In 2024, the global parking management market was valued at approximately USD 4,796.8 million, and it is projected to grow to about USD 9,261.1 million by 2030, reflecting a compound annual growth rate (CAGR) of 12.6% over the period from 2025 to 2030. The expansion is primarily driven by increasing efforts to reduce traffic congestion and curb greenhouse gas emissions using parking management tools and technologies.

Parking management systems help lower vehicle emissions by reducing the time and traffic jam caused when drivers search for parking. In the U.S., for instance, an average driver spends about 17 hours per year looking for parking. Technologies such as sensors, cameras, and RFIDs improve visibility of available spots; real-time updates; digital ticketing; and mobile reservation and payment systems. Open-source transport applications are also providing features like nearby parking facility info, availability, navigation, and reservations. Emerging technologies—IoT, artificial intelligence, cloud platforms—enhance predictive demand analysis, automation, and remote management. Together, they improve efficiency, cut costs, and provide better user experience.

The solution component is further boosted by adoption of contactless payments, NFC technology, and QR code-based systems, responding to demands for speed, convenience, and reduced reliance on manual ticketing. The service component is expected to grow meaningfully over the forecast due to rising interest in sustainability: parking operations increasingly incorporate eco-friendly designs, energy efficiency, greener infrastructure, and support for green building certifications.

In terms of deployment, while on-premise systems held the largest share in 2024—driven largely by concerns over data security, especially in sectors like government, corporate, airports, and healthcare—the cloud segment is expected to register the fastest growth during the forecast period, thanks to benefits of flexibility, scalability, lower upfront investment, and ease of integrating third-party tools and expanding functionality.

Key Market Trends & Insights, and Market Size & Forecast

• Regional leadership & dominance: North America held a strong position in 2024, with the U.S. being the largest single national market.
• Component insights: The solution segment accounted for the largest share—about 67.0% in 2024.
• Deployment type: On-premise deployment led the market in 2024.
• Parking site type: Off-street parking, including garages and lots, dominated in that year.

Market Size & Forecast Highlights

• Base size in 2024: USD 4,796.8 million.
• Forecasted size in 2030: USD 9,261.1 million.
• CAGR (2025–2030): 12.6%.
• North America was the biggest regional market in 2024.

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Key Companies & Market Share Insight

A number of major players dominate through innovation, broad geographic presence, and strategic partnerships or acquisitions. Key firms are investing in sensor-based occupancy detection, real-time monitoring, license-plate recognition, mobile payment integration, and analytics dashboards. Their strategies often include expanding service portfolios, developing subscription or cloud-based models, and forging collaborations with municipal authorities or property developers to roll out smart parking solutions.

Some of these firms are already active in many countries, delivering systems that monitor parking space occupancy, guide drivers via apps or signage, support digital payments, and enable centralized control.

Key Companies

• 3M Company
• Amano Corporation
• Cubic Corporation
• International Business Machines Corporation (IBM)
• Kapsch TrafficCom
• Siemens AG
• Skidata
• Swarco Corporation
• T2 Systems
• Robert Bosch GmbH

Conclusion

In sum, the parking management market is accelerating sharply, expected to almost double in size from 2024 to 2030 under strong growth (CAGR ~12.6%). Technologies like IoT, cloud and AI are central to this transformation, enabling better utilization of space, improved user convenience, and reduced environmental impact. While on-premise and off-street solutions currently dominate, cloud-based and on‐street innovations are poised to grow at higher rates. Governments and commercial users are emerging as the key application fields. Leading firms are positioning themselves through technological innovation, broader geographic reach, and flexible deployment models. The trends suggest that smart, data-driven parking solutions will become integral to urban planning and mobility strategies going forward.

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