MarketsandMarkets expects the global parking management market size to grow from USD 3.39 billion in 2018 to USD 5.15 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period. The major drivers of the parking management market include the the growing focus on seamless traffic flow with fuel consumption reduction, adoption of cloud computing and IoT technologies, increasing vehicular sales, and proliferation of smart phones.

The introduction of autonomous cars will open up new revenue opportunities to the parking management vendors. At present, Volkswagen Group, a Germany-based multinational automotive manufacturing company, is testing autonomous parking at Hamburg Airport in Germany using Audi, Porsche, and Volkswagen vehicles. This system is expected to be available from 2020 in parts. Initially, it will operate in autonomous dedicated areas where there is no human-driven cars or pedestrians. Then the system will expand to operate in a mixed environment comprising humans and autonomous cars.

The scope of this report covers the parking management market analysis by type (solutions and services), parking site, deployment type, and region. The parking guidance solution is expected to grow at the highest CAGR during the forecast period, owing to the growing need for assistance in the search for the parking space. This solution accurately informs drivers of locations and the available parking spaces. The parking guidance solution helps reduce traffic congestion and pollution, and increase the occupancy and revenue of parking facilities.

As per the geographic analysis, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The increasing adoption of smart technologies in the parking space, the increasing vehicle sales in the countries, and the steady growth in the developing economies are the major factors contributing to the growth of parking management solutions in the APAC region. The implementation of smart city projects is also expected to significantly drive the market growth. These smart city projects address infrastructure, transit, utilities, and connectivity challenges. The major countries that are expected to witness the high growth rates in this region include China, Japan, Australia, New Zealand, Singapore, and the rest of Association of Southeast Asian Nations (ASEAN) countries.