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 report by Grand View Research : 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
View press release of this research report by Grand View
Research: http://www.grandviewresearch.com/press-release/global-parking-management-market
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.
For more information: www.grandviewresearch.com
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