Having innovative technologies such as payment digitalisation, enforcement processes, access control, and reporting at the core, parking management software is fast gaining currency among local authorities and private parking companies.
Global smart parking management market size was valued at $4.38B in 2022. It is forecasted to hit a staggering $8.60B, growing at a compound annual growth rate (CAGR) of 12.50% between 2022 and 2030, according to an article by Market Research Future (MRFR) published in Digital Journal.
What is a parking management system
A parking management solution helps optimise parking spaces, better manage the influx of vehicles, and ensure the safety of both people and vehicles.
It aids in managing vehicles efficiently by offering full control of the entire lifecycle of parking enforcement information—from issue to recovery and the stages in between.
Driving forces behind the increasing demand for parking management software
The parking management market is gaining traction as more and more companies look to optimise their parking spaces.
In addition, the rising number of vehicles, growing global demand for smooth traffic flow, and rapid development of smart cities are the pivotal factors promoting the adoption of automated parking management solutions, particularly across some regions of the world.
According to MRFR, due to developers creating additional spaces instead of not making the most of the existing ones, many parking slots remain unutilised.
The solution: leveraging state-of-the-art parking management software.
By notifying keepers of empty parking spaces, a class-leading parking management system with improved signage and real-time parking indicators helps minimise parking space waste. The result: fortified customer experience and a substantial saving on time and fuel.
On top of that, a high-end parking management system helps differentiate between under-pricing and overpricing parking spaces, enabling improved revenue management that leads to effective resource utilisation.
An integrated, cost-effective parking management solution can often address parking requirements by 20-40%, offering many social, economic, and environmental benefits..
How the Covid-19 pandemic affected the global parking management software market
Along with vehicle manufacturing activities, parking management software production remained halted in response to the Covid-19 pandemic.
Many countries enforced stringent regulations declaring lockdowns and discouraged crowding on public vehicles and in transport stations. With declining need for parking management, the growth of the parking management software market witnessed a modest decrease for a short period.
However, with more and more countries now easing travel and quarantine restrictions, the need for parking management is getting a substantial push. As a consequence, the demand for end-to-end cloud-based parking management software, such as ZatPark, is expected to increase.
North America to reign the global market
Accounting for more than 35% of the market share, North America reigned in the parking management software market last year.
Countries with robust economies, such as the US and Canada, are the leaders in driving the growth of the parking management system industry across the region.
That said, with the demand for parking management systems on the rise, it’s critical for businesses to ensure enhanced user experience while also saving time and money. A high-end parking management system helps streamline enforcement and management for private enforcement companies and local authorities.
Sohela is an electrical engineer and a self-professed writer with a keen interest in all things tech. When she’s not writing killer content pieces, you’ll find her enjoying tempting foods in her favourite restaurants.