Global Market Study on Off-Street Parking Management System: Middle East to Register Highest CAGR During the Forecast Period

Off Street Parking Management System Market
  • Published On : Jun-2015 |
  • Pages : 197 Pages |
  • Format :

Persistence Market Research (PMR) provides key insights on the global Off-Street parking management system market over the forecast period (2015-2021). The primary objective of the report is to provide in-depth analysis and future market estimations, including growth drivers, restraints, opportunities, trends, key segments, status of the regional markets and key market players operating in the global Off-Street parking management system market. Along with the provision of quality insights, quantification of data has been considered through discussions with system developers, market experts, and marketing managers.

To understand and assess opportunities in the global market, the report is categorically split into four sections in terms of market value (US$ Mn), namely market analysis by software, components & services, by solutions, by end-use and by regions. The report further provides comprehensive data on global market estimations, competitive landscape and forecast values. The aforementioned segments have been analyzed in terms of Basis Point (BPS) to understand each segment’s relative contribution to the overall market growth. 

The geographical analysis studies the market on the basis of the regional opportunities and estimates the market value for each region during the forecast period. The report also considers a year-on-year growth based on regional market analysis, in order to identify right opportunities in each of the regions and to understand predictability of the market.

The last part of the report provides an exhaustive analysis on the global competitive landscape including leading market participants and a dashboard view. Market strategies of prominent players and their key developments are also mentioned in the report. 

Research Methodology

To deduce the global Off-Street parking management system market, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by software, components & services, by solutions, and by end-use and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global Off-Street parking management system market.  

The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on the supply side and demand side drivers and other key dynamics of the global Off-Street parking management system market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.  

Another key feature of this report is an analysis of the global Off-Street parking management system market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global Off-Street parking management system market. Further, to understand key segments in terms of their growth and overall global Off-Street parking management system market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global Off-Street parking management system market.  

Off-street parking management is designed to counter the ever growing on-road parking menace. Such advanced parking systems do not interrupt the on-road traffic flow. The point of interaction between road and car parked area is limited to a single point commonly known as the point of access. Some of the primary features of off-street parking systems include simplified revenue management system, valet parking management, parking reservation management, parking enforcement management and parking guidance and slot management.  Such parking solutions are high on demand by end-use sectors such as airports, government infrastructures, municipalities, commercial and corporate parks, healthcare, and commercial institutions. The global off-street parking management system market is expected to grow from US$ 3,393.9 million in 2015 to USD 5,726.7 million by 2021 at 9.1% CAGR during the forecast period (2015 to 2021).

Key Market Dynamics

Demand for effective parking management solutions, which include appropriate enforcement methods, payment methods and dynamic parking guidance systems are expected to propelling the growth of global parking management systems market over the forecast period. Higher investments by manufacturers and service providers in R&D programs is articulating improvements in existing systems and creating prospects for newer systems to surface. In addition, companies are strongly focusing on developing advanced parking management systems in order to alleviate safety regulations pertaining to specific regions. Moreover, increasing preference for automated systems for parking over conventional parking structures, specifically in urban areas is fueling the demand for advanced off-street parking management systems. Other factors such as ever increasing traffic congestion across the globe, time optimization and preference for travel convenience is further supporting the overall market growth.

Likewise, growing concerns over safe and obstacle-free walking space for pedestrians is expected to influence the growth off-street parking market. Smart utilization of car parking space, especially in densely populated countries such as China and India are creating prospects for higher implementation of off-street parking management system in these countries. On the contrary, companies are posed with the challenge to maintain a proper balance between demand and supply in both matured and emerging economies. Therefore, the demand for effective off-street parking management system will grow in the coming years. 

Segment Analysis

On the basis of software, components & services, the global Off-Street parking management system market is segmented into parking software, professional services and system devices.By solutions, the market is segmented into access control, parking reservation management, parking guidance and slot management, parking fee and revenue management and valet parking management. Based on end-use, the market is segmented into government and municipalities, healthcare, corporate and commercial parks, airports and commercial institutions

Regional Analysis

On the basis of region, the global Off-Street parking management system market is segmented into five key regions namely Latin America, North America, Asia-Pacific, Europe, and Middle East and Africa. North America is the largest market for off-street parking management system, expected to surpass US$ 1,689 million by 2021 expanding at 8.9% CAGR over the forecast period, the region is closely followed by Europe.  However, Middle East and Africa is anticipated to register the highest growth during the forecast period.

Key Market Participants

Key market participants identified in the global Off-Street parking management system market include Skidata AG, 3M Company, IBM Corporation, Amano Corporation, Xerox Corporation, Kapsch TrafficCom AG, Tiba Parking LLC, Nortech Control Systems Limited, SWARCO AG and Cubic Corporation.

Some of the major players in the off-street parking management system market:

  • 3M Company.
  • Xerox Corporation.
  • Amano Corporation.
  • Skidata AG.
  • IBM Corporation.
  • Cubic Corporation.
  • Kapsch TrafficCom AG.
  • Tiba Parking LLC.
  • Nortech Control Systems Limited.
  • Other.

These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.

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