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Research on Off-Street Parking Management System Market (impact of COVID-19) with Top Players Nortech Control Systems Limited, 3M Co., Swarco AG, Cubic Corporation, Amano Corporation, Kudelski Group (SKIDATA AG), TIBA Parking

06-24-2020 07:41 AM CET | Tourism, Cars, Traffic

Press release from: Coherent Market Insights

Off-Street Parking Management System

Off-Street Parking Management System

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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 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.

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Market Dynamics- 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 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 parc 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.

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Increasing vehicle-in-use is expected to propel the global off-street parking management system market growth over the forecast period
Growing concerns regarding safe and obstacle-free walking space for pedestrians is another factor boosting the demand for off-street parking facilities. As a result of this, concerns towards the construction of parking garages and lots. Moreover, increasing car parc size has a direct impact on utilization of parking spaces in various nations. Thus, these factors are expected to propel the market growth over the forecast period.

Market Opportunities

Rising demand for flexible payment solutions can provide major business opportunities
Consumers are increasingly preferring solutions that offer a wide range of payment options with ease of payment. Furthermore, consumers are gradually shifting to e-payment options across the globe. Rising trend of real-time communication due to increased smartphone usage is expected to boost the demand for flexible payment solutions among users in the near future. Market players can capitalize on such opportunities and enhance their market revenue.

Collaboration with local government offices can provide significant growth opportunities
Many companies in the market are focused on collaboration activities with local governments, in order to develop infrastructure for future projects such as e-mobility and smart city. For instance, in April 2015, Swarco AG entered into a contract with the City of Timisoara, Romania, to implement a traffic management system and video surveillance. Moreover, there have been long-term agreements between international players and local governments for the development of parking management solutions.

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