Parking Management Market PEST analysis, Porter’s Five Forces Analysis.

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.

The global parking management market is segmented on the basis of application, parking facility, component, solution type, and region.

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. Major factors driving growth of the global parking management market are increasing number of vehicles worldwide and shrinking availability of on-street parking.

Technological advancements and increasing adoption of Internet of Things (IoT) and connected devices are some other factors expected to drive growth of the global parking management market over the forecast period.

High installation and maintenance costs are major factors hampering growth of the global parking management market.

Commercial parking scheme allows 24×7 use of allocated parking spaces for visitors, tenant, staff, business users, and service providers, hence this parking service is broadly accepted on global platform, is key factor expected to drive growth of the global parking management system in near future.

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The report offers insightful and detailed information regarding the various key players operating in the global parking management market, their financials, technological innovations, key developments, apart from future strategies, SWOT analysis, acquisitions & mergers, and market footprint.

Among all technology segments, off-street segment in the global parking management market is expected to register a CAGR of over 10% over the forecast period.

Parking management solutions declines hardware and connectivity costs and it is also beneficial in terms of revenue to the parking site owners. Thus, revenue generation and smoothing of the traffic flow are the factors driving the adoption of parking management systems.

The market in developing countries in Asia Pacific is witnessing significant growth for parking management market.

Statistics Canada the total number of vehicle registrations in the region was over twenty-two million, and about 1.95 Mil cars were sold in the region. This record number of car sales is a major factor driving growth of the Americas parking management market.

Major cities across Asia Pacific such as Shanghai, Hong King, Beijing, and Tokyo are adopting advanced parking management solutions to deal with congestion and traffic.

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