Parking Management System Market Size, Share, Growth Analysis, By Solutions(Parking Guidance Solution, Parking Reservation Management, Parking Permit Management, Parking Enforcement Management), By Deployment Type(Cloud, On-premises, Others), By Region - Industry Forecast 2024-2031

Parking Management System Market Driver

Technological Developments to Create Market Opportunities

• The demand for parking management systems is expected to rise as a result of technological developments in connectivity and communication. Growing use of mobile devices and the use of apps to support parking solutions are expected to increase market opportunity. The market for parking management systems is growing in popularity as self-parking technology in cars also develops.
• As developers end up constructing extra space to comply with requirements governing the size and number of parking spaces, a proportion of parking spaces stay vacant. By alerting consumers when and where a parking spot is available, consistent parking management solutions, such as enhanced signage and real-time parking indicators, reduce the wastage of parking spaces.
• Through better revenue management, which combats overcharging and undercharging for parking spaces, parking management also leads to a more effective use of parking resources. In order to maintain city infrastructure, consume less space, generate more cash for the government, and improve user comfort, parking needs can be reduced by 20–40% with an efficient and comprehensive parking management solution.

Parking Management System Market Restraint

Stringent regulations and costs to impede the market growth

• The main hindrance to market growth in the forecast period is anticipated to be the existence of strict laws and regulations from various governments about the use of parking places. Additionally, costs related to parking management's installation and upkeep are issues that could restrain the market's expansion for parking management solutions.
• One of the biggest challenges facing the market for parking management solutions globally is the high installation cost. In the upcoming years, the market expansion would be constrained by a shortage of skilled employees for system installation and maintenance.