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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 was valued for US$ 5508.2 Mn in 2021 is expected to exhibit a CAGR of 9.5 % during the forecast period.

Recent Developments:

  • In Jan 2021, TIBA Parking Systems, a parking technology company, announced a partnership with REEF Technology, through this collaboration both companies have provided parking operators and landlords with a Parking Access and Revenue Control System (PARCS).

Restraint:

  • High initial deployment cost is expected to restrain growth of the global off-street parking management system market during the forecast period
  • Low availability of parking spaces is expected to hinder the global off-street parking management system market growth over the forecast period
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Off-Street Parking Management System Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 5508.2 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 9.5% 2030 Value Projection: US$ 12238.3 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:
  • By System Components & Services: Parking Software (On-Premise, Cloud-Based), System Devices (Entry/Exit Terminals, Card Readers, Validation Solution, LPR System, Others (Professional Services), Professional Services, Consulting (Deployment and Customization, Maintenance).
  • By Solutions: Access Control, Parking Fee and Revenue Management, Parking Reservation Management, Valet Parking Management, Parking Guidance and Slot Management, Others (Parking Enforcement Management)
  • By End-use Industry: Government and Municipalities, Airports, Healthcare, Corporate and Commercial Parks, Commercial Institutions, Others (Tourist Destinations and Hospitality Sector).
Companies covered:

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.

Growth Drivers:
  • Growing concerns for parking facilities are expected to drive growth of the global off-street parking management system market during the forecast period
  • Increasing vehicle-in-use is expected to propel the global off-street parking management system market growth over the forecast period
Restraints & Challenges:
  • High initial deployment cost is expected to restrain growth of the global off-street parking management system market during the forecast period
  • Low availability of parking spaces is expected to hinder the global off-street parking management system market growth over the forecast period

Global Off-Street Parking Management System Market - Impact of Coronavirus (Covid-19) Pandemic:

The global off-street parking management system market has been considerably impacted by the COVID-19 outbreak. So governments imposed the lockdown everywhere in the world as a safety measure, and also enforced tight mobility limitations, as a result, the global off-street parking management system market grew slowly throughout the epidemic.

But the growing use of modern technologies to extend contactless parking facilities is expected to create opportunities in the off-street parking management system market.

North America held a dominant position in the Global Off-Street Parking Management System market in 2021

Statistics:

North America region dominated the global Off-Street Parking Management System market in 2021, accounting for a 29.6% share in terms of value, followed by Europe, Asia Pacific and, Latin America, respectively.

Figure 1: Global Off-Street Parking Management System market Share (%), By Region, 2021

Off-Street Parking Management System  | Coherent Market Insights

North America Off-Street Parking Management System Market is expected to witness a CAGR of 9.5% over the forecast period.

North America is expected to be one of the prominent region in the global market and witness high growth during the forecast period. This is owing to increasing demand for Off-Street Parking Management System.

Figure 2: Global Off-Street Parking Management System Market (US$ Mn) Analysis and Forecast, 2022 - 2030 

Off-Street Parking Management System  | Coherent Market Insights        

The Global Off-Street Parking Management System market was valued at US$ 5508.2 Mn in 2021 and is expected to reach US$ 12238.3 Mn by 2030, growing at a CAGR of 9.5% between 2022 and 2030.

Major players operating in the Global Off-Street Parking Management System market include 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

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.

Frequently Asked Questions

The Off-Street Parking Management System market is expected to reach US$ 12909.80 million by 2030.
The market is expected to witness a CAGR of 9.5% during the forecast period (2022-2030).
Major factor driving the growth of market during the forecast period is increasing vehicle-in-use.
Airports Off-Street Parking Management System segment held the largest market share among the application in 2021.
North America held the largest share in the market in 2021.
Key players operating in the Global Off-Street Parking Management System 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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