Global Parking Management Market Revenue to Expand at 10.8% CAGR Over Next Ten Years - MarketResearch.biz

NEW YORK, December 18, 2017 /PRNewswire/ --

MarketResearch.biz announces publication of its recently generated research report titled, "Global Parking Management Market By Application(Government, Commercial, Transport), By Component (Hardware, Software, Services) Parking Facility (Off-street, On-street) By Solution Type (Revenue management, Security & surveillance, Access control, Reservation management, Valet parking management) And Region - Global Forecast To 2026", which offers a holistic view of the global parking management market through systematic segmentation that covers every aspect of the target market. According to the report, the first five-year cumulative revenue (2017-2021) is projected to be US$ 30,143.8 Mn, which is expected to increase rather significantly over the latter part of the five-year forecast period.

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A parking management system helps a driver to locate a vacant parking spot, and the system collects real-time data through sensors installed in each parking space, which enables detection of presence or absence of a vehicle. Implementation of parking management systems helps in systematic allocation and maximum utilization of space for parking.

Global Parking Management Market: Market Dynamics 

According to the report, major factors driving growth of the global parking management market are increasing number of vehicles worldwide and shrinking availability of on-street parking. In addition, rising adoption of parking management systems by parking garages, multistoried parking facilities, and commercial & residential sites are further propelling growth of the global parking management system market.

Technological advancements and increasing adoption of Internet of Things (IoT) and connected devices are some other factors expected to drive growth of the global parking management market over the forecast period. Moreover, features such as prior determination of availability of parking space, advance parking reservation, and mobile payment option are factors further fueling growth of the global parking management market.