I read the summary of a recent press release summarizing a report available from MarketWatch on parking management systems. The report forecasts a 10% compound annual growth rate in the parking management marketplace by the year 2026.
The article defines those systems as a tool that “helps a driver to locate a vacant parking spot…” The system “collects real-time data through sensors installed in each parking space…” This helps in the “detection of presence or absence of a vehicle.” Such systems help to maximize parking space utilization.
The factors contributing to the growth rate are the growing number of vehicles and the shrinking of on street parking as well as the use of these parking management systems by various business and commercial entities. Increasing inter-connectivity of devices and vehicles over the Internet (IoT of Internet of Things) has also helped to flame this growth.
The commercial marketplace (application) along with off-street (parking facility) and valet parking (solution) account for the highest market share. The Americas (region) will be the geographical leader in revenue market share.
Some of the inhibitors is, of course, are the high investment cost as well as the high cost of maintenance.
Read the entire press release at: “CAGR of over 10% By 2026 | Parking Management Market Was value US$ 4,889.7 million in 2017”.
This technology is within ECI’s area of expertise as an integral part of parking and revenue control systems. We can be of assistance in your planning and installation of your next parking management system.
Call ECI at 847.949.0134 or click below for direct contact information.