Global Parking Management Market Analysis 2016 to 2021 1 | Page 3

The major forces driving the parking management market is the worldwide focus on
seamless traffic flow, reduction in fuel pollution, increased production of vehicles leading to
parking concerns, and concern for safety, security, and connectivity The continuous
developments in this technology and its solutions have also encouraged users to adopt
parking management solutions and services.
Parking fee and revenue management solutions expected to grow at the highest CAGR
The market, by solution, has been segmented into access control, security and surveillance,
parking fee and revenue management, parking reservation management, valet parking
management, parking fee enforcement and permit management, and parking guidance and
slot management. Parking fee and revenue management system is expected to witness the
highest CAGR during the period. This system helps the parking operators to collect parking
fees from the travelers who utilize their parking facilities. Moreover, it also counters the
challenges of over or under capacity, variable demand, and advanced reservation. These
benefits are driving the market and are anticipated to help in propelling the parking
management market at the highest CAGR during the forecast period.