Albany, NY -- (SBWIRE) -- 10/10/2017 -- Parking meter is a revenue collection device installed in the parking area where the vehicle owners pay for the space allotted to them. The conventional parking meter comprising of a timer, coin collector is set on a pole at the entrance of a parking space. The main ideology behind setting up a parking meter is to accommodate parking management along with collecting revenue from its installation. Both private and public agencies install parking management solutions in areas with highly indicated traffic. Parking meter is a device being part of such smart parking systems.

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The parking meter device is expected to have high call since a gap exist in demand and supply of parking space. This is due to area allotted for parking space is limited and parking demand for increasing vehicles on road is increasing day by day. For instance, these parking meters are also finding its application into household segment due to increasing community living concept. Hence, it becomes necessary to implement such smart parking options when large number of inhabitants live in a township kind of ecosystem. Accordingly, increasing adoption of parking meter across wider applications is expected to drive the parking meter market. Another factor that would be driving the parking meter market is the flexible payment options such as coins & notes, card payments, smart card by parking space provider, etc.

It becomes a challenge for the parking space provider/agency to personally collect coins & notes from each parking meter. Additionally, the operating policies of each player in the market may be differing and this creates a limitation in the effective designing of parking meter for each parking space agencies. However, the new technological innovations in the parking meter devices are allowing more public system agencies to install these devices. Technological elements such as smart apps, energy efficient eco-design, user-interface choices, etc. are incorporated into parking meter.

The parking meter market is segmented on the basis of payment type, power type, parking mode, and application. Segmentation based on payment type incudes coins & notes, card payments, smart cards and others. Users can pay for the parking space allotted to them by conventional system of coins & notes, by using their debit/credit cards or by the smart cards issued by the parking space provider where users can add money to it. Additionally, the power type segment can be further bifurcated as battery, electric and solar. Besides, the parking meter can be segmented on the basis of parking mode such as pay & display, by plate, by space, and others.

Pay & display option is the simplest one allowing the car user to pay for the parking space and get a ticket displaying the details on the customer's dashboard. By plate segment, the customer enters the details of his car number plate and details are automatically shown on the dashboard. The customer can also use the option of space segment to pay for the required space to park the vehicle. Furthermore, this market can be segmented on the basis of applications such as municipalities, hospitals, parks & recreation, events, transit systems, and others (hotels, institutions, housing, etc.). Geographically, the study of parking meter market is segmented as North America, Europe, Asia Pacific, Middle East & Africa and South America.

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Some of the key players in the parking meter market are T2 Systems, Inc., Parkeon, Inc., J.J. MacKay Canada Limited, METRIC Group Ltd, Global Parking Solutions USA, IPS Group Inc., Westco Parking Technologies, Inc., Shenzhen Horoad Electronic Technology Development Co., Ltd., POM, Inc., Parx Ltd, CDS Worldwide Pty Ltd, Guangzhou COMA Electronics Co. Ltd, Ventek International, Inc., RTB GmbH & Co.KG, Hectronic GmbH, Cale Access AB and IEM SA.