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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 by System (Access Control Systems, Parking Fee & Revenue Management and Valet Parking Management), Parking Fee & Revenue Management Segment hold 19.7% share of the market.

Off-Street Parking Management System Market Outlook

Off-street parking management system market value is analyzed to be around US$ 5,887.5 Million in 2022 and in 2033, the market is analyzed to reach around US$ 16,273.9 Million. It is also estimated to valuate to US$ 6,370.2 Million in 2023, and projected to grow at a CAGR 9.8% from 2023-2033.

An off-street parking management system is a set of processes and technologies used to regulate and control the use of parking facilities that are not located on public streets. This includes parking lots, garages, and other private or semi-private parking spaces. It often involves the use of software, ticketing machines, entry and exit barriers, and payment systems to manage the allocation of spaces, track usage, and enforce payment for parking. The goal of this system is to optimize the use of limited parking resources, reduce congestion and improve the overall parking experience for users.

There are several factors that are significantly contributing to the growth of the off street parking management system industry such as growing urbanization and the increasing number of vehicles, the demand for parking space has increased, leading to the need for more efficient & effective parking management systems.

Additionally, cities are adopting smart city initiatives & technologies to improve the quality of life for their citizens. These systems are a key component of these initiatives, helping to reduce traffic congestion & emissions and improve urban mobility.

Off-street parking management system market accounts for the 25% of the smart parking management system market.

As per the regional market outlook North American region held a leading market share of 25.4% in the global off-street parking management system market in 2022. Whereas the demand for off-street parking management system in the Europe region is analyzed to hold the market share of around 22.1% of the market in 2023.

Attributes Key Insights

Off-street parking management system Market Size (2023)

US$ 6,370.2 Million

Projected Market Value (2033)

US$ 16,273.9 Million

Global Market Growth Rate (2023 to 2033)

9.8%

Parking Fee & Revenue Management Segment Market Share (2022)

19.7%

India Market Growth Rate (2022)

11.1%

Government & Municipalities Segment Market Share (2022)

18.1%

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What are the Major Impediments to the Growth of off-street parking management system Market?

“High implementation cost along with the lack of standardization”

High upfront cost & implementation costs, resistance to change & reluctance to adopt new technology, lack of standardization & interoperability among different systems, data privacy & security concerns. These are all the major impediments to the adoption of these systems.

  • In December 2022, Principal Secretary Housing & Urban Development Department had inaugurated the first FASTag enabled parking solution in Jammu multi-level parking bus stand. The parking management system was introduced as part of the UT's My Town, My Pride initiative.
  • In September 2021, RingGo in collaboration with the Stirling Council had launched cashless parking solutions. Someone with smartphones can pay for parking using the RingGo app, while calls, texts & online payments are also options.
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What are the major driving forces behind the dominant share of U.S off-street parking management system Market?

Increasing adoption of Cost Efficient & Automated Parking Systems

Off-street parking management systems help to reduce operational costs by automating many tasks and reducing the need for manual labour as well as off-street parking management systems make it easier for drivers to find available parking spaces and make payments, improving the overall parking experience. These factors are providing lucrative opportunity for the adoption of off-street parking management system systems in the US region contributing to its significant share of 27.1% in 2022.

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What are the growth opportunities for off-street parking management system market in India?

“Rising Demand for Real-Time Parking Availability Information”

Rising awareness about smart city initiatives & the need for technology-based parking solutions, growing need for real-time parking availability information & smart payment options, increasing traffic congestion and the need to optimize parking space utilization are some of the major factors accelerating the growth of off-street parking management system market in India.

Such factors are majorly contributing to usher the growth of the off-street parking management system market at a CAGR of 11.1% over the forecast period in India.

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What components are influencing the market share of Germany in the Global off-street parking management system market?

Rising Adoption of Smart Parking Systems

Government regulations and initiatives to encourage the adoption of smart parking systems, technological advancements in IoT, cloud computing & big data analytics, growing trend of shared mobility & demand for integrated parking solutions. Such factors are expected to accelerate the adoption of off-street parking management system systems in the Germany.

Category-wise Insights

Why Parking Fee & Revenue Management Segment Hold the major Market Share in the off-street parking management system market?

Increasing demand for cashless payment options, reducing the need for physical money exchange, government regulations & initiatives aimed at optimizing parking management & revenue generation, rising consumer demand for cost-effective, convenient & accessible parking solutions, growing awareness about the benefits of parking management systems, such as improved traffic flow & reduced emissions.

These factors are influencing the major share of 19.7% parking fee & revenue management segment in the off-street parking management system market.

Why the demand for Off-Street Parking Management System in Government & Municipalities holds the significant share in 2022?

Various factors that are analysed to be the major contributors to the widespread adoption of off-street parking management system technology in government & municipalities are government regulations & initiatives aimed at optimizing parking management & revenue generation, increasing demand for cost-effective and efficient parking solutions to manage a growing number of vehicles, adoption of advanced technologies such as IoT & artificial intelligence to improve parking management & reduce costs.

Thus, market share of government & municipalities in the off-street parking management system market is analysed to be 18.1% in 2022.

Competitive Landscape

Various companies are investing heavily in research and development to improve the efficiency & effectiveness of automated parking technology. These systems compete based on factors such as pricing, functionality, ease of use, scalability, and integration with other systems.

  • In October 2022, Flowbird Group had launched the ParkNYC, a mobile parking app that facilitates the online payment for on-street parking & governmental parking spaces using a mobile phone.
  • In October 2022, Qatar, Minister of Transport and Minister of Communications & Information Technology had launched the smart parking service, with the goal of supplying users with a streamlined parking experience by providing data on available parking areas and enabling them to locate & reach parking areas using their mobile phones.

Recent developments related to key players providing off-street parking management system market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Off-Street Parking Management System Industry Report Scope

Attribute Details

Forecast Period

2023-2033

Historical Data Available for

2018-2022

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • System
  • Component
  • End User
  • Region

Key Companies Profiled

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

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Key Segments of off-street parking management system Market Industry Research

By System:

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

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

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

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

- Companies Covered in This Report -

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

- Frequently Asked Questions -

​​​​​​In 2023, the market value of off-street parking management system was US$ 6,370.2 Mn.

The global off-street parking management system market is estimated to advance at a 9.8% CAGR through 2033.

The market for off-street parking management system is forecasted to climb to US$ 16,273.9 Mn by 2033 end.

Demand for off-street parking management system market in India is projected to rise at a CAGR of 11.1% over the forecast period.

In 2022, the North America off-street parking management system market held a dominant market share of 25.4%.  

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