The
global parking management market size
is expected to reach USD 8,438.4 million by 2024 according to a new study by
Grand View Research, Inc. The increased public sector funding and constructive
government initiatives are presumed to strengthen the global parking management
industry growth. The market is anticipated to experience a surge in the demand
for parking management solutionsin the commercial and government application
segments and is expected to propelthe industry growth.
The
emergence of smart parking systems helps inefficiently addressing the traffic
woes and parking-related issues. The system helps in minimizing fuel usage and
consequently reducesautomobile emissions. The industry is expected to gain
tractiondue to thedevelopment of systems with sophisticated features such as handicapped
parking, auto-payment options, and voice guidance enabled through mobile phone
applications.
An
increasing number of vehicles is impacting the availability of parking lots and
is consequently fueling the demand for implementing parking management
solutions across the globe. The systems help in making the cities cleaner,
greener, and compact. The growing smartphone penetration will benefit the
industry by increasing its reach. These parking mobile applications are
expected to offer local businesses an opportunity to attract their most
potential customers and provide them with the best offers for customers looking
for parking.
Browse full research report on Global Parking Management Market: http://www.grandviewresearch.com/industry-analysis/parking-management-market
Further key findings
from the study suggest:
- The
government application segment dominated the global parking management
industry accounting for over 60% of the market share in 2015. The rising
demand for minimizing vehicular emissions and effectively managing on-road
automotive is expected to trigger the wide-scale adoption of parking
management solutions in the government sector
- The North
America regional market accounted for 40% of the overall revenue share in
2015. The rising interest of automobile manufacturers in the U.S. and
Canada to develop parking management systems is projected to fuel growth
in the region
- The demand
for the parking reservation management solution segment accounted for 15%
of the overall market share in 2015.This demand is expected to increase in
the metropolitan cities as vehicle ownership is increasing, which is
leading to parking problems. The parking reservation management reduces
traffic congestion issues due to better parking space, reduced search
time, cost for parking spaces, and increased parking revenue
- The service
segment accounted for 18% of the global market share in 2015. The parking
management solution providers, mobile payment companies, and parking data
aggregators are changing the way parking is seen by the end-users and
operators. This segment includes revenue generated from consultancy
services, engineering services, and revenue generated by companies
offering parking services through the mobile application. The segment is
expected to be the fastest-growing component segment
- The key
players in the industry include Amano, 3M, Cubic Corporation, Swarco AG,
Siemens AG, Kapsch TrafficCom, Xerox Corporation, and IBM Corporation
Browse more reports of this category by
Grand View Research: http://www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has
segmented the global parking management market on the basis of application,
parking site, component, solution, and region:
Parking Management
Application Outlook (Revenue, USD Million, 2014 - 2024)
- Transport transit
- Government
- Commercial
Parking Management
Parking Site Outlook (Revenue, USD Million, 2014 - 2024)
- On-street
- Off-street
Parking Management
Component Outlook (Revenue, USD Million, 2014 - 2024)
- Hardware
- Software
- Service
Parking
ManagementSolution Outlook (Revenue, USD Million, 2014 - 2024)
- Access control
- Security & surveillance
- Revenue management
- Parking reservation management
- Valet parking management
- Others
Parking Management
Regional Outlook (Revenue, USD Million, 2014 - 2024)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and fact-based
research across a range of industries, from technology to chemicals, materials
and healthcare.
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