Parking management market on the up

Dallas, Tx

Having analysed the parking management market, a newly published report from Marketsandmarkets has found there are a wide range of opportunities to be exercised for profit and growth in the coming years, and predicts total revenues to be in the region of $8B by 2019.

The report "Parking Management Market Device (Parking meter, Ticketing, Occupancy Sensor, RFID, Automated gates), Solution (Access control, Security, Revenue, Reservation, Enforcement & Guidance Management), Services- Worldwide Forecast & Analysis (2014 - 2019)” divides the global market into various segments with in-depth analysis and revenue forecasts. It also identifies the drivers and restraints of this market with insights into trends, opportunities, and challenges. Marketsandmarkets has segmented the global parking management market based on system components, services, parking site types and solutions specific to the parking management market. The report also segments the market on the basis of industry verticals (government, Banking, Financial Services, and Insurance (BFSI), IT and telecommunication, healthcare, retail and others), and regions (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America).

The advancements in the automotive technologies in the last century have seen a massive rise in the number of vehicles on the roads leading to the increase in traffic and parking related problems. Urban and industrial areas have been facing a constant problem of traffic congestion and lack of proper parking management due to inefficient parking facilities. These uses have given rise to the parking management system market which consists of players such as Affiliated Computer Services, 3M, Siemens, HCL, Cubic Corporation, T2 Systems, Skidata, etc. which provide solutions, services and products for efficient management of parking systems.

The major forces that are driving growth in this market are rapidly decreasing hardware and connectivity costs, rising need for smoother and faster traffic flow, business benefits for parking site businesses as well as various other factors. The parking management market has been analyzed to have a wide range of opportunities to be exercised for profit and growth in the coming years.

Marketsandmarkets forecasts that the Global Parking management market is expected to grow from $ 5,025.9 Million in 2014 to $8630.76 Million by 2019. This represents an estimated Compound Annual Growth Rate (CAGR) of 11.4% from 2014 to 2019. In the current scenario, North America is expected to be the largest market on the basis of spending and adoption for parking management services.

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