Parking Management Solution Market - Global Industry Analysis and Forecast 2017 – 2025

The frontrunners in the global parking management solution market, according to a recent report by Transparency Market Research (TMR) are Parkeson S.A.S., IPS Group Inc., Ventek International, J.J.Mackay Canada Limited, LocoMobi Inc., Cale Access AB, Parking BOXX, METRIC Group Ltd., Parking Inc., CivicSmart Inc., and POM Inc.

In order to maintain their position, top market players are engaged in accentuating their product line and are striving to provide integrated applications for efficient management of parking requirements. Besides this, development of parking management solutions that are cost-effective, customer-friendly, and are more reliable compared to currently available solutions is also what companies in this market are engaged in.

The report by TMR estimates that the global parking management solution market is poised to be worth US$614.59 bn by 2025. The market is estimated to expand at a CAGR of 9.3% between 2017 and 2025.

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North America contributed the leading revenue to the global parking management solution market in 2016, with the U.S. being the home to a large number of players in the market. The deployment of modern advanced parking kiosks is a key trend observed in parking spaces in Europe. These kiosks are expected to help municipalities and private garage operators to keep a record of every parking infringement and provide a comparison against actual citations issued.

Traffic Snarls Necessitate Technology-driven Vehicular Parking Management Solutions

Demand for smooth traffic movement to address traffic congestion and other transportation issues is the key factor driving the adoption of parking management solutions across large cities. Growing global population and the subsequent increase in the number of vehicles are the key factors behind traffic congestion.

This 211 page report gives readers a comprehensive overview of the Parking Management Solution Market. Browse through 60 data tables and 79 figures to unlock the hidden opportunities in this market.

http://www.transparencymarketresearch.com/parking-management-market.html

The increasing number of vehicles across the world is intensifying the problem pertaining to the scarcity of parking spaces. This has increased the need for efficient and smart parking systems. Advanced parking management systems that are currently used not only provide a high level of convenience to drivers but also simplify business operations and other functions at parking sites.

The other benefits of parking management solutions include decreased hardware and connectivity costs and also revenue benefits to parking site owners. However, factors such as cost sensitivity of parking space operators who manage parking sites for parking space owner is posing a challenge to this industry. Nevertheless, parking management solutions extend growth opportunities for players in regional economies as well as smart cities across the world. Increased pollution and safety, security, and connectivity are other concerns that are driving this market’s growth.

Host of Industry Verticals Benefit from Parking Management Solutions

The demand for efficient parking management solutions such as multi space and single space parking kiosks and technological developments in parking management solution is contributing to the growth of parking management solution market. Parking management solutions have been deployed across several industry verticals such as academia, transportation, government and municipalities, recreation, corporate and commercial parks, hospitality, retail, BFSI, and others.

The global parking management solution market is segmented as follows:

By Type

Parking Meters

Parking Kiosks

By Installed Location

Street Parking

Parking Venues

By Geography

North America

Europe

Asia Pacific

Middle East and Africa

South America

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This release was published on openPR.