CAGR Of Over 10% By 2026: Parking Management Market Driven By Increasing Number Of Vehicles & Shrinking Parking
MarketResearch.biz announces publication of its recently generated research report titled, "Global Parking Management Market By Application(Government, Commercial, Transport), By Component (Hardware, Software, Services) Parking Facility (Off-street, On-street) By Solution Type (Revenue management, Security & surveillance, Access control, Reservation management, Valet parking management) And Region - Global Forecast To 2026", which offers a holistic view of the global parking management market through systematic segmentation that covers every aspect of the target market. According to the report, the first five-year cumulative revenue (2017-2021) is projected to be US$ 30,143.8 Mn, which is expected to increase rather significantly over the latter part of the five-year forecast period.
A parking management system helps a driver to locate a vacant parking 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. Implementation of parking management systems helps in systematic allocation and maximum utilization of space for parking.
Global Parking Management Market: Market Dynamics
According to the report, major factors driving growth of the global parking management market are increasing number of vehicles worldwide and shrinking availability of on-street parking. In addition, rising adoption of parking management systems by parking garages, multistoried parking facilities, and commercial & residential sites are further propelling growth of the global parking management system market.
Technological advancements and increasing adoption of Internet of Things (IoT) and connected devices are some other factors expected to drive growth of the global parking management market over the forecast period. Moreover, features such as prior determination of availability of parking space, advance parking reservation, and mobile payment option are factors further fueling growth of the global parking management market.
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High installation and maintenance costs are major factors hampering growth of the global parking management market. In addition, lack of funding for deployment and lack of awareness about advantages of parking systems in underdeveloped economies are other factors hampering growth of the global parking management market.
Global Parking Management Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global parking management market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global parking management market is expected to expand at a moderate CAGR of 10.8% during the forecast period.
Global Parking Management Market: Segmental Snapshot
The market report has been segmented on the basis of application, parking facility, component, solution type, and region. On the basis of application, the global parking management market is segmented into government, commercial, and transport. On the basis of parking facility, the global parking management market is segmented into off-street and on-street. On the basis of component, the global parking management market is segmented into hardware, software, and services. On the basis of solution type, the global parking management market is segmented into revenue management, security & surveillance, access control, reservation management, and valet parking management. The regions covered in the analysis are the Americas, Europe, Asia Pacific, Latin America, and Rest of the World (ROW).
By application: Commercial segment accounts for highest market share and is estimated to register a CAGR of over 11.4% between 2017 and 2026.
By parking facility: Off-street segment is estimated to register highest CAGR of 10.9% over the forecast period.
By component: The first five-year cumulative revenue (2017-2021) of the hardware segment is projected to be US$ 16,574.8 Mn, which is expected to increase rather significantly over the latter part of the five-year forecast period.
By solution type: Valet parking management segment is estimated to register a CAGR of 11.9% during the forecast period.
By region: The market in the Americas accounted for highest revenue share in the global parking management market in 2016, and is expected to register a CAGR of over 11.1% between 2017 and 2026.
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Global Parking Management Market: Competitive Analysis
The research report on the global parking management market includes profiles of some of the major companies such as Amano McGann Inc., Kapsch, Siemens AG., SKIDATA, Xerox Corporation. Other prominent players such as Cisco Systems Inc., Cisco Jasper, Deutsche Telekom AG, Gemalto NV, HCL Technologies Limited, IBM corporation, IPS Group, Inc., MSR-Traffic, Nedap Mobility Solutions, Orange Business Services, Oti (PARX), Parkeon, SWARCO AG, and T2 SYSTEMS.
The Global Parking Management Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017-2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global parking management market for 2017-2026.
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