Parking management system assist drivers to find an open space for parking the vehicle. This system gathers real-time data through sensors installed in various parking space and provide the information to drivers about the availability of parking space at any desire location. The key factors driving the market globally is focus on reduction in fuel pollution, seamless traffic flow, increased vehicles production leads to parking concerns, and concern for security, safety, and connectivity. The consistent developments in its technology and solutions have also encouraged consumers to adopt parking management solutions.
The global parking management market report has been segmented on the basis of solution type, Component, parking facility, application, and region.
Global parking management market has been segmented into off-street and on-street, on the basis of component. The off-street segment in the parking management market is anticipated to register highest CAGR in next ten years. This can be attributed to factors such as adoption of advanced mobile applications, coupled with improved ticketing, and payment solutions for parking management.
The global parking management market has been segmented into revenue management, security & surveillance, access control, reservation management, and valet parking management, on the basis of solution type. The revenue management are anticipated to grow at highest CAGR during the forecast period and is projected to contribute major market share in terms of revenue in next eight years.
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On the basis of region, the global parking management market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America parking management market is expected to witness significant growth in near future owing to huge number of automobiles user in countries such as Canada, and US, and increasing demand for solutions for traffic congestion. Moreover, major countries in Europe such as Germany, Spain, and UK are adopting advanced parking management solutions for traffic congestion, and transportation problems, which is a major factor driving growth of the Europe parking management market.
Key players operational in the global market include Siemens AG, Xerox Corporation, Skidata AG, Kapsch Trafficcom AG, Swarco AG, Cubic Corporation, Amano Corporation, Inrix, Inc., T2 Systems, Inc., and Indigo.