by Brianna Crandall — November 3, 2014—Of interest to facilities managers who deal with paid parking lots or garages on their campus, independent tech-focused global research firm TechNavio has announced the publication of its new market research report on global parking management systems.
One key trend expected in this market over the next three to four years is the increased adoption of smart parking technology. With the development of smart parking solutions, parking operators save costs, and also customers are prepared to pay more for parking in exchange for added services such as automated electronic payment and guidance to available parking slots, notes TechNavio.
Parking management system software is used to maintain visibility, provide guidance for parking, and reduce the high costs of operation.
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Parking management system software is used to maintain visibility, provide guidance for parking, and reduce the high costs of operation, explains TechNavio. Therefore, organizations are adopting parking management system software solutions to automate the parking process and to provide better user experience. The overall market is expected to witness a compound annual growth rate (CAGR) of 11.69 percent during 2013-2018.
“Parking management systems offer centralized management and smart parking solutions to improve and help streamline the parking process in each step, improving the performance of an organization and saving time, says Faisal Ghaus, vice president of TechNavio Research. “Parking management solutions ensure safety and security of vehicles and provide dynamic parking tariff management.
To define the market conditions in the next three to four years, TechNavio analysts conducted in-depth analysis of the impact of market drivers, such as an increasing number of vehicles and less parking space; challenges, including issues with systems integration; and trends, such as increased adoption of smart parking technology. The report features data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance. Key vendors are Garmin Ltd, IBM Corp., Oracle Corp. and Raytheon Co.
The Global Parking Management Systems Market 2014-2018 report is available for purchase on the TechNavio Web site.
