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Monday , 24 January 2022

World Parking Management Market (14.44% CAGR) to 2021

The global parking management market analyst says the latest trend gaining momentum in the market is outsourcing of parking operations. Outsourcing parking operations to parking management companies using contracts or leases is increasing across all sectors. Parking management companies provide solutions that fulfil customer needs and determine the best solution for customers.

According to the market report, one of the major drivers for this market is adoption of wireless connectivity. The concept of parking management is set to give a new meaning to connectivity. The vision of smart parking systems in the future would encompass a mesh of connected devices and sensors linked to the service provider’s back-end systems and the Internet through a home area network.

The following companies are some of the key players in the global parking management market: Amano McGann, Kapsch, Siemens, SKIDATA, and Xerox. Other prominent vendors in the market are: 3M, Cisco, Cisco Jasper, Deutsche Telekom, Gemalto, HCL, IBM, IPS, MSR-Traffic, Nedap Mobility Solutions, Orange Business Services, Oti (PARX), Parkeon, ParkHelp, ParkMe (INRIX), Parkmobile, Parkopedia, Q-Park, Serco, Sierra Wireless, Smart Parking, SWARCO, Synapt (Prodapt Solutions), T2 SYSTEMS, Telensa, Urbiotica, Vodafone, and Worldsensing.

Global Parking Management Market 2017- 2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the present scenario and the growth prospects of the global parking management market for 2017- 2021. To calculate the market size, the report considers the revenue generated from the applications in government, business, and transport, parking facilities: off-street and on-street, and categories such as revenue management, security and surveillance, access control, reservation management, valet facility management, and others.

The government segment is anticipated to post significant growth during the forecast period. The need for developing clean, safe, and efficient public parking facilities across cities is creating demand for improved solutions. Business facilities usually serve multiple destinations right from free, single-use to facilities to paid ones. The parking management system allows for a well-organized facility. Parking is the most important component of the transportation system. Many organizations are looking for intelligent transportation systems to enable secure movement of people, products, and vehicles.

One of the major factors hindering the growth of this market is high maintenance costs. The deployment of parking management system software is a very costly process as it requires a conservative method of defining requirements.

Implementing a complete on premise or cloud-based parking technology solution takes a long time and is very expensive. This increases the critical of the process because once the deployment begins, it becomes very difficult to make any kind of modifications..

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