Off-Street Parking Management Systems Market Poised to Rake in US$ 5,726.7 million by 2021

Driver complaints pertaining to off-street parking management systems are urging counties and local authorities to regularize parking tariffs, and improve lot management and parking guidance. 

The painstaking task of finding space for parking cars or any other automotive was pertinently resolved ever since local areas in urban cities allotted spaces for off-street parking. After a while, managing these parking lots became a tedious job for local and county authorities, resulting into adoption of an electronic computer-based platform under the label of “off-street parking management systems.” The success at which off-street parking management systems became a compatible solution for parking woes resulted in considerable increase in their adoption rate. Almost every off-street parking lot in the world includes a management system that brings about uniformity in terms of fares, space allotment and parking guidance.

Nonetheless, recent developments recorded from various parts of the world are indicating that off-street parking management systems need transformation in terms of regularization. Drivers are complaining about the variability in fares of off-street parking lots within neighboring areas. Demanding a mutual effort and joint participation of neighboring counties, car drivers are pleading for standardizing the rates at which cars are parked and the applicable hours for the said tariffs. With respect to this, advancements in off-street parking management systems shall rake in more revenues and garner a benefitting reception from governing councils.

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In an overview, the global market for off-street parking management systems is expected to be positively impacted by such measures. According to Research Report Insights (RRI), the global off-street parking management systems market reached a market value of US$ 3,393.9 million in 2015. In a report, titled “Off-Street Parking Management System Market” the global market is forecasted to register a notable CAGR of 9.1% and attain an estimated US$ 5,726.7 million market value by the end of forecast period 2015-2021.

The report includes drivers for the growth of global off-street parking management systems market such as appropriate enforcement methods for civilized parking, flexible payment methods, and a growing need for dynamic parking guidance system. Off-street parking eliminates the difficulties that arise from on-road parking and parallel parking, which indirectly influences the growth of global market. Integrating newer computing technologies is likely to develop better growth opportunities for global off-street parking management systems market. And, articulating such improvements by every authoritative or administrative body will further promote the use of off-street parking management systems. The deal breaker for global off-street parking management systems market is limitations deriving from cramping up the pedestrian space for walking, jogging, cycling and other amenities. Spaces allotted for off-street parking must be adjacent to roads or streets, resulting into agreement disparity among citizens and administrative bodies.

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Growth of the global off-street parking management systems market is classified on the basis of software, services and components, which comprise of parking software, professional services, and system devices. Solutions-based segmentation of the market access control, slot management and parking guidance, parking fee and revenue management, valet parking management, and parking reservation management, among others. Furthermore, the global market for off-street parking management systems market is also distinguished into end-users such as healthcare, corporations, commercial parks, commercial institutions, and government & municipalities.

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