Parking management strategies involve utilizing and maximizing the available parking resources. These strategies and systems involve in reducing the parking requirements and reduce the amount of parking destination. Growth in intelligent transportation system is creating demand for smart parking systems. Growing number of individual vehicles on the roads are also expected to create requirement for better management of these vehicles. As a result, the global parking management market is expected to grow at a steady CAGR during the next few years to come. Emerging markets from around the world are also expected to provide growth opportunities for the established key players in the market. Advancing technologies and rising applications of these systems are also expected to create business opportunities for the potential players in the industry.
Parking Management System Market Overview
The global market is segmented on the basis of the types of parking software, system devices, services, solutions, types of parking sites, and demand patterns from different geographic regions of the world. The types of parking software include parking payment and parking information and management systems. The types of systems devices available in the parking management market are segmented into handheld ticket-writers, parking meters, automated gates, surveillance cameras, digital video recorders, ultrasonic occupancy sensors, and other devices.
Basic solutions in the market are categorized into security and surveillance, access control, parking reservation management, parking fee and revenue management, slot management and parking guidance, permit management and parking enforcement and valet parking management. The types of services in the market include maintenance and support and customization and deployments. Basic geographic regions in the market are segmented into Europe, North America, Latin America, Asia Pacific and Middle East and Africa.
Market Drivers, Restraints and Forecasts
According to the researchers, the global parking management market is steadily driven by the rising number of personal vehicles around the world. Growth in demand from the emerging markets is also expected to contribute to the rising demand for this industry since the past few years. according to the experts, growth in parking facilities and vehicle ownerships are expected to be the major driving factors for this market. development across emerging markets and business benefits for parking site operators are also expected to create business opportunities for the market. technological advancements are also projected to create potential investment opportunities for this industry.
As per the latest research reports, the parking management market is expected to grow at a steady CAGR of over 12% from 2014 to 2019. At the projected growth rate, the market is expected to be worth $9,160.8 by the end of the year 2019. North America is expected to dominate the global market during the forecasting period. However, emerging markets like Middle East, Asia Pacific and Latin America are also expected to witness impressive growth in the industry.
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