New York City, NY: Jun 20, 2019 – Published via (Wired Release) – A parking management system helps a driver to locate a vacant parking spot, and the system collects real-time data through sensors installed in each parking space, which enables detection of presence or absence of a vehicle. Implementation of parking management systems helps in systematic allocation and maximum utilization of space for parking.
According to the report, the first five-year cumulative revenue (2017–2021) is projected to be US$ 30,143.8 Mn, which is expected to increase rather significantly over the latter part of the five-year forecast period. The global parking management market is estimated to value US$ 4,889.7 million in 2017, and is projected to register a CAGR of over 10% in terms of value during the forecast period 2017–2026.
According to the report, major factors driving growth of the global parking management market are increasing number of vehicles worldwide and shrinking availability of on-street parking. In addition, rising adoption of parking management systems by parking garages, multistoried parking facilities, and commercial & residential sites are further propelling growth of the global parking management system market.
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Global Parking Management Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global parking management market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global parking management market is expected to expand at a moderate CAGR of 10.8% during the forecast period.
Global Parking Management Market: Segmental Snapshot
By application: Commercial segment accounts for highest market share and is estimated to register a CAGR of over 11.4% between 2017 and 2026.
By parking facility: Off-street segment is estimated to register highest CAGR of 10.9% over the forecast period.
By component: The first five-year cumulative revenue (2017–2021) of the hardware segment is projected to be US$ 16,574.8 Mn, which is expected to increase rather significantly over the latter part of the five-year forecast period.
By solution type: Valet parking management segment is estimated to register a CAGR of 11.9% during the forecast period.
By region: The market in the Americas accounted for highest revenue share in the global parking management market in 2016, and is expected to register a CAGR of over 11.1% between 2017 and 2026.
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Global Parking Management Market: Competitive Analysis
The research report on the global parking management market includes profiles of some of the major companies such as Amano McGann Inc., Kapsch, Siemens AG., SKIDATA, Xerox Corporation. Other prominent players such as Cisco Systems Inc., Cisco Jasper, Deutsche Telekom AG, Gemalto NV, HCL Technologies Limited, IBM corporation, IPS Group, Inc., MSR-Traffic, Nedap Mobility Solutions, Orange Business Services, Oti (PARX), Parkeon, SWARCO AG, and T2 SYSTEMS.
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from Wired Release http://bit.ly/2WVOjRr
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