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Parking Management Market Projected to grow at a CAGR of 10.6% by 2021 – New Report by MarketsandMarkets

Thursday, October 6, 2016 22:05
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According to new market research report “Parking Management Market by Software and Professional Services, by Solution (Access Control, Security & Surveillance, Fee & Revenue Management, Enforcement & Permit Management) – Global Forecast to 2021″, published by MarketsandMarkets, the parking management market is estimated to grow from USD 3.03 Billion in 2016 to USD 5.00 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.6%.

Browse 79 market data Tables and 49 Figures spread through 147 Pages and in-depth TOC on “Parking Management Market – Global Forecast to 2021″
Early buyers will receive 10% customization on this report.

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.

Deployment and customization service market is expected to grow at the highest rate during the forecast period

The market, by professional service, has been segmented into deployment & customization and maintenance & support. The deployment and customization service segment is expected to grow at the highest CAGR over the forecast period owing to the rapid adoption of parking management solutions in both small and medium businesses and large enterprises, which require back support and assistance for deployment, customization, and management of solutions.

APAC is expected to dominate the parking management market during the forecast period

North America is expected to hold the largest share of the parking management market in 2016 due to the technological advancements and early adoption of parking management solutions across a large number of verticals in this region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The primary driving forces for this growth are changing work culture in organizations, government initiatives, and rapidly deployable cloud-based solutions in various industries in the APAC countries, especially India, China, and Japan.

The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their share in the market. Some of the major technology vendors include 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).

About MarketsandMarkets

MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors.

M&M’s flagship competitive intelligence and market research platform, “RT” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.

Mr. Rohan
Markets and Markets
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Suite 2175, Seattle,
WA 98101, United States
Tel : 1-888-600-6441

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