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SOURCE Research and Markets
DUBLIN, Feb. 12, 2014 /PRNewswire/ --
Research and Markets
) has announced the addition of the
report to their offering.
The rapid growth in the number of vehicles worldwide is intensifying the problem of the scarcity of parking space. According to industry data, 30% of traffic congestion occurs due to vehicle drivers struggling to find parking space. These in turn are magnifying the necessity of smart and efficient parking systems. Today's intelligent parking management systems are capable of providing extreme level of convenience to the drivers, as well as simplifying and automating the business operation and administrative functions of the parking site owners.
Parking management systems are apt for the smart transportation environment. It automates and smartens the parking management functions by providing solutions such as access control, revenue management, parking enforcement and permit management, security and surveillance, automated valet parking, and parking guidance and slot management. These solutions result in efficient parking management in terms of automating and easing parking payment method for the vehicle drivers, saving their time, and also increasing vehicle holding capacity of the parking garage.
The high growth rate in the registration of new cars worldwide, with major boom from regional economies such as Asia Pacific (APAC), will open the window of opportunities for parking management business. The ongoing and upcoming smart city projects worldwide will create room for the intelligent parking management systems. The global parking management industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.1% from 2013 to 2018.
The parking management market is estimated to be $4.19 billion in 2013. The market is expected to grow in tandem with the growth in vehicle ownerships and parking facilities development. Need for smooth traffic flow, business benefits to the parking site operators, and decreasing hardware and connectivity costs are the key drivers for the parking management industry.
Key Topics Covered:
2 Executive Summary
3 Market Overview And Dynamics
4 Parking Management: Market Size, Analysis And Forecast By System Components And Services
5 Parking Management: Market Size, Analysis And Forecast By Parking Site Types
6 Parking Management: Market Size, Analysis And Forecast By Solutions
7 Parking Management: Market Size, Analysis And Forecast By Industry Verticals
8 Parking Management: Market Size, Analysis And Forecast By Regions
9 Parking Management: Market Landscape
10 Company Profiles
For more information visit http://www.researchandmarkets.com/research/9lrnfm/parking
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