Parking Management Market 2017 Analysis and Forecast to 2024 Parking Management Market - Global Industry Analys

Parking Management Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2016 – 2024
Parking management comprises several programs and policies which result in effective utilization
of parking services. The ever increasing global number of vehicles is worsening the issue of already
acute shortage of parking space, especially in metropolitan areas. This is due to growing urban
revitalization, explosive semi-urban development and an upward trend of mobility in our society.
Drivers failing to find adequate parking space is at the base of traffic congestion problems. These
problems pave the path for efficient and smart parking management systems that would provide
advanced levels of automation and convenience to drivers, besides simplifying administrative
functions and business operations of parking space owners.
The major driving factors enhancing the demand for developing parking management resources
across large cities are technological advancement and the need for smooth flow of traffic. Parking
systems are responsible for substantially bringing down connectivity costs and hardware costs,
alongside being a source of revenue for owners of parking sites. Additionally, rising investments in
projects of smart cities may also drive the market of parking management.
Request for brochure of this report -
http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=15068
On the contrary, system integration is a restraining factor for this market. Sensitivity of cost to the
operators of parking sites on behalf of the parking site owners may also be a key factor in preventing
the growth of the parking management market. Nevertheless, the parking management market has
been undergoing a shift in paradigm in the recent past, and now looks to optimize parking prices as
well as supply. Furthermore, perennially growing traffic congestion and increasing adoption of smart
parking infrastructures provide huge opportunity and immense potential for key players of the market
in smart cities worldwide and even in the regional economies.
The worldwide parking management market can be segmented on the basis of applications,
components, parking space, solutions. Based on applications, the market may be segmented into
transportation sector, government sector and municipalities, educational institutes, recreation sector,
healthcare, Banking, Financial services and Insurance sector, hospitality, commercial parks and the
corporate sector. On the basis of components, the market is segmented into hardware, software and
services. On-site parking and off-site parking are the two spaces where parking systems may be
installed and used. The categories on the basis of solutions are security and surveillance, access
control, revenue management and parking fee, valet parking management, parking reservation
management, parking guidance, parking slot management, and parking enforcement and permit
management solutions.
On the basis of geography, the parking management market may be categorized into regions such as
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North
American market generally accounts for majority of the market share. The upsurge in the figure of
vehicles in the U.S. and Canada has proved vital in generating growth for the parking management