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Off-Street Parking Management System Market

Market Study on Off-Street Parking Management Systems: Commercial Institutions to Drive Market Growth at Rapid Pace

Off-Street Parking Management System Market Segmented By Smart Parking Management System, Smart Parking Space Management, Parking Management Solutions, Smart Parking Systems

Off-Street Parking Management System Market Outlook (2022 – 2029)

Revenue from the global off-street parking management system market crossed US$ 1 Bn in 2021. Overall off-street parking management system sales are projected to reach US$ 5.5 Bn by 2029, surging at a CAGR of 9.5% from 2022 to 2029.

Off-Street Parking Management System Market Size (2021)

US$ 1 Bn

Projected Year Market Value (2029)

US$ 5.5 Bn

Global Market Growth Rate (2022-2029)

9.5% CAGR

Share of Top 5 Market Players

~40%

Sales of off-street parking management systems currently account for nearly 30% of the global parking management system market. Market growth will continue to accelerate, increasing the competition already prevalent across the landscape.

Growing need for smart parking solutions, increasing number of vehicles on the roads, and rising demand for cloud-native parking management solutions would drive market demand. Also, rising trend of autonomous vehicles, emergence of Fully Automated Parking Systems (APS), and increasing need for mobile parking solutions are major factors driving market growth.

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Off-Street Parking Management System Demand Analysis from 2014-2021 Compared to Market Outlook for 2022-2029

An off-street parking management system automates a vehicle parking system by optimizing the parking space. The system addresses issues such as automated access control of vehicles and reduction of personnel required to operate parking lots.

Increase in the number of vehicles will pose infrastructural challenges where there will be a huge need for efficient mobility and parking for on-street vehicles as well as off-street vehicles. Fortunately, off-street parking management technologies will transform consumer experiences with efficient parking services in cities across the world.

Off-street parking lot management system demand is estimated to rise at a healthy CAGR of around 9.5% from 2022 to 2029 in comparison to nearly 7% CAGR registered during 2013-2021.

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What’s Driving Demand for Off-Street Parking Management Systems?

“Low Infrastructure Setup Cost and Ease of Connectivity Driving Market Expansion”

Vehicle parking and traffic management in modern cities continue to be a major problem for citizens. There is a high need to implement well-planned parking management systems in modern cities. Off-street parking lot management solutions and systems play a crucial role in traffic management and help achieve faster, easier, and reliable ways to find parking slots. Besides, these systems require low installation and maintenance costs and also offer easy deployment.

An off-street parking management system has a defined architecture with particular components, sensors, communication protocols, and associated software solutions. Due to such factors, sales of off-street car park access control systems are expected to grow in various cities across the world.

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Market Research Methodology

Market Research Methodology

-Perfect through Years of Diligence

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Country-wise Insights

What is the Demand Outlook for Off-Street Parking Management Systems in the U.S.?

“Corporates & Commercial Parks Accounting for High Demand for Vehicle Parking Lot Management”

The U.S. off-street parking management system market is predicted to remain one of the most attractive markets over the forecast period. The country is expected to account for nearly 75% market share through 2029, of the North America market.

The market in the United States is expected to grow at a healthy rate. Rapid adoption of vehicles is creating the need for off-street parking solutions, and also growing smart city initiatives in the country are offering lucrative opportunities for market participants.

Moreover, corporates and commercial parks are also expected to create potential growth opportunities for off-street parking management system vendors in the United States over the coming years.

Why is Demand for Parking Space Management Systems Increasing in the U.K.?

“Smart Parking Solutions to Be Highly Demanded across the U.K.”

Off-street parking management system consumption in the U.K. is expected to rise at an impressive CAGR of around 16.5% over the decade.

The U.K. parking system market is primarily driven by increasing smart city initiatives. Ever-increasing traffic congestion and uncertainty in parking availability are fueling demand growth of off-street parking management systems in the country. Moreover, the corporate sector in the country is increasingly driving demand for parking solutions.

Rising demand for in-vehicle payments, touchless parking systems, and rapid pace of technology adoption in the U.K. will collectively contribute to market expansion for smart parking solutions.

What are the Sales Prospects for Off-Street Parking Management System Providers in Japan?

“Innovation & Technology Driving Japan Car Park Access Control System Market”

Off-street vehicle parking management system revenue sales in Japan are estimated to increase at an impressive rate of around 17% CAGR from 2022 to 2029.

Japan is anticipated to witness an impressive growth rate in demand for smart off-street parking management equipment during the forecast period. The country is witnessing increasing investments in parking space management system technology.

Business partnerships and acquisitions are the key strategy followed by top off-street parking management system providers in the country to increase business revenue and drive new innovations in products/services.

Mass production and cost efficiency give this country a competitive edge. Also, manufacturers of car park access control systems in the country invest substantially in technology and R&D initiatives of parking management solutions.

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Category-wise Insights

Will Adoption of Fully Automated Parking Systems Increase in Corporate & Commercial Parks?

“High Need for Automatic Parking Management Systems to Be Witnessed”

The corporate and commercial parks segment will dominate global demand for off-street vehicle parking management systems in future, and is predicted to account for an exponential share of nearly 25% by the end of 2029.

Use of automation technologies in parking systems will shape market growth over the coming years. Automated Parking Systems (APS) are specially designed to minimize the parking area/volume required for parking vehicles.

Technology installed in APS uses robotics to park vehicles. The process includes scanning vehicles with lasers as soon as they enter the parking lot. After that, a robotic valet in the form of a moving platform lifts the vehicle and transfers it to an empty space.

As such, adoption of fully automated parking systems is increasing in corporate and commercial parks.

Will Smart City Initiatives Benefit Off-Street Vehicle Parking Management System Manufacturers?

“Advanced and RFID-based Parking Management Systems to Proliferate”

The government and municipalities end-use segment is currently dominating market demand for off-street parking management systems, and is slated to expand at an impressive CAGR of around 16.5% through 2029.

Smart cities are mainly focused on the areas of digital and telecommunication technologies that benefit citizens, industries, and businesses, to raise productivity and drive prosperity. Smart cities aim to improve the quality and standard of living of residents by making use of advanced Information and Communication Technologies (ICT).

Implementation of off-street parking solutions is one of the major use cases of smart cities, as they allow people to park their vehicles conveniently, reduce fuel consumption, and lessen carbon dioxide emissions. These solutions leverage technologies such as IoT, sensors, and software to smartly track information on available parking slots.

At the back of these factors, rising adoption of automatic off-street parking management devices and solutions in smart city initiatives by government will contribute to the growth of the market.

How Will License Plate Recognition (LPR) Technology Complement Off-Street Parking Management System Shipments?

Adoption of License Plate Recognition (LPR) technology in off-street parking management equipment is expected to rise at a high pace. Demand from this segment will increase at an estimated CAGR of 10.5% through 2029.

In the past few years, the parking industry has deployed easy, modern, touchless, pre-paid, frictionless, and free-flow technologies to park. Similarly, License Plate Recognition (LPR) is a modern technology that allows a driver to enter and exit a vehicle park without pre-registration. The read rate of this LPR technology is over 90%.

Competitive Landscape

A number of leading off-street parking management system providers are coming up with advanced and innovative solutions that meet the ever-changing demand for various applications.

  • In July 2020, GROUP Indigo extended its European presence by opening a subsidiary in Poland. INDIGO will be positioned on the on-street parking market, on the management of public car parks serving hospitals, universities, shopping centers, offices.
  • In January 2020, APCOA PARKING Sweden (APCOA) acquired Swedish parking operator XPERT Parkering AB (XPERT). The acquisition will combine the strengths of these two companies and bring together two strong management teams with complementary skills and capabilities.

Off-Street Parking Management System Industry Report Scope

Attribute

Details

Forecast Period

2022-2029

Historical Data Available for

2014-2021

Market Analysis

USD Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia & Pacific excluding Japan
  • Japan
  • The Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Malaysia
  • Indonesia
  • Singapore
  • Australia & New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • System
  • Component
  • End User
  • Region

Key Companies Profiled

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Off-Street Parking Management System Industry Research by Category

Off-Street Parking Management System Market by System:

  • Access Control Systems
  • Parking Fee & Revenue Management
  • Parking Reservation Management
  • Valet Parking Management
  • Parking Guidance & Slot Management
  • Others

Off-Street Parking Management System Market by Component:

  • Off-Street Parking Management Software
    • On-premise Parking Management Software
    • Cloud-based Parking Management Software
  • Off-Street Parking Management Hardware
    • Entry/Exit Terminals
    • Card Readers
    • Validation Solutions
    • Pay on Foot Stations
    • LPR Systems
    • Others
  • Off-Street Parking Management Services
    • Consulting
    • Deployment & Customization
    • Maintenance & Support

Off-Street Parking Management System Market by End User:

  • Off-Street Parking Management Systems for Government and Municipalities
  • Off-Street Parking Management Systems for Airports
  • Off-Street Parking Management Systems for Healthcare
  • Off-Street Parking Management Systems for Corporate and Commercial Parks
  • Off-Street Parking Management Systems for Commercial Institutions
  • Others

Off-Street Parking Management System Market by Region:

  • North America Off-Street Parking Management System Market
  • Latin America Off-Street Parking Management System Market
  • Western Europe Off-Street Parking Management System Market
  • Eastern Europe Off-Street Parking Management System Market
  • Asia Pacific Excluding Japan Off-Street Parking Management System Market
  • Japan Off-Street Parking Management System Market
  • Middle East & Africa Off-Street Parking Management System Market

- Companies Covered in This Report -

  • IBM Corporation
  • Xerox Corporation
  • Cubic Corporation
  • Kapsch TrafficCom AG
  • TIBA Parking
  • Amano Corporation
  • Kudelski SA
  • SWARCO AG
  • Nortech Control Systems Limited

- Frequently Asked Questions -

North America is projected to register strong growth in demand for off-street parking management systems, exhibiting a CAGR of around 20.3%.

Some of the leading companies in this landscape are 3M Company, Skidata AG, IBM Corporation, Xerox Corporation, and Amano Corporation.

The global market for off-street parking management systems was estimated at over US$ 1 Bn in 2021, and is predicted to surge at 9.5% CAGR through 2029.

Sales of off-street parking management systems are expected to reach around US$ 5.5 Bn by the end of 2029.

Key trends include advancements in information technology and rising adoption of off-street parking management systems in healthcare and government.

Main countries providing off-street parking management systems include the United States, United Kingdom, and Japan.

North America is the leading regional market for off-street parking management systems.

Top 5 countries driving most demand for off-street parking management systems are the United States, United Kingdom, Japan, Germany, and China.

The Western Europe off-street parking management system market is predicted to expand 2X by 2029.

Off-street parking management system sales in Japan and South Korea were valued at around US$ 55 Mn and US$ 30 Mn, respectively in 2021.

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