- The key vendors in the Global Parking Management Systems Market 2014-2018 are Garmin Ltd, IBM Corp., Oracle Corp. and Raytheon Co.
London, 21 October 2014: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Global Parking Management Systems Market 2014-2018. One key trend emerging in this market 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. The overall market is expected to witness a CAGR of 11.69 percent during 2013-2018.
Parking management system software is used to maintain visibility, provide guidance for parking, and reduce the high costs of operation. Therefore, organizations are adopting parking management system software solutions to automate the parking process and to provide better user experience.
“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 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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