According to a new report published by Introspective Market Research, titled, “Parking Tolling System Market by Type, Parking Site, Application, End-User, Region Global Market Analysis and Forecast, 2024-2032. The Global Parking Tolling System Market was valued at $5153.27 Million in 2023 and is expected to reach $10918.14 Million by the year 2032, at a CAGR of 8.70%. A Parking Tolling System is an automated setup created to effectively handle parking charges through the use of technologies such as sensors, cameras, and payment methods. It is frequently located in parking lots and toll plazas, improving convenience, minimizing traffic, and enabling cashless payments. This system mandates that drivers acquire tickets from attendants or kiosks as they pay fees in specified areas. The need for urban mobility and advancements in digitalization drive the development of smart parking solutions that utilize IoT technologies to reduce the time spent looking for parking, enhance traffic flow, and implement dynamic pricing. Real-time occupancy information and cashless solutions such as FASTag improve ease and safety, minimizing waiting periods. In Smart Cities, toll management utilizes analytics for effective toll collection, enabling interoperability among different systems. The pandemic has hastened the move toward contactless payments. Moreover, highway parking charges assist in managing traffic and funding infrastructure while encouraging sustainable transportation, with advanced parking solutions being spearheaded by Western Europe and North America.
According to The Parking Tolling System Market is segmented into Type, Parking Site, Application, End-User, and Region. By Type, the market is categorized into Manual Toll Collection and Electronic Toll Collection. By Parking Site, the market is categorized into Off-Street and On-Street. By Application, the market is categorized into Parking and Expressway. By End-User, the market is categorized into Commercial Parking, Transportation Hubs, Hospitality, Healthcare Facilities, and Residential Buildings. By Region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Smart cities leverage technology and data to improve efficiency, sustainability, and the quality of life for citizens, particularly in transportation systems like traffic control and parking solutions. They set variable parking fees based on location and demand, analyzing information to improve pricing. Dynamic pricing enhances the efficient use of space and reduces crowding. Integrating parking fees into broader mobility plans encourages various transport alternatives, while smart solutions like mobile apps enhance user experience and foster acceptance of these systems.
The increase in vehicles and poor parking management have led to congestion and parking problems in urban environments. An automated smart parking management system is essential to help drivers quickly find available spaces, thereby reducing fuel usage and pollution. Smart urban technologies can collect real-time information on parking availability and traffic trends. However, there is little research on real-time identification of inappropriate parking and automated fee collection. Furthermore, combining mobile applications with IoT sensors improves user experience.
Parking Tolling System Market Segmentation
The Parking Tolling System Market is Segmented Based on Type, Parking Site, Application, End-User, and Region
By Application:
The parking tolling system market is projected to be led by the parking segment, featuring systems that manage vehicle access and facilitate payment collection. They improve space utilization and guarantee fair payments with different management techniques such as barrier gates and sensor technology. In enclosed facilities, transactions are completed at unattended kiosks using cash, cards, or mobile applications, whereas open spaces utilize kiosks and direct payment methods. These systems assist in managing traffic, upholding regulations, and generating income for operators, with the goal of enhancing convenience and efficiency for drivers and parking managers via various payment methods.
By Type:
The Manual Toll Collection sector dominates the parking tolling system market, requiring instant payments via cash or cards. This method relies on personnel for manual enforcement, which may lead to errors due to reliance on human judgment rather than automation. Hotels prioritize parking for guests and local residents, while shopping centers offer free short-term parking. Though automation improves efficiency, human presence remains vital for customer support and handling complexities, acting as backups for automated systems. in semiconductor technology and modular switching cells for enhanced performance.
Region:
North America is expected to lead the airport parking market. In 2022, the volume of passengers rose by 33.3% at North American airports, propelled by a 117.2% increase in international arrivals and a 25.8% rise in domestic passengers. This has raised the need for efficient parking options at major airports like Hartsfield-Jackson Atlanta and Toronto Pearson. The parking industry in the U.S., which brings in about $30 billion annually, needs innovative parking solutions to improve the passenger experience. Moreover, technological advancements and innovative solutions, such as sensor-equipped infrastructure, are vital in addressing the ongoing parking problem.
Some of The Leading/Active Market Players Are-
- 3M (United States)
- Bharatiya Global Infomedia Ltd. (India)
- Conduent, Inc. (United States)
- Housten Systems Private Limited (India)
- Kent Intelligent Transportation Systems (India)
- Metro Infrasys Pvt. Ltd. (India)
- Q-Free (Norway)
- Shenzhen Carsafe Technology (China)
- Sigma SPA (Italy)
- Smartpower Automation (India)
- SRTEC Automation (India)
- Swarco (Austria)
- Thales Group (France)
- The Revenue Markets Inc. (United States)
- Transcore (United States)
- Verra Mobility (United States), and Other Active Players
Key Industry Developments
- In March 2024, Thales announced enhanced cyber resilience for organizations partnering with Sapor, Belgium. This collaboration combines Thales’ extensive experience in securing critical infrastructure and digital assets with Sapporo’s innovative attack path management platform. This combined offering enables organizations to continuously recognize weaknesses in their access architecture, prioritize them accordingly; simulate attack behavior; and take decisive action to mitigate risks before they become exploitable.
- In August 2023, Q-Free installed adaptive signal control on Orlando I-Drive. Q-Free, a global leader in mobility solutions for smart city infrastructure, announced the successful deployment of MAXTIME Adaptive to improve traffic flow on Orlando's busy tourist corridor, International Drive. I-Drive is a busy road between Universal Studios, SeaWorld, the Orange County Convention Center, and other attractions, and has a lot of pedestrian and vehicle traffic.
- In March 2023, 3M announced a partnership with Guardhat, an industry-leading unified security software company. Because connectivity is an important part of security programs, 3M is migrating its Security Inspection Management (SIM) software to Guardhat. The transition should be completed by mid-2023. In addition to the SIM transfer, the companies are evaluating future collaboration opportunities by combining 3M's experience in personal protective equipment with Guardhat's leading work-centered software platform to create combined safety capabilities aimed at keeping more frontline workers safe.
Key Findings of the Study:
- Smart city initiatives and urban mobility solutions in Western Europe and North America are driving the development of advanced parking tolling systems that utilize IoT for improved efficiency.
- The pandemic has expedited the transition to cashless and contactless payment methods, including technologies like FASTag, enhancing convenience and safety in toll and parking fee collection processes.
- The parking segment leads the market by enhancing space utilization and streamlining fee collection with technologies like barrier gates and sensor-equipped systems.
- North America, with its advanced infrastructure and growing passenger volumes, remains the leading region for parking tolling systems, supported by technological innovations such as adaptive signal control systems. Additionally, collaborations and advancements by key players like Q-Free, Thales, and 3M further propel industry growth.