The parking management systems market size is estimated to grow from USD 3.03 billion in 2016 to USD 5.00 billion by 2021, at an estimated CAGR of 10.6%.
The parking management systems market is driven by factors such as the need to reduce traffic congestion and vehicular pollution, concerns regarding safety, security, and connectivity among travelers, and heavy production of vehicles throughout the world. Whereas, high implementation cost constraints and lack of system integration limit the growth of parking management market.
The organizations are rapidly growing their partnership networks to deploy the parking management solutions across globe. Thus, the professional services segment is expected to grow at the highest CAGR during the forecast period, as compared to the software segment. The professional services segment also exhibit a greater share of the parking management market from 2016 to 2021, as compared to the software segment.
APAC includes emerging economies, such as China, Australia, Singapore, and India, which are rapidly deploying parking management solutions. APAC is expected to grow at the highest CAGR during the forecast period. This is mainly due to the rise in demand of parking management solutions in verticals such as transportation and governments and muncipalities due to increase in urbanization, regional economic growth, proliferation of mass transit systems, and rise in public parking spaces maintained by the government and municipalities. Furthermore, North America is expected to have the largest market size in 2021.
- Amano Corporation
- Cubic Corporation
- Inrix, Inc.
- Kapsch Trafficcom AG
- Siemens AG
- Skidata AG
- Swarco AG
- T2 Systems, Inc.
- Xerox Corporation
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Parking Management Market Overview
6 Parking Management Market: Industry Trends
7 Parking Management Market Analysis, By Software and Service
8 Parking Management Market Analysis, By Parking Site Type
9 Parking Management Market Analysis, By Solution
10 Parking Management Market Analysis, By Vertical
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
For more information about this report visit http://www.researchandmarkets.com/research/bwr8xv/parking
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/parking-management-market-by-software-professional-services--solution---global-forecast-to-2021---research-and-markets-300351512.html
SOURCE Research and Markets