Asia Pacific Parking Management Market Forecast 2018-2026
KEY FINDINGS The Asia-Pacific parking management market is on an upsurging trend. Over the forecast years of 2018-2026, the market is likely to exhibit a CAGR of 12.88%. An increase in the number of vehicles has led to concerns regarding parking space scarcity, a fact, which is significantly contributing to the market growth.
MARKET INSIGHTS Parking management has ample opportunities for the global players to develop in the smart cities of the Asia-Pacific countries like India, Japan, China and South Korea. The innovative & smart features of the parking management such as automatic number plate recognition, sensor monitoring and controlling, boom barrier and loop detector are also paving the way for the parking management market towards expansion & diversification. China accounted for the biggest market share in 2017, closely followed by Japan. The India parking management market is another market to watch out for in this region over the forecast period. However, the high installation cost and compatibility of hardware with software and connectivity issues are hindering the growth of the parking management market in Asia-Pacific market
COMPETITIVE INSIGHTS Companies like Cubic Corporation, Q-Free Asa, Parkopedia, Cisco Systems Inc, International Business Machines Corporation (IBM),On Track Innovations (OTI) Ltd, Serco Group Plc, Synapt (Division Of Prodapt), Skidata Ag, 3M Company, Xerox Corporation, Kapsch Trafficom Ag, Gemalto Nv, Orange Business Services, and Siemens Ag are well established in this market.