With growing number of new vehicles on roads, traffic problems have been on the rise in various cities across the globe. Additionally, parking convenience and facilities have become a major concern in most of these countries. This has led to increase in demand for traffic management, parking facilities, and off-street parking management systems that provide viable parking and travel options to consumers, primarily in both developed and developing countries.
Commuters are increasingly demanding automated systems for parking, especially in urban areas, in the view of increased traffic congestion, preference for convenience, and time optimization. In addition to fulfilling these factors, off-street parking management systems are likely to garner traction as viable solution to ensure the safety of parked vehicles.
Service providers of off-street parking management systems are consistently investing in R&D activities, in order to develop newer technologies and to upgrade existing systems, and to mitigate safety compliances of certain regions. The demand for effective parking management solutions, which include payment methods, enforcement methods, and parking guidance systems, are propelling the growth of the off-street parking management systems market, globally.
For instance, in March 2018, Cubic Corporation announced that its Cubic Transportation Systems business division and Transport for New South Wales extended the open payment trail to introduce contactless ticketing in Australia and to offer quick, easy, & seamless payment options, thus providing choice and convenience to customers.
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- IBM Corporation
- Xerox Corporation
- Cubic Corporation
- Kapsch TrafficCom AG
- TIBA Parking
- Amano Corporation
- Kudelski SA
- SWARCO AG
- Nortech Control Systems Limited
Improved Internet Enabled Solutions to Spur the Off-Street Parking Management Systems Market Growth
Technological advancements in the overall parking industry are expected to positively impact manufacturers, distributors, and parking operators for both, on-street as well as off-street parking. Technology is expected to revolutionize off-street parking management systems, ranging from products, software, and services, resulting in the adoption of Internet-enabled solutions integrated with web-based products.
For instance, consumers currently perform various tasks such as reserving parking spaces, paying bills, printing parking tickets, and searching for available parking spaces via the Internet. This is expected to propel the growth of the off-street parking management system market in near future, specifically in developing nations where the Internet penetration rate is rapidly increasing.
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Collaboration of Off-Street Parking Management System Providers with Local Government Bodies to Boost the Market Growth
Developing the infrastructure to meet the future challenges of 'smart city' and 'e-mobility is leading to collaboration between manufacturers of off-street parking management system equipment and local governments and municipalities.
Also, there have been long-term agreements between international players and local governments for the development of off-street parking management systems. For instance, Swarco AG signed a contract with the city of Timisoara, Romania, to implement a traffic management system and video surveillance.
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High Initial Deployment Cost of Off-Street Parking Management System to Hamper the Growth
The deployment cost of system devices in off-street parking management system is high when compared to on-street parking. This is due to the high cost of products such as automated paying stations, connected entry/exit terminals, validation system, wireless connected computer systems and sensors, and total cost involved in the proper integration of off-street parking management systems.
The off-street parking also involves high construction costs. This is aimed towards the proper construction of surface lots and garages to leverage revenue opportunities from off-street parking management system.
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Growth Opportunities Abound in APEJ and Western Europe
The global off-street parking management market in Asia Pacific Excluding Japan (APEJ) and Western Europe is anticipated to witness an impressive growth rate during the forecast period. In APEJ region, the growth of motorization is proliferating rapidly due to the rising population in countries such as India and China, which in turn is expected to drive the growth of the off-street parking management system market.
Automotive OEM providers are investing substantially in partnerships with parking management companies, city governments, and app providers, primarily in Europe and North America. The objective of these partnerships is to enhance the development of integrated off-street parking management systems.
For instance, companies such as Streetline (U.S. and Europe), GottaPark (U.S.), and ParkatmyHouse (U.S. and Europe) have introduced smart parking apps, offering real-time data to motorists.
The Analysts’ Viewpoint
A comprehensive view of the off-street parking management system market has led our analysts to conclude that, the market is proliferating at a remarkable rate. Regions such as Western Europe and North America are holding a large part of the market. Regional expansion along with collaborations with other off-street parking management system providers are some strategies opted by key players to boost their sales growth.
New product innovations and strong financial position of key market players will also give momentum to the off-street parking management system market.
Off-Street Parking Management System Market: Taxonomy
PMR’s research study on the global off-street parking management system market offers a detailed market taxonomy, wherein the key segments have been discussed in detail.
The segmentation of the off-street parking management system market has been offered on the basis of component, industry, end-user and region. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study.
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Off-Street Parking Management System Market: Key Questions Answered in the Report
The research study on the off-street parking management system market offers inclusive insights about the growth of the market in the most comprehensible manner for better understanding of users. The insights offered in the off-street parking management system report answer some of the most salient questions that assist the stakeholders in gauging all the emerging possibilities.
- How has the rapidly changing business environment turned into a major growth engine for the off-street parking management system market?
- How ensuring compliance with industry regulations is boosting the off-street parking management system market?
- What are the key trends that are constantly shaping the growth of the off-street parking management system market?
- Which are the prominent regions offering plentiful opportunities for the off-street parking management system market?
- What are the key differential strategies adopted by key players to command a significant chunk of the global market share?