Parking Management Market by Devices (Parking Meter, Ticketing, Occupancy Sensor, RFID, Automated Gates), by Solutions (Access Control, Security, Revenue, Reservation, Enforcement & Guidance Management), & by Services - Worldwide Forecast & Analysis (2014
NEW YORK, Sept. 22, 2014 /PRNewswire/ -- The world is moving towards intelligent transportation systems, which is broadening the space for smarter ways of parking. With advanced parking management systems, the parking spots operators can offer their customers various parking conveniences such as minimal time wastage, cashless and contactless payment options, enhanced vehicle security, and options for pre-booking parking spots. The parking management systems are also useful for ensuring security through vehicle and cargo surveillance, vehicle registration, and dynamic parking tariff management. These customer-centric and business operation-centric advantages are making parking management system extremely lucrative. The major companies who are focusing on the parking management sector are Affiliated Computer Services, 3M, Siemens, HCL, Cubic Corporation, T2 Systems, SKIDATA, etc.
The ongoing and upcoming smart city projects worldwide are creating business opportunities for smart parking management systems. The high growth rate in number of vehicles in the regional economies such as APAC, Latin America is also expected to enhance the business potential of the parking management industry. License Plate Recognition (LPR) based technologies are gaining high popularity in parking management sector. The major LPR-based parking management solutions such as Automatic Vehicle Identification (AVI) and Pay-by-plate are expected to experience high adoption rate reducing the market share of the traditional technologies used in parking access control and revenue management.
This report speaks about the expected market revenue for the various software and hardware components involved in parking management system. It also highlights the revenue potential of the various professional services offered by the parking management vendors. The report represents the business potential of parking management systems in different types of parking sites such as on-street parking and off-street parking facilities. The report consists of the opportunity analysis of various types of parking management solutions such as access control, security and surveillance, parking fee and revenue management, parking reservation management, valet parking management, parking enforcement and permit management, and parking guidance and slot management. The report explores business potential of parking management solutions across varied industry verticals such as academia, government and municipalities, transportation, recreation, healthcare, hospitality, retail, corporate and commercial parks, and BFSI.
The report analyzes market drivers, restraints and opportunities, along with a study on key players, and the competitive outlook. The report also provides key insights on the industry trends, adoption trends and best practices in the parking management market. The report brings out the parking management business potential across the different regions such as North America, Asia-Pacific (APAC), Europe, Latin America and Middle East and Africa (MEA). It further segments each regional market by solutions types and industry verticals and forecasts the revenue for the various sub-markets.
According to this report, North America is the largest market for Parking Management services. MarketsandMarkets expects this market to grow from $ 1,820.5 million in 2014 to $ 2,619.4 million by 2019, at an estimated Compound Annual Growth Rate (CAGR) of 7.5% from 2014 to 2019.
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