Parking Management Market to grow at a CAGR of 11.4% - Report by MarketsandMarkets

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Parking Management Market research report focuses on various software and hardware components, business potential of parking management systems in different types of parking sites, analysis of various types of parking management solutions. (http://www.marketsandmarkets.com/Market-Reports/parking-management-market-1249.html)

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Major players in Parking Management Market are Affiliated Computer Services, 3M, Siemens, HCL, Cubic Corporation, T2 Systems, SKIDATA, and many more.

The report “Parking Management Market by Devices (Parking Meter, Ticketing, Occupancy Sensor, RFID, Automated Gates), by Solutions (Access Control, Security, Revenue, Reservation, Enforcement & Guidance Management), & by Services - Worldwide Forecast & Analysis (2014 - 2019)” segments 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.

Browse 170 market data tables and 23 figures spread through 260 pages and in-depth TOC on “Parking Management Market by Devices (Parking Meter, Ticketing, Occupancy Sensor, RFID, Automated Gates), by Solutions (Access Control, Security, Revenue, Reservation, Enforcement & Guidance Management), & by Services - Worldwide Forecast & Analysis (2014 - 2019)”
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Parking management is one of the major trends in smart transportation solutions. The parking management systems are capable of managing end-to-end business operation of the parking site owners while providing high level of comfort to the vehicle drivers. Today’s intelligent parking management systems enable the parking spots operators to offer their customers high level of parking conveniences such as minimal time wastage, cashless and contactless payment options, enhanced vehicle security, and options for pre-booking parking spots. The parking management systems are also useful for ensuring security through vehicle and cargo surveillance, vehicle registration, and dynamic parking tariff management.

The demand for parking management is increasing majorly due to the need for smooth traffic flow, decreasing hardware and connectivity costs, and business operational benefits to the parking site operators. The parking management system is proving to be extremely beneficial for the parking site operators through automating and smartening the parking site administration functions and business operations by providing solutions such as access control, revenue management, parking enforcement and permit management, security and surveillance, automated valet parking, and parking guidance and slot management. Parking operators using traditional parking management processes have to suffer from the loss of 5% caused by employee pilferages and customer fraud; and this loss can be prevented with the aid of intelligent parking management system. With the aid of proper parking management, traffic congestion can be reduced up to 30%. These advantages are making parking management system an integral element of the parking site operators’ business. The ongoing and upcoming smart city projects worldwide are creating business opportunities for smart parking management systems.

License Plate Recognition (LPR)-based technologies are gaining high popularity in the parking management sector. The major LPR-based parking management solutions such as Automatic Vehicle Identification (AVI) and Pay-by-Plate are expected to experience high adoption rate reducing the market share of the traditional technologies used in parking access control and revenue management. The LPR-based AVI and Pay-by-Plate solutions are expected to grow with a Compound Annual Growth Rates (CAGRs) of 30.1% and 23.9% respectively, from 2013 to 2018.

North American market is expected to project the largest market opportunity for parking management systems and solutions, at an estimated market share of 36.22% of the overall market. North America and Europe together are estimated to account for 67.25% of the global market in 2013. Asia Pacific (APAC) is expected to exhibit the highest growth rate in the parking management market revenue out of the various regional markets. In the current scenario, the corporate and commercial parks vertical continues to be the largest industry vertical, in terms of spending and adoption, for parking management solutions. This is followed by Banking, Financial Services, and Insurance (BFSI) and retail industries. Parking fee and revenue management holds the highest revenue-generating potential among the various parking management solutions, and parking enforcement management is expected to exhibit high growth rate in market revenues.

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