Persistence Market Research offers four-year trend analysis for 2012 to 2016 and eight-year forecast for off-street parking management system market between 2017 and 2025. This study demonstrates the market dynamics and trends globally across five regions North America, Latin America, Europe, Asia Pacific, and Middle East and Africa which influence the current nature and future status of the off-street parking management system market over the forecast period.
This research report provides detailed analysis of off-street parking management system market and offers insights on the various factors driving popularity of these systems. The market study provides comprehensive assessment of stakeholder strategies and imperatives for succeeding in the business. The report segregates the market based on global off-street parking management system market is categorized by SCS, by Solution, by End User and by Region.
The report starts with an overview of the global off-street parking management system market in terms of value. In addition, this section includes analysis of factors, opportunity analysis and technology trends which are influencing the off-street parking management system market. Impact analysis of key growth drivers and restraints, based on the weighted average model and PMR analysis and recommendation is included in this report to facilitate clients with crystal clear decision-making insights.
A detailed analysis has been provided for every segment in terms of market size analysis for off-street parking management system across the different regions. The section provides a detailed analysis covering key drivers, restraints and trends and key regulations in the region. This section also highlights market presence (intensity map) for key representative market participants.
The next section highlights detailed analysis on off-street parking management system market across various countries in the region. It provides a market outlook for 2017–2025 and sets the forecast within the context of the off-street parking management system including latest technological developments as well as service offerings in the market. This study discusses key trends within countries contributing to growth of the market, as well as analyses degree at which drivers are influencing this market in each region.
This report evaluates historical trends, present scenario and the growth prospects of the off-street parking management system market across various regions globally for the period 2017 –2025. We have considered 2016 as the base year and provide data for the trailing 12 months.
To calculate global off-street parking management system market size, we have considered country wise adoption rate of off-street parking management system across different verticals.
The forecast presented here assesses the total revenue by value across the market. In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the off-street parking management system market will develop in the future. Given the characteristics of the market, we triangulated the outcome of different types of analyses, based on adoption trends. In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the market.
In the final section of the report, we have included a competitive landscape to provide clients with a dashboard view, based on categories of provider in the value chain, presence in off-street parking management system portfolio and key differentiators. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in off-street parking management system value chain and the potential players for the same. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on in-depth assessment of capabilities and success in the marketplace. Detailed profiles of providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the off-street parking management system market space.
Parking management comprises use of various electronic equipment and software, resulting in efficient parking. Since parking is a necessity in the transportation system, demand for efficient and effective parking facilities is expected to increase rapidly in the next five to six years. The two types of parking arrangements include on-street parking and off-street parking On-street parking refers to vehicle parking on street or roads. However, for on-street parking, permits are required, depending on policies or norms of each country or region. Off-street parking refers to vehicle parking in designated parking lots, driveways and garages. Parking could be outdoor as well as indoor.
The global off-street parking management system market anticipated to display a CAGR of 8.9% during the forecast period. The global off-street parking management system market was valued at nearly US$ 3,301 Mn in 2017 and is anticipated to increase significantly to reach nearly US$ 6,550 Mn by 2025, due to increasing concerns for parking facilities and rising vehicle park.
Enhanced parking management solutions are driving market growth
Companies are investing in the development of enhanced parking management solutions, catering to the demand for better access, control, and revenue management of parking facilities across the globe. Innovations are being witnessed across entire sub-sets of the parking management systems market, which include software, hardware, and services as a whole.
In May 2015, for instance, Genetec, a unified IP security solutions manufacturer, announced plans to launch a software-based LPR solution for the automatic LPR system. This was intended to offer a high accuracy solution for vehicle monitoring. Also, in May 2015, Parkmobile LLC announced the launch of a mobile payment option for parking spaces across various cities in the U.S. This is aimed towards offering ease of use to consumers for parking payment through mobile phones.
Increasing concerns for parking facilities to boost market growth of off-street parking management systems
The rising population across the globe has led to the increasing demand for new vehicles on the roads, resulting in increased traffic congestion. Also, parking convenience is essential, and thus, parking facilities are increasingly becoming a major concern in nations across the globe. This has further led to the increasing demand for parking spaces, efficient traffic management, and facilities that offer viable travel and parking options to consumers, primarily in emerging economies. For instance, car parc size in China is estimated to be around 200 Mn units as compared to 262 Mn units in the U.S., by 2020. Also, rapidly increasing motorization owing to the increasing population across countries such as China and India is a key factor expected to drive the demand for parking management systems in the near future.
Global Off-street Parking Management Systems Market Analysis and Forecast, By Region
Amongst regions, North America accounted for the largest market share in 2017 owing to integration of innovative technologies in off-street parking management systems to get accustomed with the futuristic automated products. The off-street parking management system market in Middle East & Africa accounted for relatively higher CAGR of 9.7% during the forecast period. Also, demand for off-street parking management system is increasing in the markets in North America, Europe, Latin America, and Middle East and Africa.
The Middle East and Africa off-street parking management system market was estimated to be valued at nearly US$ 210 Mn in 2017 and is anticipated to reach a valuation of nearly US$ 435 Mn in 2025. The Latin America off-street parking management system market was estimated to be valued at nearly US$ 470 Mn in 2017 and is slated to reach a value of nearly US$ 930 Mn in 2025, exhibiting a CAGR of 9% during the period of assessment.