The global parking management market was valued at US$ 4,432.7 Mn in 2016 and is projected to increase at double digit CAGR of 10.75% to reach an impressive value from 2017 to 2026. The government segment in the global parking management market is estimated to account for majority revenue share of 61.4% in 2017.
Increasing number of vehicles worldwide, and shrinking availability of on-street parking space, is a major factor anticipated to drive growth of the global parking management market. Rising adoption of smart parking systems in parking garages, multistoried parking facilities, and commercial and residential sites are also resulting in insignificant growth of the global smart parking system market. In addition, options such as prior determination of availability of parking space, parking reservation in advance, and mobile payment option are further fueling growth of this market.
Companies profiled in the report are Amano McGann Inc, Kapsch, Siemens AG , SKIDATA, Xerox Corporation, Other Prominent Vendors.