The global parking management market was valued at US$ 4,432.7 Mn in 2016 and is projected to increase at double digit CAGR of 10.75% to reach an impressive value from 2017 to 2026. The government segment in the global parking management market is estimated to account for majority revenue share of 61.4% in 2017.
A parking management system helps a driver locate a vacant 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.
Major factors driving growth of the global parking management market are Increasing number of vehicles worldwide and shrinking availability of on-street parking space. Another factor propelling growth of the global parking management market is rising adoption of smart parking systems in parking garages, multistoried parking facilities, and commercial and residential sites.
However, relatively high installation charges is a major factor hampering growth of the global parking management market currently.
Companies profiled in the report are Amano McGann Inc, Kapsch, Siemens AG , SKIDATA, Xerox Corporation, Other Prominent Vendors.