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.
Global Parking Management Market: Segmental Snapshot
By application: Commercial segment accounts for highest market share and is estimated to register a CAGR of over 11.4% between 2017 and 2026.
By parking facility: Off-street segment is estimated to register highest CAGR of 10.9% over the forecast period.
By component: The first five-year cumulative revenue (2017-2021) of the hardware segment is projected to be US$ 16,574.8 Mn, which is expected to increase rather significantly over the latter part of the five-year forecast period.
By solution type: Valet parking management segment is estimated to register a CAGR of 11.9% during the forecast period.
By region: The market in the Americas accounted for highest revenue share in the global parking management market in 2016, and is expected to register a CAGR of over 11.1% between 2017 and 2026.
Global Parking Management Market: Competitive Analysis
The research report on the global parking management market includes profiles of some of the major companies such as Amano McGann Inc., Kapsch, Siemens AG., SKIDATA, Xerox Corporation. Other prominent players such as Cisco Systems Inc., Cisco Jasper, Deutsche Telekom AG, Gemalto NV, HCL Technologies Limited, IBM corporation, IPS Group, Inc., MSR-Traffic, Nedap Mobility Solutions, Orange Business Services, Oti (PARX), Parkeon, SWARCO AG, and T2 SYSTEMS.
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