system, and the market analysis includes deployment types like On-premises and Cloud, as well as Parking Sites like Off-street and On-street. On-street parking refers to spaces where vehicles are parked on the sides of the road.

On-street parking management is expected to achieve goals using a variety of techniques, including creating parking spaces, facilities, and signage, limiting access to particular groups, setting a time restriction, charging fees, ensuring compliance with all the arrangements, and monitoring success. Government entities normally control the majority of on-street parking spaces. Most commuters prefer on-street parking since it is convenient and economical. Off-street parking, despite being an organised and safe parking option, has trailed behind due to excessive parking prices, resulting in low occupancy levels.