Market Overview

Parking Management Market is Reckoned to Rise by 10.75% CAGR Forecast By 2026

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A Parking Management system helps a driver find a vacant spot, and the system collects real-time data through sensors installed in each parking space, which enables detection of presence or absence of a vehicle. The system directs drivers to available parking locations.

The global parking management market is estimated to value US$ 4,889.7 million in 2017, and is projected to register a CAGR of over 10% in terms of value during the forecast period 2017–2026. The report offers in-depth insights, revenue details, and other vital information regarding the global parking management market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026

Increasing number of vehicles worldwide, and shrinking availability of on-street parking space, is a major factor anticipated to drive growth of the global parking management market. Rising adoption of smart parking systems in parking garages, multistoried parking facilities, and commercial and residential sites are also resulting in insignificant growth of the global smart parking system market. In addition, options such as prior determination of availability of parking space, parking reservation in advance, and mobile payment option are further fueling growth of this market. Technological advancement in development of strong security systems is presenting new opportunities for major players in the global parking management market.

The global parking management market is segmented on the basis of application, parking facility, component, solution type, and region.

Among all technology segments, commercial segment in the global parking management market is expected to register a CAGR of over 11% over the forecast period. Commercial parking scheme allows 24×7 use of allocated parking spaces for visitors, tenant, staff, business users, and service providers, hence this parking service is broadly accepted on global platform, is key factor expected to drive growth of the global parking management system in near future.

Among all technology segments, off-street segment in the global parking management market is expected to register a CAGR of over 10% over the forecast period. This can be attributed to factors such as adoption of advanced mobile applications, coupled with improved ticketing and payment solutions for parking management over the forecast period.

Among all technology segments, hardware segment in the global parking management market is expected to register a CAGR of over 11% over the forecast period, owing to facilities offered by parking management software solutions such as payment & parking information, real-time vehicle counting, real-time parking guidance display, video surveillance, and DVR.

Among all the application segments, valet facility management segment is projected to register highest CAGR of over 11%, owing to new emerging technologies in valet parking facility such as player card, valet parking smartphone application, VIP window stickers, and SMS valet.

To Get Sample Copy of Report visit @ https://marketresearch.biz/report/parking-management-market/request-sample/

North America market is a dominant player in the global parking management market and accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to well-developed IOT industry, presence of leading parking management systems manufacturers, and increasing use of parking management by small enterprise. Europe accounts for the second largest revenue share contribution to the global parking management market followed by markets in Latin America, Asia Pacific and Middle East & Africa respectively. The market in Asia Pacific is projected to have the fastest growth in terms of revenue, owing to increasing use of parking management system for smooth traffic flow in countries in this region.

Prominent market players in the global parking management include Amano McGann Inc., Kapsch, Siemens AG, SKIDATA, and Xerox Corporation, and other prominent vendors.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Press Releases

 

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