Parking Management Market Trends

Growth Drivers

• Escalating Technological Advancement – Increasing advancement in technologies such integration of IoT, parking sensors, and digital payment methods are factors boosting the parking management market in future times. Market players are focusing on providing the best customer experience at the same time offering problem-free parking services that can help them to be the odd one out. Organizations can assign parking spots, offer access control, and save administrative costs for parking with the use of immediate time data and analytics. For instance, Robert Bosch GmbH revealed a collaboration with Mercedes-Benz in November 2022 to introduce autonomous self-parking software. The Stuttgart Airport parking lot's designated slots can now be occupied by automobiles with the aid of software.
• Growing Demand for Electric Vehicles - The rising use electric vehicles pressurizes local authorities to make charging stations in parking spots for better convenience, which further raises the demand for parking management. Companies may maximize their potential thanks to parking management's area optimization services. The need for parking management is expected to increase as a result of features including hassle-free booking, straightforward navigation, smooth customer experience, live reporting, and parking enforcement alternatives. From 4% in 2020 to 14% in 2022, the proportion of electric vehicles in overall sales has more than quadrupled in only three years. Sales of EVs are anticipated to remain robust through 2023. In the first quarter, more than 2.3 million electric vehicles were sold, which is nearly 25% higher than during the same time previous year.
• High Utilization of Parking Spaces - The growing demand for maximum utilization of parking spaces is also driving the expansion of the market in the forecast timeframe. An integrated and efficient parking management solution can reduce parking needs by 20-40%, help manage city infrastructure, reduce land consumption, improve government revenue, and improve user comfort. 

Challenges

• High in Cost – Parking management systems can be expensive to adopt particularly in large cities. This can be a limitation for the market especially for smaller businesses and organizations. Additionally, the expense awareness of the parking spot administrators who work the parking spot in the spot of the parking spot proprietor is a significant barrier for this industry.
• Complexities Associated with the Adoption of the System
• Data Security and Privacy Problems Related to IoT