Parking Management Systems Market to Reach $9,786 Million By 2026 | Industry Players: Skyline Parking AG, Siemens AG, T2 Systems, IBM Corporation, Swarco Corporation, Kapsch TrafficCom, Skidata, Passport Inc., and othersThe worldwide Parking Management Systems market is anticipated to reach around USD 9,786 million by 2026 according to a new research published by Polaris Market Research. In 2017, the hardware segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global market.
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The significant increase in the demand for luxury passenger cars coupled with significant growth in sale of motor vehicles across the world boosts the growth of parking management systems market during the forecast period. Additionally, the increasing need to improve road safety, and streamline traffic flow in populated urban areas supports the market growth. The growing demand for passenger vehicles owing to increasing disposable income, and changing lifestyles, coupled with modernization of vehicles support the growth of the parking management systems market. The increasing development of autonomous and semi-autonomous vehicles, and rising penetration of mobile devices boost the adoption of parking management systems. However, high costs of implementing parking management systems would restrict the market growth during the forecast period. New emerging markets, and growing adoption of smart cities would provide growth opportunities for parking management systems market in the coming years.
In 2017, North America accounted for the highest share in the global parking management systems market. The growing need to streamline traffic flow coupled with introduction of stringent regulations regarding vehicular safety accelerate the adoption of parking management system in the region. The high living standards and disposable income further increases the demand of luxury automobiles in the region. The increasing development of smart cities in the region, and development of autonomous vehicles would provide growth opportunities during the forecast period.
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The major players of the parking management systems market include Skyline Parking AG, Siemens AG, T2 Systems, IBM Corporation, Swarco Corporation, Kapsch TrafficCom, Skidata, Passport Inc., SAP, and Indigo Park Services. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
Parking Management Systems Market Size and Forecast by Component, 2018-2026
Parking Management Systems Market Size and Forecast by Deployment, 2018-2026
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Parking Management Systems Market Size and Forecast by Parking Site, 2018-2026
• Off Street Parking
• On Street Parking
Parking Management Systems Market Size and Forecast by Solution, 2018-2026
• Parking Reservation
• Parking Guidance
• Parking Analytics
• Access Control
• Revenue Management
• Security and Surveillance
Parking Management Systems Market Size and Forecast by Region, 2018-2026
o North America
Rest of Europe
Rest of Asia-Pacific
o Latin America
Middle East & Africa
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. We provide unmatched quality of offerings to our clients present globally. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities.
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