UK Parking Management Market revenue is projected to grow at a CAGR of 5.5% from 2023-2029

In terms of parking sites, on-street segment registered the highest revenue share in the United Kingdom Parking Management Market – 6Wresearch

On-street parking sites have accounted for the maximum revenue share in the United Kingdom's parking management market, attributed to the robust demand during peak hours at commercial spaces. Moreover, upcoming projects in the commercial sector such as 115 - 123 Houndsditch, EDGE London Bridge, and others are expected to further contribute to the dominance of on-street parking sites in the years ahead.

According to 6Wresearch, United Kingdom Parking Management Market revenue is projected to grow at a CAGR of 5.5% from 2023-2029. The United Kingdom’s urban population is expected to grow 84.4% by 2023. This urban expansion is supported by affordable housing initiatives, including Help to Buy and First Homes, and drives strong demand for creative parking solutions and parking management services during 2026-29 and beyond. Continuous rise in new registration of vehicles in the automotive sector i.e., an increase of 11.6% y-o-y and 16.7% y-o-y in April and May’2023 has created a high demand for advanced parking infrastructure and smart solutions to alleviate congestion and streamline parking and further, this growing sector is expected to strongly drive the market of cloud and On-premises parking management deployment in near future.

Implementing effective parking management comes with significant costs, including integrating features such as automated ticketing and statistical reporting, posing budget challenges for some organizations. Security risks, including potential cyber-attacks compromising sensitive data, and operational disruptions from equipment failures, glitches, and maintenance neglect, are expected to hinder the growth of the parking management market during the forecast period.

According to Shivankar, Research Manager, 6Wresearch, parking management solutions have garnered the highest revenue share in the overall parking management market in the United Kingdom. This dominance is attributed to the efficacy of technological solutions, including smart meters, mobile apps, and sensors, streamlining operations and enhancing user experience. The increasing adoption of advanced parking technologies underscores the pivotal role of solutions in optimizing revenue generation within the UK's parking management landscape.

The United Kingdom Parking Management Market (2023-2029) report provides an in-depth analysis with 12 figures and 5 tables, covered 63 pages. The report comprehensively covers the market by offering, parking site, and deployment type. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.