Rise In Vehicular Traffic Will Be The Staunch Drivers Of The Global Parking Management System Market

Triton Market Research presents the Global Parking Management Market report, which is segmented by components (Software and Professional Service), parking site type (On Street and Off Street), by solution (Access Control, Parking guidance and slot management, Parking and reservation management, Parking fee and revenue management, Parking fee enforcement and permit management, Valet parking management and Security and surveillance), geographical regions (North America, Europe, Asia Pacific and Rest of World (ROW)) and discusses the Industry Value Chain Analysis, Porter's Five Force Analysis, Drivers, Restraints, Vendor Profiles, Global Market Size, Forecasts & Analysis (2019-2027).

Triton Market Research quantifies the compound annual growth rate of the Global Parking Management Market to be approximately around 11.68% during the forecast years of 2019-2027. The report highlights the basic structure of the Parking Management market and its various sub-segments. The growth of the parking management system market globally is dependent on multiple circumstances and factors such as the global focus on seamless traffic flow with reduced fuel pollution, aggregated vehicle production requiring more parking concerns, safety and security concerns, increasing demand of license plate recognition technology and advancement in real-time information concerning parking for safekeeping purposes.

According to Triton Marketing Research, at least a third of the traffic volume in the city is because of searching for parking space all around. And it is a known fact that urban areas face major traffic issues due to increased production and usage of vehicles. To alleviate such snags, real time information system solutions for parking management can be a foremost boon in the global market. Accurate prediction and sense vehicle occupancy in real time, traveler information systems, real-time vehicle counting, real-time parking guidance display, video surveillance and easy payment options are the expected benefits as stated by the Triton Marketing, that will allow users to reserve and pay for a parking space via telephone or the Internet.

The Triton’s parking management market report determines that North American lead the global parking management market by contributing enormous share in the year 2018. The initiation of license plate recognition and in-ground sensors of parking management have contributed to the developments of the parking management market in the North American region.

Eminent competing players in the Global Parking Management market include Nedap Mobility Solutions, Deutsche Telekom AG, Siemens AG, HCL Infotech Ltd., Amano Mcgann Inc., International Business Machines Corporation, T2 Systems Inc., Orange Business Services, Cubic Corporation, Xerox Corporation, Swarco AG, MSR-Traffic, Parkopedia, Gemalto NV, Inrix Inc., Serco Group PLC, Skidata AG, and Kapsch Trafficom AG.