Global parking management systems market is anticipated to surpass an overall valuation of $9,786 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
A substantial rise in demands for the luxury passenger vehicle segment coupled with substantial increase in motor vehicle sales across the world is expected to provide a sizable boost to the parking management systems market over the forecast timeframe.
Additionally, escalating demand for passenger vehicles, due to changing lifestyles and rising disposable income levels, together with modernization of automobiles, drives the global parking management systems industry growth.
Moreover, an increasing need to enhance road safety while streamlining the flow of traffic across populated urban regions would further foster industry outlook.
Meanwhile, the rapid development of the autonomous and semi-autonomous vehicle industry and the growing penetration of mobile devices is expected to further promote parking management systems adoption.
While the high initial investment required for implementing parking management systems would present a hindrance to market growth, increasing smart city initiatives and new emerging markets would offer new growth opportunities for the parking management systems industry in coming years.
Depending on component, the hardware segment dominated the market with regards to revenue in 2017. While in terms of regional contribution, North America accrued the biggest share of the global market, in 2017.
In fact, North America, dominated industry landscape from a regional perspective as well. Growing demand for streamlining traffic flow along with strict government regulation regarding road and vehicle safety are boosting parking management system adoption across the region.
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North America’s high living standards and increasing disposable income levels are ideal for luxury vehicle sales, hence driving industry growth. Furthermore, the rapid progress of smart city initiatives across the region and the presence of autonomous vehicle manufacturers would offer new market growth opportunities during the forecast timeline.
The major industry players operating in the parking management systems market include names such as Siemens AG, Skyline Parking AG, IBM Corporation, T2 Systems, Swarco Corporation, Skidata, Kapsch TrafficCom, Passport Inc., Indigo Park Services, and SAP.
The companies operating in the industry are known for launching new products and collaborating with fellow industry leaders to combine their research & development efforts to innovate and create new products to suffice the evolving requirements and needs of consumers.
The aforementioned research report offers an exhaustive parking management systems market analysis, enlisting its restraints, opportunities, and drivers along with current market scenarios and possible future trends. The report also includes a brief overview of key market trends, Porter’s five forces, ecosystem analysis, competitive ranking analysis, value chain insights, and PEST analysis.