Global Parking Management Market Estimated to Grow Steadily at a CAGR of 14.44% by 2021

Published on : Feb 14, 2017

Albany, New York, February 14, 2017: According to the latest study, rising traffic congestion and overcrowding of vehicles have increased the need for a better and effective parking management system worldwide. Due to this, in recent years, the global market of parking management have shown a tremendous growth and also expected to grow substantially in the coming years. This has been clearly stated in the latest report broadcasted to the huge portfolio of Market Research Hub’s research offerings and entitled as “Global Parking Management Market 2017-2021”. Through this analysis, analysts have forecasted the global parking management market to expand at a CAGR of 14.44% during the period 2017-2021.

Geographically, the report segments the global market into following key regions such as APAC, Americas and EMEA. Among these, the Americas hold the maximum market shares and also expected to remain as well. The major reason behind this growth is the rising demand for automobiles in U.S. and Canada for traffic congestion issues. It is well known that increasing global number of vehicles is falling the issue of already acute shortage of parking space, especially in metropolitan areas which are becoming a prime factor.

Initially, the report presents market current scenario along with its introduction, market size, forecast and segmentation. Today’s advanced parking management systems are an effectual option which provides the high level of suitability to the drivers, powering and simplifying the business operations and other functions at the parking site. People can easily find parking spots which are provided by the management software guidelines. Basically, it includes various policies and programs that result in a more efficient use of parking resources. In this management system, traveler information systems, real-time parking guidance display, video surveillance, real-time vehicle counting along with easy payment options are available.

Further, the report segments the market on the basis of application, parking facility, component and category. Parking management system can be used in the applications such as government, business and transport. Moreover, it has been categorized into:

  • Revenue management
  • Valet facility management
  • Security and surveillance
  • Access control
  • Reservation management and others

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The next section of the report cover the details of market dynamics such as drivers, trends, opportunities and challenges for the market in coming years. Analysts have researched that, growing demand for embedded telematics solutions will drive the growth prospects for the global market in coming years. One of the major applications of telematics solutions is to enhance the efficiency of parking management in urban zones that can assist in the real-time monitoring of car park volumes, forecasting of available parking space and send information to drivers in advance. Also, one of the major trends observed by the study is the outsourcing of parking operations.

At present, some of the key vendors functioning in the market are as follows:

  • Amano McGann
  • Xerox
  • Kapsch
  • Siemens

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