Zion Market Research, the market research group announced the analysis report titled "Parking Management Solution Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024"
Sarasota, FL -- (SBWIRE) -- 07/10/2017 -- Global Parking Management Solution Market: Overview
Parking management solution is basically a set of hardware that is designed and developed so as to maintain and manage parking spaces mainly in high-demand areas, particularly on-street parking spaces. Multi-space parking meters and single-space parking meters are key hardware utilized in parking management solutions. These are incorporated with centralized data management and automated payment systems, which aid people to find vacant parking spaces in preferred locations.
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Global Parking Management Solution Market: Growth Factors
The global parking management solution market is witnessing high growth mainly owing to the increasing traffic blocking and the need for well-organized parking systems in order to overcome parking issues all around the world. High demand for on-street and off-street parking spaces, general outdoor and indoor parking spaces including garages and parking lots operated by private agencies is also anticipated to boost the global parking management solution market growth. Key players are focusing on widening their product line and providing integrated solutions in order to manage parking requirements efficiently. In addition, development of reliable, customer-friendly, and cost-effective solutions is further the main aim the major players in the global market.
Global Parking Management Solution Market: Segmentation
The global parking management solution market is segmented on the basis of type, installed location, and regions. Based on the type, the global market is segmented as parking meters and parking kiosks. On the basis of installed location, the global market is segmented as parking venues and street parking. Geographically, the global market is segmented as Europe, North America, Asia-Pacific, South America, and the Middle East & Africa.
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Global Parking Management Solution Market: Regional Analysis
Increasing number of vehicles in the U.S., in turn, impacts the demand for well-organized parking management solutions in a positive way. As a result, the U.S. is anticipated to witness high growth in the global market. In addition, Europe is also expected to contribute a considerable share mainly due to the increasing demand for off-street and on-street parking spaces. The EU directives to reduce environmental pollution are also contributing to the growth of the market in Europe. The global parking management solution market is also anticipated to flourish in Asia-Pacific and Latin American regions owing to the rising number of municipalities in developing countries including India, China, South Korea, and Brazil. Rising safety concerns of pedestrians need for smooth traffic movement, and regulations for reducing pollution are other major factors enhancing the growth of the global parking management solution market in these regions. Key cities around the world such as London, Los Angeles, San Francisco, Shanghai, Berlin, Hong King, Tokyo, and Beijing are making use of advanced parking management solutions in order to overcome and address traffic blocking and transportation issues.
Global Parking Management Solution Market: Competitive Players
Some of the major players in the global parking management solution market are IPS Group Inc., Parkeon S.A.S, Ventek International, LocoMobi Inc., J.J. Mackay Canada Limited, Cale Access AB, METRIC Group Ltd., Parking BOXX, Worldwide Parking Inc., POM Inc, and CivicSmart Inc.
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