The growth and development of the global off-street parking management system market is derived from the rising demand for off-street parking management systems such as dynamic parking guidance and enforcement as well as payment methods in the global arena.
With rising traffic congestions across the world, commuters are preferring off-street and automated parking systems over on-road parking systems. The convenience offered by off-street parking systems has boosted the popularity of off-street parking to a significant extent. In 2015, the global off-street parking management system market stood at US$3,393.9 mn. The market is expected to expand at a healthy CAGR of 9.10% from 2015 to 2021 and reach a market value of US$5,726.7 mn by 2021.
The rising concern of various governments to provide a safer walking path for pedestrians is the key reason for the rapid development of the global off-street parking management system market. The rise in disposable income of people living in emerging economies such as India and China has enabled people to own cars, which has increased the demand for more sprawling parking areas. This situation has fueled the need to install off street parking management systems in parking areas, boosting the market growth.
Components of Off-street Parking Management System Market
The global off-street parking management system market is analyzed on the basis of system components and services, solutions, end-use industries, and regional distribution.
According to system components and services, the global market for off-street parking management system is classified into the markets for system devices, parking software, and professional services. The professional services market includes consulting, customization, and maintenance and support, while the system devices market consists of validation solutions, entry/exit terminals, license plate recognition and car readers.
Based on solutions, parking fees, valet parking, access control, parking slot management, and parking reservation management are the major components of the global off-street management system market. Likewise, government and municipalities markets, airport market, medical and healthcare industry, corporate and commercial parks, commercial institutions, and various other markets are the key end users of off-street parking management systems.
North America Leads Global Off-street Parking Management System Market
The off-street parking management system market in North America leads the global market, occupying over 30% of the overall market. The regional market is projected to maintain its leadership in the coming years and is expected to rise from US$935.1 mn in 2015 to US$1,689.9 mn by the end of 2021 at a CAGR of 8.9% between 2015 and 2021.
The European off-street parking management market is likely to remain the second largest market over the next few years, whereas, the Middle East and Africa market for off-street parking management is projected to report development at the fastest CAGR in the near future.
The major participants in the global off-street parking management system market are Cubic Corp., Swarco AG, Amano Corp., IBM Corp., Kudelski Group (SKIDATA AG), 3M Co., Kapsch TrafficCom AG, Nortech Control Systems Ltd., Xerox Corp., and TIBA Parking LLC.
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