Off-Street Parking Management System Market to Reach US$ 12238.3 Mn by 2030

The Global Off-Street Parking Management System Market was valued at US$ 5508.2 Million in 2021 and is expected to surpass US$ 12238.3 Million by 2030, registering a CAGR of  9.5% during the forecast period (2022-2030), according to 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, Latin America, Europe, APAC and Middle East & Africa), 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.

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.

 Key Developments

1. Key companies are focused on new product development, in order to enhance their product portfolio. For instance, in April 2020, Nortech Control Systems Limited, a manufacturer and distributor of vehicle access control systems. Introduced a full-color, high-intensity parking guide marker to guide the vehicle in parking lots.

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

The COVID-19 pandemic has had a major impact on the global off-street parking management system market. Lockdowns were imposed by governments around the world as a precautionary measure. As a result, the global off-street parking management system market experienced slow growth during the pandemic as severe travel restrictions were imposed by local and national governments. However, increasing the use of advanced technology to improve contactless parking capabilities is expected to create opportunities in the off-street parking management system market.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/off-street-parking-management-system-market-3805

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Key Trends and Analysis of the Global Off-Street Parking Management System Market:

• 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 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.