New York, NY -- (SBWire) -- 11/14/2014 --Parking management system is an automated computerized system integrated with various advance technology and features which helps to provide better parking system. Parking management system is proving to be highly beneficial for parking site operators through smartening and automating the parking site administration functions and business operations. Parking management system includes advance traffic management system, intelligent parking system, tickets and tracking system, indoor positioning system, access control, revenue management, parking enforcement, permit management, security and surveillance, pay-by-plate, automated valet parking, parking guidance, license plate recognition and slot management.
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Parking management system market has been showing a growing trend as a result of increasing vehicle population in many countries of the world. Day-today problems of traffic and parking issue, leads to increases the demand of advance parking management system. Technological advancement in parking management system further leads to boost the demand of parking management systems. Some of the key players such as KAPSCH, CUBIC, 3M, HCL and Vodafone offer various solutions for parking management system. Growing number of on-road vehicles, decreasing costs of hardware and connectivity, need for fast and smooth traffic flow in urban as well as industrial area are some of key factors which acts as driver and help in the growth of global parking management system market.
In present scenario, the corporate and commercial parks vertical continues to be the largest industry vertical in terms of spending and adoption for parking management solutions. This is followed by financial services, banking, retail and insurance industries. Parking fee and revenue management hold the largest revenue-generating potential in various parking management system. Among various parking management system license plate recognition is gaining high popularity. The market of license plate recognition is expected to grow around CAGR of 30% during forecasted period.
In developed countries of North America, including the U.S and Mexico, large numbers of automobile offers huge opportunity for grow of parking management system market. Among all regions, North America account the largest market share in parking management system and it is expected to remain the largest market during forecasted period 2014-2020. The U.S. holds the largest market size of parking management system in North America. North America and Europe together holds over two-thirds of market share in global parking management system in 2013.
Asia pacific is one of the prominent markets for parking management system. Growth in demand of vehicles in the Asia Pacific countries, mainly in China, India and Japan creates high demand of parking management system. Asia Pacific is expected to witness fastest growing market for parking management system during forecasted period. The global parking management system market is expected to grow in a double digit growth rate during forecasted period 2014- 2020.
Some of the major companies operating in global parking management system market are Affiliated Computer Services, 3M, Siemens, HCL Technologies Ltd., KAPSCH, Cubic Corporation, Kapsch, Vodafone Group PLC, T2 Systems, Skidata AG, Rydin Decal, Passport Parking, LLC, Streetline, Amano Corporation, Libelium, Scheidt & Bachmann,l Nedap AVI, Tcs International, Complus Data Innovations, Inc., Integrapark, LLC, Transcore, Netpark, LLC, Group Techna, Inc., Data Ticket, Inc., Parkopedia and Edc Corporation.
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Parking Management System Market: Global Industry Analysis and Forecast to 2020
Persistence Market Research is released new forthcoming report on title "Parking Management System Market: Global Industry Analysis and Forecast to 2020".