Parking Management Market Prophesied to Grow at a Faster Pace by 2021
Verfasser: yogesh on Monday, 1 April 2019Globally, the number of vehicles is increasing rapidly intensifying the problem related to the scarcity of parking space. Traffic congestion and other transportation related problems occur due to vehicle not finding space for parking. Thus, the necessity of efficient and smart parking system is increasing. Today’s advanced parking management systems are intelligent enough to provide high level of convenience to the drivers, automating and simplifying the business operations and other functions at the parking site.
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Demand for smooth traffic flow is the major driving factor for the adoption of parking management systems across the big cities. Parking management system decrease hardware and connectivity costs and it also provides benefits in terms of revenue to the parking site owners. Thus, revenue generation and smoothing of the traffic flow are the factors driving the adoption of parking management systems. However, cost sensitivity of the parking space operators who manage the parking space on behalf of the parking space owner is the challenge for this industry. Parking management systems hold immense opportunity for the players in this market in regional economies and smart cities across the globe.