Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Overview

A parking management system automates a car parking system by optimizing parking space and making the process efficient. 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. On-street parking is vehicle parking on street or roads though it requires permits which depends on the rules and regulations of each country. A parking management system offers various benefits including cost savings to customers, developers, governments and businesses, mobility management, improved quality of service, and revenue generation.

The global off-street parking management system market is estimated to account for US$ 9657.2Mn in terms of value by the end of 2027 and is expected to grow at a CAGR of 9.1% during the forecasted period 2020-27.

Market Dynamics- Drivers

  1. Growing concerns for parking facilities are expected to drive growth of the global off-street parking management system market during the forecast period

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 parc 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.

  1. Increasing vehicle-in-use is expected to propel the global off-street parking management system market growth over the forecast period

Growing concerns regarding safe and obstacle-free walking space for pedestrians is another factor boosting the demand for off-street parking facilities. As a result of this, concerns towards the construction of parking garages and lots. Moreover, increasing car parc size has a direct impact on utilization of parking spaces in various nations. Thus, these factors are expected to propel the market growth over the forecast period.

Statistics:

North America held dominant position in the global off-street parking management system market in 2019, accounting for 29.6% share in terms of value, followed by Europe and Asia Pacific, respectively.

Figure 1: Global Off-Street Parking Management System Market Share (%), in terms of Value, By Region, 2019

Off-Street Parking Management System  | Coherent Market Insights

Market Dynamics- Restraints

  1. High initial deployment cost is expected to restrain growth of the global off-street parking management system market during the forecast period

Initial deployment cost of off-street parking management systems is comparatively higher than on-street parking. This is typically due to high cost of products such as automated paying stations, validation systems, connected entry/exit terminals, wirelessly connected computer systems and sensors, and total cost installation. Furthermore, off-street parking includes high construction costs, which in turn, is expected to restrain growth of the global off-street parking management system market in the near future.

  1. Low availability of parking spaces is expected to hinder the global off-street parking management system market growth over the forecast period

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.

Market Opportunities

  1. Rising demand for flexible payment solutions can provide major business opportunities

Consumers are increasingly preferring solutions that offer a wide range of payment options with ease of payment. Furthermore, consumers are gradually shifting to e-payment options across the globe. Rising trend of real-time communication due to increased smartphone usage is expected to boost the demand for flexible payment solutions among users in the near future. Market players can capitalize on such opportunities and enhance their market revenue.

  1. Collaboration with local government offices can provide significant growth opportunities

Many companies in the market are focused on collaboration activities with local governments, in order to develop infrastructure for future projects such as e-mobility and smart city. For instance, in April 2015, Swarco AG entered into a contract with the City of Timisoara, Romania, to implement a traffic management system and video surveillance. Moreover, there have been long-term agreements between international players and local governments for the development of parking management solutions.

Figure 2: Global Off-Street Parking Management System Market Value (US$ Mn), 2017 - 2027

Off-Street Parking Management System  | Coherent Market Insights

The global off-street parking management system market was valued at US$ 4786.0 Mn in 2019 and is forecast to reach a value of US$ 9657.2 Mn by 2027 at a CAGR of 9.1% between 2020 and 2027.

Market Trends

  1. Advancements in existing technologies and services is a major trend in the market

Manufacturers and solution providers in the market are focused on investing in research and development activities, in order to upgrade existing systems and develop newer technologies so as to adhere to safety regulations associated with specific regions. Demand for effective parking management solutions, which include payment methods, dynamic parking guidance systems, and enforcement methods are fueling growth of the market in the near future.

  1. Rising preference for automated parking systems is another major trend in the market

Commuters are increasingly preferring automated parking systems, especially in urban areas, owing to increased traffic congestion, preference for convenience, and time optimization. Furthermore, increased safety of parked vehicles is expected to drive growth of the global off-street parking management system market. Moreover, new technologies for vehicle occupancy detection, real-time information access, and mobile applications for parking guidance and slot management are gaining traction among new as well as established companies operating in the parking management market space.

Competitive Section

Major companies involved 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.

Key Developments

  1. Key players in the market are focused on product development, in order to expand the product portfolio. For instance, in February 2019, Nortech Control Systems Limited, introduced a new 8 Series detector range, next-gen ANPR Access V2 automatic license plate recognition (ALPR) camera system, and variable message sign (VMS) system.
  2. Major market players are involved in partnerships and collaborations, in order to attain a competitive advantage in the market. For instance, in October 2019, 3M Co. partnered with Continental AG, a Germany-based automobile company, to develop V2I interfaces.

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.

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.

Market Taxonomy

This report segments the global off-street parking management system market on the basis of System Components & Services, Solutions, End-use Industry, and region. On the basis of System Components & Services, the global off-street parking management system market is segmented into Parking Software, System Devices, Professional Services and Consulting. On the basis of Solutions, the global off-street parking management system market is segmented into Access Control, Parking Fee and Revenue Management, Parking Reservation Management, Valet Parking Management, Parking Guidance and Slot Management, Others (Parking Enforcement Management). On the basis of End-use Industry, the global off-street parking management system market is Government and Municipalities, Airports, Healthcare, Corporate and Commercial Parks, Commercial Institutions and Others (Tourist Destinations and Hospitality Sector). On the basis of region, the global off-street parking management system market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa.

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 (2020-2027), considering 2019 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:
    • Passenger Vehicles
    • Parking Software
      • On-Premise
      • Cloud-Based
    • System Devices
      • Entry/Exit Terminals
      • Card Readers
      • Validation Solution
      • LPR System
      • Others
    • Professional Services
    • Consulting
      • Deployment and Customization
      • Maintenance
  • 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
      • Future Plans
    • 3M Co.
    • Swarco AG
    • Cubic Corporation
    • Amano Corporation
    • Kudelski Group (SKIDATA AG)
    • TIBA Parking LLC
    • IBM Corporation
    • Kapsch TrafficCom AG
    • Xerox Corporation.

*Browse all the market data tables and figures on “Global Off-Street Parking Management System Market- Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By System Components & Services
      • Market Snippet, By Solutions
      • Market Snippet, By End-use Industry
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New System Launch/Approval
  4. Global Off-Street Parking Management System Market, By System Components & Services, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • Parking Software
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
        • On-Premise
        • Cloud-Based
    • System Devices
      • Introduction
        • Market Size and Forecast, 2020–2027, (US$ Million)
          • Entry/Exit Terminals
          • Card Readers
          • Validation Solution
          • LPR System
          • Others
    • Professional Services
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Consulting
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
        • Deployment and Customization
        • Maintenance
  5. Global Off-Street Parking Management System Market, By Solutions, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • Authorized Service dealer
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Access Control
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Parking Fee and Revenue Management
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Parking Reservation Management
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Valet Parking Management
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Parking Guidance and Slot Management
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Others (Parking Enforcement Management)
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  6. Global Off-Street Parking Management System Market, By End-use Industry, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • OEM Market
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Government and Municipalities
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Airports
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Healthcare
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Corporate and Commercial Parks
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Commercial Institutions
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Others (Tourist Destinations and Hospitality Sector)
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  7. Global Off-Street Parking Management System Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2019 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By System Components & Services, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Solutions, 2020–2027 (US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By System Components & Services, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Solutions, 2020–2027 (US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By System Components & Services, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Solutions, 2020–2027 (US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By System Components & Services, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Solutions, 2020–2027 (US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By System Components & Services, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Solutions, 2020–2027 (US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  8. Competitive Landscape
    • Company Profiles
      • Nortech Control Systems Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • 3M Co.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Swarco AG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Cubic Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Amano Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Kudelski Group (SKIDATA AG)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • TIBA Parking LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • IBM Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Kapsch TrafficCom AG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Xerox Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  9. Section
    • References
    • Research Methodology
    • About Us and Sales Contact

*Browse XX market data tables and XX figures on “Global Off-Street Parking Management System Market-forecast to 2027”.

Frequently Asked Questions

The global Off-Street Parking Management System market size was valued at US$ 4786.0 million in 2019 and is estimated to exhibit a CAGR of 9.1% between 2020 and 2027.
Airports segment held the major market share in 2019 owing to a growing concerns for parking facilities during the forecast period.
Major factor driving the growth of global Off-Street Parking Management System market during the forecast period is increasing vehicle-in-use.
Major factors hampering the growth of the Off-Street Parking Management System market during the forecast period high initial deployment cost.
North America Off-Street Parking Management System market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the 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.
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