Parking management market analysis and segment forecasts to 2024
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Parking management market analysis and segment forecasts to 2024

Parking Management Market Analysis And Segment Forecasts To 2024

Phone No.: +1 (214) 884-6817 Email id: [email protected]


Parking management market analysis and segment forecasts to 20241

Parking Management Market Analysis And Segment Forecasts To 2024

The global parking management market size is expected to reach USD 8,438.4 million by 2024 according to a new study by Grand View Research, Inc. The increased public sector funding and constructive government initiatives are presumed to strengthen the global parking management industry growth. The market is anticipated to experience a surge in the demand for parking management solutionsin the commercial and government application segments and is expected to propelthe industry growth.

Browse the report: http://www.orbisresearch.com/reports/index/parking-management-market-analysis-by-application-parking-site-component-solution-and-segment-forecasts-to-2024

The emergence of smart parking systems helps inefficiently addressing the traffic woes and parking-related issues. The system helps in minimizing fuel usage and consequently reducesautomobile emissions. The industry is expected to gain tractiondue to thedevelopment of systems with sophisticated features such as handicapped parking, auto-payment options, and voice guidance enabled through mobile phone applications.

Phone No.: +1 (214) 884-6817 Email id: [email protected]


Parking management market analysis and segment forecasts to 20242

Parking Management Market Analysis And Segment Forecasts To 2024

The demand for the parking reservation management solution segment accounted for 15% of the overall market share in 2015.This demand is expected to increase in the metropolitan cities as vehicle ownership is increasing, which is leading to parking problems. The parking reservation management reduces traffic congestion issues due to better parking space, reduced search time, cost for parking spaces, and increased parking revenue.

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The service segment accounted for 18% of the global market share in 2015. The parking management solution providers, mobile payment companies, and parking data aggregators are changing the way parking is seen by the end-users and operators. This segment includes revenue generated from consultancy services, engineering services, and revenue generated by companies offering parking services through the mobile application. The segment is expected to be the fastest-growing component segment.

The key players in the industry include Amano, 3M, Cubic Corporation, Swarco AG, Siemens AG, Kapsch TrafficCom, Xerox Corporation, and IBM Corporation.

Phone No.: +1 (214) 884-6817 Email id: [email protected]


Parking management market analysis and segment forecasts to 20243

Parking Management Market Analysis And Segment Forecasts To 2024

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