The Global Off-Street Parking Management System Market, By System Components & Services (Parking Software, Professional Services, Consulting), 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)) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 9657.2million by 2027, exhibiting a CAGR of 9.1% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Parking management is the use of different programs and policies that results in efficient parking. Off-street parking is vehicle parking on streets or roads where permits are required as per regulations of each region or country. 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 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.
Rising urbanization is expected to boost the global off-street parking management system market growth over the forecast period
Urbanization is increasingly gaining importance as a key factor depicting the economic condition of a nation. This is owing to constant approach of governments to seek modernization in all aspects of their respective countries. Moreover, urbanization has significantly changed consumer preferences and lifestyles thereby boosting the demand for parking management solutions, especially in emerging economies. According to the United Nations (UN) report, by 2050, 66% of the total world’s population is expected to be living in urban areas, and this is forecast to drive demand for more efficient parking management solutions to suit varied consumer needs. Therefore, these factors are expected to support growth of the global off-street parking management system market during the forecast period.
Advent of sustainable solutions for parking industry can present lucrative growth opportunities
Growing traffic congestion has increased wastage of fuel and carbon footprint. As a result of this, the demand for greener solutions has increased and resulted in less carbon emission. Furthermore, development of novel technologies such as effective parking guidance or slot management systems which provide guidance to drivers thereby resulting in augmented parking experience and reducing fuel emission. For instance, the parking systems business sector in Japan has been working to endorse eco-friendly initiatives and minimize parking lot management costs.
Rising commute over a bicycle is expected to hamper the global off-street parking management system market growth over the forecast period
Green environment is a major concern for many companies across the globe. This is due to increased carbon emission in the environment, which is leading to pollution and improper balance in ecosystem. Many travelers across North America and Western Europe are increasingly adopting bicycles for daily commute. This is expected to restrain the off-street parking management system market growth in the near future. Moreover, initiatives by various companies for “green parking” is further expected to fuel demand. For instance, Canopy Airport Parking offers electric vehicle charge parking stations, LED lighting, solar panel farm, and other amenities, aimed towards reducing the carbon footprint. Hence, these factors are expected to restrain growth of the global off-street parking management system market in the near future.
In the recent past, there has been a significant rise in infrastructure development activities worldwide. This includes major development of parking garage and lots for locations and businesses such as sports complexes, community centers, shopping malls, and others in urban areas. As a result of this, it has led to increased demand for off-street parking management systems. Moreover, the development of smart cities is expected to boost the demand for off-street parking management systems in the near future. For instance, Citi Group partnered with IBM Corp. and Streetline Inc. to offer funding to integrate smart parking systems and technology in U.S. cities.
Major automotive OEM providers are focused on investing significantly in partnerships with parking management companies, app providers, and city governments, especially in North America and Europe. The primary objective of partnerships is to augment the development of integrated solutions for parking management. Moreover, venture capital firms are investing in development of innovative parking apps that provide real-time information on parking lots and spaces.
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.