NEW YORK, Oct. 10, 2016 /PRNewswire/ -- "The need to reduce traffic congestion and vehicular pollution will drive the parking management systems market"
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.
"Professional services segment is expected to grow at the highest CAGR during the forecast period"
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.
"Off-street parking site segment is expected to contribute the largest market share during the forecast period"
Off street parking site segment is expected to have the largest market share as well as the highest CAGR of 11.7% and will dominate the parking management systems market from 2016 to 2021, as compared to on street parking site segment as most of the parking spaces nowadays are off street.
"Asia-Pacific (APAC) is expected to have the highest growth rate during the forecast period"
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.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the parking management systems market place.
- By Company Type: Tier 1: 25%, Tier 2: 50%, Tier 3: 25%
- By Designation: C-Level: 25%, Director Level: 50%, Others: 25%
- By Region: North America: 25%, Europe: 25%, APAC: 50%
The report includes the study of key players offering adaptive security solutions such as XEROX Corporation (U.S.), Siemens AG (Germany), Kapsch TrafficCom AG (Austria), AMANO Corporation (Japan), Cubic Corporation (U.S.), SWARCO AG (Austria), INRIX, Inc. (U.S), INDIGO (France), T2 Systems, Inc. (U.S.), and SKIDATA AG (Austria).
The report provides a picture on parking management systems and associated services across different verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments such as solutions, software and service, parking site types, verticals, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall parking management systems market and subsegments. This report will help stakeholders to better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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