United States Parking Management Systems Market By Component (Software, Service), By Platform Type (Palleted, Non-Palleted), By Solutions (Parking Guidance Solution, Parking Reservation Management), By Parking Site Type (On-Street & Off-Street), By Deployment Type (Cloud, On-premises), By End User (Residential, Commercial, Government, Transportation, Hospitality, Retail, Others), By Region, Compet
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationUnited States Parking Management Systems Market By Component (Software, Service), By Platform Type (Palleted, Non-Palleted), By Solutions (Parking Guidance Solution, Parking Reservation Management), By Parking Site Type (On-Street & Off-Street), By Deployment Type (Cloud, On-premises), By End User (Residential, Commercial, Government, Transportation, Hospitality, Retail, Others), By Region, Compet
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 found at for everyone who needs them while also reducing congestion and making it easier for people to find parking.
United States Parking Management Systems MarketDrivers & 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 found at 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 found at space most efficiently. The increased number of vehicles, in addition to the misuse of found at space, is leading to parking issues. It is necessary to develop a smart parking system that helps users locate the nearest found at 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 MarketChallenges/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 retailers 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 MarketRecent Developments
- In February 2023, Eleven-x, a Canada basedIoT company, was selected for one of the largest municipal smart parkinginstallations in North America. The project, located in Arlington County,Virginia, aims to bring a new level of efficiency and convenience to parkingfor both residents and visitors. The smart parking system will utilizeeleven-x’s wireless technology to monitor parking spots and provide real-timedata on availability. This will enable drivers to quickly find available spotsand reduce the amount of time spent circling the block in search of parking.The data will also be used to optimize parking enforcement and reducecongestion in the area.
- In June 2020, Rekor Systems, Inc., aMaryland-based company offering real-time roadway intelligence throughAI-driven decisions, and Cygnet Infotech, a leading product engineering andapplication development services firm along with affiliates of Cygnet,announced the introduction of a standalone company, to be named ROKER, to automateparking enforcement and allow higher profit recovery for both public safetyinstitutions and private businesses alike.
- In 2019, North America’s largestprovider of Parking Access and Revenue Control Systems (PARCS) and parkingautomation systems, and Smarking, the parking industry’s leader in businessintelligence and yield management software, announced a formal partnership toprovide Amano’s 7,000+ client sites and future sites with Smarking’scutting-edge business intelligence and yield management enterprisesoftware-as-a-service solution.
- In 2021, Kastle Systems announcedthe launch of KastlePark, cloud-based software that incorporates officebuilding and parking garage access management into one coordinated system.KastlePark enables building management, tenants, and office workers to controland shorten both the retrieval and billing processes of a property's parkingoperation.
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
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | Component Platform Type Solutions Parking Site Type Deployment Type End User Region |
| Regional Scope | Northeast, Southwest, West, Southeast, and Midwest. |
| Key companies profiled | 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 |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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| Delivery Format | 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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