Parking access control market to be valued at US$ 10,860.8 Million in 2030

A newly published report by Coherent Market Insights reveals a sustainable growth opportunity in the parking access control market. Coherent Market Insights’ analyst projected the parking access control market to be valued at US$ 7,600 Mn in 2023.  It is expected to exhibit a CAGR of 9.0% over the forecast period 2023 -2030.

Increasing adoption of advanced automation technologies such as license plate recognition systems and RFID tags in parking facilities drives market growth. These technologies aid in contactless parking payments and enhance parking convenience. Automation systems help parking operators manage capacities efficiently and optimize resource usage through real-time monitoring of parking lots.

Growing concerns regarding security of vehicles parked at commercial facilities such as airports, malls, and stadiums is contributing to the demand for advanced parking access control systems integrated with surveillance cameras and alarms.

Key market trends include introduction of cashless payment options: Major parking operators are integrating digital payment options such as credit/debit cards, mobile apps, and digital wallet for contactless payments. This trend is prompting parking lot owners to adopt advanced technologies to support various online payment gateways.

Growing popularity of reservation systems: Parking reservation systems for pre-booking parking slots is gaining popularity. These systems enable customers to book parking slots online or through mobile apps based on their preference for location and parking rates. The reservation feature improves parking convenience and utilization of parking facilities.

Parking Access Control Market Opportunities: The gate door and barrier automation segment accounted for the largest market share in 2023 and is expected to grow at a CAGR of 8.5% during the forecast period. Gate door and barrier automation systems help manage access and traffic flow efficiently. They enable seamless operation of swing & sliding gates, garage doors, and industrial doors.

The license plate recognition segment is projected to witness the highest growth rate over 2030, growing at a CAGR of 10.2%. License plate recognition systems use optical character recognition on images to read vehicle registration plates. They help identify vehicles, manage access privileges, and automate parking payments.

Key Market Takeaways:  The global parking access control market is anticipated to witness a CAGR of 9.0% during the forecast period 2023-2030. This is owing to growing investments in smart city infrastructure and the need to streamline parking operations.

On the basis of product type, the swing & sliding gates segment is expected to hold a dominant position. This is owing to the vast installed base of automated gate systems globally.

On the basis of solution, the gate door and barrier automation segment is expected to hold a dominant position over the forecast period. This is due to its ability to optimize traffic flow and enhance security.

On the basis of region, North America is expected to hold a dominant position over the forecast period. This is due to stringent regulations and the early adoption of advanced parking technologies.

Competitor Insights: Key players operating in the parking access control market include 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.

Recent Developments: In July 2022, Amano McGann introduced Amano ONE, a cloud-based parking accessibility and revenue process control solution that improves parking operations. The system is simple to setup and administer, with minimal maintenance required. It is also user friendly. More information in full report