Parking Management Systems Market Worth USD 9,786 Million By 2026 Key Information By Top Key Player- Skyline Parking AG, Siemens AG, T2 Systems, IBM Corporation, Swarco Corporation

The report titled as ‘Parking Management Systems Market’’ gives a brief about the comprehensive research and states about the significant Key drivers, trends, limitations and opportunities to give a wide-ranging and precise data, also scrutinizes its growth in the overall markets.

The Global Parking Management Systems Market Was Valued At USD 4,520 Million In 2017, And Is Projected To Reach USD 9,786 Million By 2026, Growing At A CAGR Of 9.1% During The Forecast Period.

Parking management systems are smart solutions that provide information about available parking spaces in specific areas by real-time tracking of vehicles. Parking management systems use a combination of sensors, real-time data collection, and mobile-phone-enabled

automated payment systems to enable parking reservation and management. Use of parking management systems guides visitors to available parking, while optimizing parking space usage, and simplifying the parking experience. Parking management systems also assist in decreasing car emissions by providing efficient parking services.

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There has been a significant increase in the demand for parking management systems owing to increasing need for road safety, streamlining traffic flow, and growing demand for luxury vehicles from emerging economies. Moreover, the growing need to improve road safety, reduce fuel consumption, and enhance the parking experience for users drive the parking management systems market during the forecast period. The growth in sale of motor vehicles, and adoption of technologies such as IoT and cloud computing have increased the implementation of parking management systems. Rising adoption of smart cities, increasing development of autonomous vehicles, growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.

The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Parking Management Systems Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.

North America generated the highest revenue in the parking management systems market in 2017 owing to increasing modernization of vehicles, development of autonomous vehicles, and strict government regulations in the region.

Competitive Landscape and Key Vendors

The global Parking Management Systems market is characterized by the presence of well-diversified international and small and medium-sized vendors. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater to the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.

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The leading companies in the global market –

Skyline Parking AG, Siemens AG, T2 Systems, IBM Corporation, Swarco Corporation, Kapsch TrafficCom, Skidata, Passport Inc., SAP, and Indigo Park Services.

Key Segments

Component

• Hardware
• Software
• Services

Deployment

• On-Premise
• Cloud

Parking Site

• Off Street Parking
• On Street Parking

Solution

• Parking Reservation
• Parking Guidance
• Parking Analytics
• Access Control
• Revenue Management
• Security and Surveillance
• Others

By Region

North America
Latin America
Europe
Asia Pacific
Middle East
Africa

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