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.
Full
Research Report On Global Parking Management Market Analysis:
http://www.grandviewresearch.com/industry-analysis/parking-management-market
http://www.grandviewresearch.com/industry-analysis/parking-management-market
Further
key findings from the report 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
View more
reports of this category by Grand View Research at:
http://www.grandviewresearch.com/industry/automotive-and-transportation
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
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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