Growing Demand for Embedded Telematics Solutions Augurs Well for Global Parking Management Market

Albany, NY, Feb 21, 2017: MarketResearchReports.biz has announced the addition of a report, titled “Global Parking Management Market 2017-2021,” to its large repository. The report extensively covers all the vital parameters of the global parking management market including its dynamics, competitive landscape, components, and region-wise outlook. It profiles the key players in the market and offers insights into business strategies, latest development, revenue generation, and contact information. It comprises of a separate section of recommendations from industrial experts for both new and existing players in the market. 

As per the findings of the report, the global parking management market is poised to register a healthy CAGR of more than 14% from 2017 to 2021. The rapid advancement in embedded telematics solutions along with their burgeoning demand is one of the primary factors augmenting the market. Telematics solutions are widely acknowledged for their ability to improve the efficiency of parking management in urban areas. Moreover, their integration with advanced analytics helps in providing transparency in data, attaining customer’s trust, and preventing the risk of cyber-attacks. However, the high costs involved in maintaining parking management solutions are hampering the growth of the market. 

On the basis of category, the global parking management market is divided into access control, valet facility management, reservation management, revenue management, and security and surveillance. The revenue management segment will continue to account for the lion’s share in the market throughout the review period. The increasing investments in mixed-up development and parking lots are creating a stable flow of revenue if managed well and is thereby propelling the growth of the segment. 

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Based on component, the market is segmented into service, hardware, and software. Hardware will be the leading segment throughout the same period, primarily due to the rising consumer demand for digital signage solutions. 

The segments analyzed in the report in terms of geography are the Americas, Europe, Middle East, and Africa (EMEA), and Asia Pacific (APAC). The Americas will continue to be the front runner in the market until 2021. The soaring demand for parking management solutions from the automotive sectors in the U.S. and Canada in order to manage traffic congestion is contributing to the growth of the region. Moreover, the advent of low-cost devices and wireless do-it-yourself (DIY) installations is supplementing the growth of the region. 

The competitiveness in the global parking management market is moderate in present times, however, with the increasing mergers and acquisition activities, the competition is likely to intensify. Several players in the market are focusing towards forming partnerships in order to expand their presence across different geographies. The leading companies operating in the market are Siemens, SKIDATA, Amano McGann, Xerox, and Kapsch. Some other key players are Cisco, 3M, HCL, Orange Business Services, Sierra Wireless, IBM, and Vodafone. 

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