Off Street Parking Management System Market to Incur Value Growth at 8.9% CAGR During 2017-2025

Persistence Market Research presents pertinent insights and a revised forecast of the global off-street parking management system market in its published report titled, “Off-Street Parking Management Systems Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025”. As per the report, global off-street parking management system market was valued at nearly US$ 3,301 Mn in 2017, and is expected to register a CAGR of 8.9% from 2017 to 2025. The rise in the demand for flexible payment solutions and proliferation of internet-enabled solutions is driving the growth of this market.

Rising Vehicle Parc and Increasing Rate of Urbanization Driving the Global Off-Street Parking Management Systems Market

Rising concerns for safe and obstacle-free walking spaces for pedestrians is driving the demand for off-street parking facilities, which is expected to further increase over the next five to six years. This is expected to increase concerns of the public as well as private sectors towards the construction of parking garages and lots. Also, increasing car parc size has a direct impact on the utilization of parking spaces in various nations. This poses challenges for companies to maintain a proper balance between demand and supply in developed as well as developing nations.

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Urbanization is increasingly gaining importance as a key factor depicting the economic condition of a nation. This is due to concerns by governments of various nations seeking modernization in all aspects of their respective countries. In addition, urbanization has led to a changing consumer lifestyle, which is expected to fuel the demand for parking management solutions, primarily in developing nations. By 2050, 66% of the total world’s population is expected to be living in urban areas, and this is anticipated to drive demand for more efficient parking management solutions to suit varied consumer needs.

Global Off-Street Parking Management Systems Market: Segmentation and Forecast

Global Off-Street Parking Management System market is categorized by SCS, by solutions, by end-user and by region. By SCS, the market is segmented as parking software, system devices and professional devices. The parking software sub segment accounted for relatively higher CAGR of 9.1% during the forecast period. The system devices sub segment is accounted for the largest market share of 41.7% in 2017. Moreover, proliferation of internet-enabled solutions and demand for flexible payment solutions are the factors which are fueling the growth of the off-street parking management system market.

By solutions, the market is segmented as access control parking fee and revenue management, parking reservation management, valet parking management, parking guidance and slot management, and others. The parking guidance and slot management sub segment accounted for relatively higher CAGR of 9.6% during the forecast period. The parking reservation management sub segment is accounted for the largest market share of 33.1% in 2017.

By application, the market is segmented as government and municipalities, airports, healthcare, corporate and commercial parks, commercial Institutions, and others. The commercial institutions sub-segment accounted for relatively higher CAGR of 9.7% during the forecast period. The airports sub-segment accounted for the largest market share of 30.9% in 2017.

Global Off-Street Parking Management Systems Market: Regional Forecast

Europe off-street parking management system market was estimated to be valued at nearly US$ 880 Mn in 2017 and is slated to reach a value of nearly US$ 1,750 Mn in 2025, exhibiting a CAGR of 8.8% during the period of assessment. The North America off-street parking management system market accounted for the largest market share of 29.6% in 2017.

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Global Off-Street Parking Management Systems Market: Competitive Landscape

Some of the popular vendors in off-street parking management system market are IBM Corporation, Xerox Corporation, Cubic Corporation, Kapsch TrafficCom AG, TIBA Parking , Amano Corporation , Kudelski SA, SWARCO AG, Nortech Control Systems Limited, and CREE, INC.

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