Parking Management Market Estimated to Record Highest CAGR by 2021

Demand for smooth traffic flow is the major driving factor for the adoption of parking management systems across the big cities. Parking management system decrease hardware and connectivity costs and it also provides benefits in terms of revenue to the parking site owners. Thus, revenue generation and smoothing of the traffic flow are the factors driving the adoption of parking management systems. However, cost sensitivity of the parking space operators who manage the parking space on behalf of the parking space owner is the challenge for this industry. Parking management systems hold immense opportunity for the players in this market in regional economies and smart cities across the globe.

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Global parking management market is segment on the basis of components and service, solution, parking site, verticals and geography. On the basis of components and service the parking management market is segmented into parking software, parking services and parking devices. Parking software includes systems for parking payment and parking information and management. Parking services include some professional services such as maintenance and support and customizations and deployment.

Entire parking management system include various devices and components such as parking meters, handheld ticket writers, radio frequency identification (RFID) transponders, automated gates, occupancy sensors, surveillance cameras and drivers and other devices. Parking management involves several services and solutions which are offered to the customers by management system. On the basis of solutions parking management market is segmented into access control solution, security and surveillance solution, parking fee and revenue management solution, Parking Reservation Management solution, Parking Enforcement and Permit Management solution, Valet

Parking Management solution, Parking Guidance and Slot Management solutions. Pay-by-plate, coin based revenue management and smart card based revenue management are some of the techniques used in parking fee and revenue management solution. Whereas, biometrics, ID management and License Plate Recognition (LPR)-Based Automatic Vehicle Identification (AVI) are some techniques in access control for parking management.

On street parking and off street parking are the two types of parking sites where parking management systems are installed and implemented. On the basis of verticals where parking management systems are implemented the parking management market is segmented into academia, municipalities and government sector, recreation sector, transportation sector, healthcare industry, hospitality industry, banking, financial services and insurance (BFSI) sector, commercial parks and corporate sector and other verticals.

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Tyco Security Products (Nedap AVI), 3M Company, TCS International Inc, Integrapark, LLC, Complus Data Innovations, Inc., Amano Corporation, Passport Parking, LLC, TransCore LP, Vodafone Group PLC, Affiliated Computer Services, Siemens AG, Group Techna, Inc., Netpark, LLC, HCL Technologies Ltd., Data Ticket, Inc., Parkopedia Inc. and Energy Development Corporation, among others are some of the major players in global parking management market.

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