Global Parking Management Solution Market Witnessed to Grow at a CAGR of 9.3% during the period 2017 to 2025

Albany, New York, July 31, 2017: The number of vehicles is increasing rapidly across the world which is intensifying the problem related to the scarcity of parking space. The advent of advanced parking management solutions have solved the issue of enough parking spaces and offers high level of convenience to the drivers, automating and simplifying the business operations. A new study, focusing on the market development of parking management solution has been freshly broadcasted to the vast repository of Market Research Hub (MRH), with the title of “Parking Management Solution Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”. The study provides detailed analysis of the global market, considering 2016 as a base year and estimates future growth for the period of 2017-2025.

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Parking management solution is mainly a set of hardware which is designed in order to maintain and manage parking spaces mainly in high-demand areas, particularly on-street parking spaces. Single space parking meters and multi-space parking meters are major hardware used in parking management solutions that are integrated with monochrome displays, LED light indicators, solar panel/battery, RFID tags, sensors, automated payment systems and centralized data management that allows people to find parking spaces in desired locations.

According to the findings, the revenue of global parking management solution market poised to grow at a strong CAGR of 9.3% between 2017 and 2025. Expanding at this pace, the market revenue will reach a valuation of US$614.59 bn by 2025 from US$285.85 bn in 2016. The global demand for parking management solution market will mainly increase owing to its rapid growth in automobile usage and increasing adoption for smart city projects across world. In the study, the market has been analyzed in terms of revenue and volume generation, in the major regions such as North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.

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Furthermore, the research report provides the complete insights into different parking management solution providers through installed location types which include on-street parking and parking venues (parking deck, parking complex, etc). Additionally, it discusses the prevailing prospective growth opportunities, and major strategies increasing the popularity of the global parking management solution market. In terms of geography, a large number of vehicles in the U.S. displays demand for efficient parking management solutions thereby accounting for high revenue contribution of North American market. Asia-Pacific region is also estimated to display remarkable growth.

The key market players profiled in this study include parking meter and kiosks providers and OEM’s. The prominent providers offering parking management solution include Parkeon S.A.S., Worldwide Parking, Inc., Parking BOXX, POM Inc., IPS Group, Inc., Ventek International, J.J. MacKay Canada Limited, METRIC Group Ltd., CivicSmart, Inc., LocoMobi Inc. and Cale Access AB (Cale Group AB).

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