PARKING ACCESS CONTROL MARKET ANALYSIS

The Parking Access Control Market size was valued at USD 5,450.6 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 9.0% from 2023 to 2030. The parking access control solutions reduce the waiting time at the entrance of the parking facilities. According to Coherent Market Insights’ study, the parking access control solutions such as License Plate Recognition and Barrier Automation reduces the waiting time by about 24% compared to conventional parking facilities. This allows more vehicles to enter the parking facility in specific period of time and is expected to enhance overall productivity of the parking facility.

Figure 1: Global Parking Access Control Market Share (%), By Region, 2022

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North America held dominant position in the global parking access control market in 2022 and is projected to retain its dominance throughout the forecast period, owing to rapid product developments done by the North America-based parking access control companies. Moreover, market players present in the region are focusing on technological advancement by offering technologies such as Internet of Things (IOT) based smart parking systems. For instance, On February 21, 2023, Eleven-x, a Canadian-based IoT company, is selected for one of the largest municipal smart parking installations in North America. The project, located in Arlington County, Virginia, aims to bring a new level of efficiency and convenience to parking for both residents and visitors.

Parking Access Control Market Drivers:

Growing Development of Smart City Projects

Several countries such as India, China, and the U.K are focusing on the development of smart city projects. According to Coherent Market Insights’ analysis, there were 1,000 smart city projects worldwide and China has about 500 smart city projects. Moreover, the increasing number of intelligent construction buildings are increasing the demand for automatic barriers in order to provide security. For instance, according to Invest India, a national investment promotion and facilitation agency of India.

Growing Demand of Parking Access Control Systems in Commercial Area

The global parking access control market is growing due to the increasing demand of automated solutions for commercial spaces due to its various benefits offered by the parking access control, such as improved control, revenue generation, and data collection, boost the growth of the parking access control market. Further, the rising development in sensor technologies and supporting infrastructure development for automated and connected solutions anticipate the growth of the parking access control market. Additionally, an increasing number of commercial places such as the mall, resorts, clubs, airports is a factors is likely to create more opportunity for the market.

Parking Access Control Market Opportunities:

Growing Focus on Optimum Utilization Of Parking Spaces

Several parking spaces remain unutilized as developers end up building additional spaces in adherence to regulations regarding the size and number of parking spaces. Consistent parking management solutions, such as improved signage and real-time parking indicators, reduce the wastage of parking spaces by informing customers when and where a parking space is available. Parking management also results in the more efficient use of parking resources through better revenue management, by countering over-pricing and underpricing parking spaces. An effective and integrated parking management solution can reduce parking requirements by 20–40%, which helps in maintaining city infrastructure, reducing land consumption, increasing revenue generation for the government, and improving user convenience.

Growing Demand of On-Street Parking Space

The growing demand for on-street parking spaces in metropolitan areas around the globe is main reason of growing smart parking's uses. Smart meters track and keep count of the number of parked cars as well as open spaces. It is projected that the hardware cameras and LPRs segment would emerge as the fastest increasing segment over the forecast period owing to growing deployment of in-vehicle LPR monitoring systems. Moreover, Radar sensors are used less frequently than ultrasonic sensors as they are more expensive. Radar sensors are used in a wide range of extremely advanced applications, such as autonomous emergency braking, forward collision warning, and other driver assistance systems.

Parking Access Control Market Trends:

Growing Trend Towards IOT Technologies

The growing technological advancements such as the Internet of Things (IoT), parking sensors, and electronic payment methods are additionally is accelerating the market growth. Market players are focusing on enhancing customer experience by offering hassle-free parking system

With the help of real-time data and analytics, organizations can allocate spaces, provide access control, and reduce administrative overhead spent on parking. For instance, in November 2022, Robert Bosch GmbH announced a partnership with Mercedes-Benz to launch automated self-parking software. The software allows vehicles to park themselves in spaces reserved in the parking lot of Stuttgart Airport.

Integration of Security System Components Such As Access Control, RFID Readers,

Smart parking system is a software solution that incorporates Internet of Things (IoT) technologies such as sensing devices, cameras, or counting sensors to identify which parking area is occupied or available and often uses this sensor data to design a real-time parking map. Moreover, technology platforms such as permit and enforcement (P&E) and parking access and revenue control (PARC) systems comprise numerous hardware sensors, messaging systems, and traffic control devices, telecommunications systems both wireless and wireline, hardware and server drivers, and application interfaces.

Moreover, Integration of security system components such as access control, RFID readers, variable message signs, and automatic number plate recognition (ANPR) in parking systems. Growing uses of near field communication (NFC) technology in both parking, as well as payment systems, is also considered as one of the major trends in smart parking systems.

Global Parking Access Control Market- Impact of Coronavirus (Covid-19) Pandemic

COVID-19 pandemic had a significant impact on the parking access control market. Several countries across the globe such as India, Italy, the U.K., and others imposed nationwide lockdown in 2020. Many European countries such as Germany, Spain, and the U.K. also faced second wave of the COVID-19. For instance, Government of U.K. imposed nationwide lockdown from November 5, 2020 to December 2, 2020 to restrict the second wave of COVID-19. During these lockdowns, majorly all the transportation activities were restricted by the government authorities. This adversely affected the parking industry along with the parking access control market. 

Parking Access Control Market Restraints:

System Integration Complexities

Parking management comprises various hardware sensors, real-time messaging systems, traffic control devices, wireless and wired telecommunications systems, computer servers, and application interfaces. The variety and variability in the parking management hardware infrastructure and software systems are enormous. Also, the collection and analysis of parking data from different systems are necessary to implement the concept of dynamic priced parking. These parking data stores are disparate and often present on incompatible hardware and software systems, making it quite difficult to integrate the data into a coherent whole. The integration of all the hardware and software involved in parking management together into one single platform is difficult and acts as a restraint to the growth of the parking management market.

Figure 2. Global Parking Access Control Market, By Solution

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Parking Access Control Market Segmentation:

The Parking Access Control Market report is segmented into

• By Product Type: Swing & Sliding Gates, Garage Doors, Industrial Doors, Pay Stations, Validators and Encoding Stations, Sensors, Cameras, Display Boards, Others.
• By Solution: Gate Door and Barrier Automation, License Plate Recognition, Loop Detection System, Monitoring and Surveillance, Payment Solutions, Others.
• By Technology: Magnetic or Barcode Ticket Technology, RFID Technology, Bluetooth, Wi-Fi, Others.
• By Vertical: Airports, Government and Municipalities, Shopping Malls, Hospitals, Universities, Hotels, Stadium, Industries, Others

Among solution segment, the gate door and barrier automation sub-segment is expected to dominate the market during the forecast period owing to the increasing smart city projects.

Automatic barriers or boom barriers are essential components that provide safety solutions in airports, commercial buildings, railways, and others. They are installed to manage vehicles and minimize the possibility of vehicle intrusion. These systems are used in residential, industrial, commercial, and government buildings for security purposes. The increasing development of smart cities in emerging and developed economies is expected to drive the market growth during the forecast period.

Several countries across the globe such as India, China, and the U.K are focusing on the development of smart city projects. According to Coherent Market Insights’ analysis, there were 1,000 smart city projects worldwide and China has about 500 smart city projects. Moreover, the increasing number of new construction buildings has increased the demand for automatic barriers in order to provide security. For instance, according to Invest India, a national investment promotion and facilitation agency of India, the construction industry in India is expected to exhibit a CAGR of 15.7% and reach US$ 738,500 million by 2022. Furthermore, gate door and automation systems are specially designed for commercial, industrial, and residential applications. An automatic gate door is used to control access in a secured area. Automatic gate doors are used at the entrance of the facility and used to control vehicular access on and off the site.

Parking Access Control Market: Key Companies Insights

The Parking Access Control Market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the Parking Access Control Market are Access, Security & Parking Systems, Inc., ACTi Corporation, Amano Corporation, Cass Parking, Conduent Inc., DESIGNA, Electro Automation, FAAC SPA Soc, HUB Parking Technology, Nortech Access Control Ltd. SKIDATA, SWARCO, TIBA PARKING SYSTEMS, VersionX Innovations Pvt. Ltd and ZKTECO CO., LTD

*Definition: A car park access control system automates the entry and exit of vehicles in a parking space. It prevents unauthorized use of space and comes in various types including keypads, proximity cards, RFID tags, ANPR and connected cars.

Key Developments-

1. In January 2023, Apcoa Parking announced a partnership with Bosch to introduce driverless parking in several major German cities

For instance, in July 2022, Amano McGann launched Amano ONE, a cloud-based parking accessibility and revenue process control system which streamlines parking operations. The system is simple to install and administer with low maintenance requirements. It is also user-friendly