OFF STREET PARKING MANAGEMENT SYSTEM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2022 to 2030)

A parking management system automates a car parking system by optimizing parking space and making the process efficient. Off-street parking is vehicle parking on streets or roads where permits are required as per regulations of each region or country. It provides real-time car parking information such as available slots display, vehicle & slots count, reserved parking, easy payments, pay-and-park options, reports, and more. Furthermore, off-street parking is designed for parking lots, garages, and driveways. Advancements in technology including smartphone applications for parking management systems and enhanced ticketing and payment solutions have boosted the demand for the off-street parking management systems.

The Off-Street Parking Management System Market was valued for US$ 5508.2 Mn in 2021.

Market Dynamics

Increasing the population worldwide has increased the demand for new vehicles on the road, thereby resulting in increased traffic congestion. Furthermore, parking convenience is crucial and hence, parking facilities are becoming the main point of concern across nations. Rising demand for parking spaces, effective traffic management, and facilities that offer viable travel and parking options to consumers are expected to boost the demand for enhanced parking facilities. According to Coherent Market Insights’ analysis, car park size in China is estimated to be around 200 Mn units as compared to 262 Mn units for the U.S., by 2020. Moreover, rapidly increasing motorization due to rising population are other factors expected to drive growth of the global off-street parking management system market in the near future.

However, Growing vehicle parking across the globe has led to demand for more available parking spaces primarily in countries such as Canada, China, and a few other European countries. This is owing to growth of commercial sectors, increased travel, and rising demand for safe and improved parking solutions. Furthermore, the demand for land availability is increasing rapidly, in order to mitigate the rising demand for parking space and parking management solutions. Thus, these factors are expected to hinder the global off-street parking management system growth over the forecast period.

Key features of the study:

• This report provides an in-depth analysis of the global off-street parking management system market and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
• It profiles leading players in the global off-street parking management system market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• Key companies covered in the global off-street parking management system market are Nortech Control Systems Limited, 3M Co., Swarco AG, Cubic Corporation, Amano Corporation, Kudelski Group (SKIDATA AG), TIBA Parking LLC, IBM Corporation, Kapsch TrafficCom AG, and Xerox Corporation.
• The market players are focusing on strategic collaborations to innovate and launch new products to meet the increasing needs and requirements of consumers.
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
• The global off-street parking management system market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global off-street parking management system market.

Detailed Segmentation

• Global Off-Street Parking Management System Market, By System Components & Services:
  • On-Premise
  • Cloud-Based
  • Entry/Exit Terminals
  • Card Readers
  • Validation Solution
  • LPR System
  • Others
  • Deployment and Customization
  • Maintenance
  • Parking Software
  • System Devices
  • Professional Services
  • Consulting
• Global Off-Street Parking Management System Market, By Solutions:
  • Access Control
  • Parking Fee and Revenue Management
  • Parking Reservation Management
  • Valet Parking Management
  • Parking Guidance and Slot Management
  • Others
  • (Parking Enforcement Management)
• Global Off-Street Parking Management System Market, By End-use Industry:
  • Government and Municipalities
  • Airports
  • Healthcare
  • Corporate and Commercial Parks
  • Commercial Institutions
  • Others (Tourist Destinations and Hospitality Sector)
• Global Off-Street Parking Management System Market, By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
• Company Profiles
  • Nortech Control Systems Limited *
    • Company Overview
    • Product Portfolio
    • Financial Performance
    • Key Strategies
    • Recent Developments
  • 3M Co.
  • Swarco AG
  • Cubic Corporation
  • Amano Corporation
  • Kudelski Group (SKIDATA AG)
  • TIBA Parking LLC
  • IBM Corporation
  • Kapsch TrafficCom AG
  • Xerox Corporation.

“*” marked represents similar segmentation in other categories in the respective section.