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.
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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
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Research: https://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
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release of this research report by Grand View Research: https://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.
