PUNE, India, October 10, 2016 /PRNewswire/ --
The parking management systems market size is estimated to grow from USD 3.03 billion in 2016 to USD 5.00 billion by 2021 fueled by the need to reduce traffic congestion and vehicular pollution while off-street parking site segment is expected to contribute the largest market share during the forecast period.
Complete report on global parking management systems market spread across 147 pages, profiling 10 companies and supported with 79 tables and 49 figures is now available at http://www.reportsnreports.com/reports/268821-parking-management-market-access-control-security-and-surveillance-revenue-management-reservation-management-valet-management-enforcement-and-permit-management-guidance-and-slot-management-worldwide-market-forecasts-analysis-2013-2018-.html .
The parking management systems market is driven by factors such as the need to reduce traffic congestion and vehicular pollution, concerns regarding safety, security, and connectivity among travelers, and heavy production of vehicles throughout the world. Whereas, high implementation cost constraints and lack of system integration limit the growth of parking management market.
The organizations are rapidly growing their partnership networks to deploy the parking management solutions across globe. Thus, the professional services segment is expected to grow at the highest CAGR during the forecast period, as compared to the software segment. The professional services segment also exhibit a greater share of the parking management market from 2016 to 2021, as compared to the software segment.
Off street parking site segment is expected to have the largest market share as well as the highest CAGR of 11.7%and will dominate the parking management systems market from 2016 to 2021, as compared to on street parking site segment as most of the parking spaces nowadays are off street.
APAC includes emerging economies, such as China, Australia, Singapore, and India, which are rapidly deploying parking management solutions. APAC is expected to grow at the highest CAGR during the forecast period. This is mainly due to the rise in demand of parking management solutions in verticals such as transportation and governments and municipalities due to increase in urbanization, regional economic growth, proliferation of mass transit systems, and rise in public parking spaces maintained by the government and municipalities. Furthermore, North America is expected to have the largest market size in 2021.
The report includes the study of key players offering adaptive security solutions such as XEROX Corporation (U.S.), Siemens AG (Germany), Kapsch TrafficCom AG (Austria), AMANO Corporation (Japan), Cubic Corporation (U.S.), SWARCO AG (Austria), INRIX, Inc. (U.S), INDIGO (France), T2 Systems, Inc. (U.S.), and SKIDATA AG (Austria). Order a copy of Parking Management Market by Software and Professional Services, by Solution (Access Control, Security & Surveillance, Fee & Revenue Management, Enforcement & Permit Management) - Global Forecast to 2021 research report at http://www.reportsnreports.com/purchase.aspx?name=268821 .
The report includes in-depth competitive analysis of these key players in the parking management systems market, with their company profiles, SWOT analysis, recent developments, and key market strategies. In the process of determining and verifying, the global parking management systems market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people.
On a related note, another research on Traffic Management Market Global forecast to 2020 says, rapid urbanization, population explosion, and demand for real-time information are some of the factors expected to drive the growth of the traffic management system market. Parking space &toll management solutions is expected to gain maximum traction during the forecast period. The overall market is to grow from USD 4.12 billion in 2015 to USD 17.64 billion by 2020, at a CAGR of 33.8% during the forecast period. Companies like IBM Corporation, Cisco Systems Inc., GE Transportation, Siemens AG, LG CNS, Alstom SA, Cubic Corporation, Kapsch TraffiCom, Cellint Traffic Solution and Kapsch AG have been profiled in this 149 pages research report available at http://www.reportsnreports.com/reports/266796-traffic-management-market-solutions-displays-systems-full-pedestrian-parking-space-and-toll-management-above-ground-pedestrian-and-vehicle-detection-global-advancements-market-trends-enterprise-roadmap-market-forecasts-and-analysis-2013.html .
Explore more reports on the IT & Telecommunication market at http://www.reportsnreports.com/market-research/information-technology/ .
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