Off-Street Parking Management Systems Market Latest Trends, Demand, Growth, Opportunities & Outlook Till 2029

In 2021, the market for off-street parking management systems generated revenue of US$ 1 billion. Overall off-street parking management system sales are anticipated to increase at a CAGR of 9.5% from 2022 to 2029, reaching US$ 5.5 billion.

Sales of off-street parking management systems currently account for nearly 30% of the global parking management system market. Market growth will continue to accelerate, increasing the competition already prevalent across the landscape.

Growing need for smart parking solutions, increasing number of vehicles on the roads, and rising demand for cloud-native parking management solutions would drive market demand. Also, rising trend of autonomous vehicles, emergence of Fully Automated Parking Systems (APS), and increasing need for mobile parking solutions are major factors driving market growth.

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Off-Street Parking Management System Demand Analysis from 2014-2021 Compared to Market Outlook for 2022-2029

An off-street parking management system automates a vehicle parking system by optimizing the parking space. The system addresses issues such as automated access control of vehicles and reduction of personnel required to operate parking lots.

Increase in the number of vehicles will pose infrastructural challenges where there will be a huge need for efficient mobility and parking for on-street vehicles as well as off-street vehicles. Fortunately, off-street parking management technologies will transform consumer experiences with efficient parking services in cities across the world.

Off-street parking lot management system demand is estimated to rise at a healthy CAGR of around 9.5% from 2022 to 2029 in comparison to nearly 7% CAGR registered during 2013-2021.

What's Driving Demand for Off-Street Parking Management Systems?

"Low Infrastructure Setup Cost and Ease of Connectivity Driving Market Expansion"

Vehicle parking and traffic management in modern cities continue to be a major problem for citizens. There is a high need to implement well-planned parking management systems in modern cities. Off-street parking lot management solutions and systems play a crucial role in traffic management and help achieve faster, easier, and reliable ways to find parking slots. Besides, these systems require low installation and maintenance costs and also offer easy deployment.

An off-street parking management system has a defined architecture with particular components, sensors, communication protocols, and associated software solutions. Due to such factors, sales of off-street car park access control systems are expected to grow in various cities across the world.

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Competitive Landscape

A number of leading off-street parking management system providers are coming up with advanced and innovative solutions that meet the ever-changing demand for various applications.

In July 2020, GROUP Indigo extended its European presence by opening a subsidiary in Poland. INDIGO will be positioned on the on-street parking market, on the management of public car parks serving hospitals, universities, shopping centers, offices.
In January 2020, APCOA PARKING Sweden (APCOA) acquired Swedish parking operator XPERT Parkering AB (XPERT). The acquisition will combine the strengths of these two companies and bring together two strong management teams with complementary skills and capabilities.

Companies

IBM Corporation
Xerox Corporation
Cubic Corporation
Kapsch TrafficCom AG
TIBA Parking
Amano Corporation
Kudelski SA
SWARCO AG
Nortech Control Systems Limited

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Off-Street Parking Management System Industry Research by Category

Off-Street Parking Management System Market by System:

Access Control Systems
Parking Fee & Revenue Management
Parking Reservation Management
Valet Parking Management
Parking Guidance & Slot Management
Others

Off-Street Parking Management System Market by Component:

Off-Street Parking Management Software
On-premise Parking Management Software
Cloud-based Parking Management Software
Off-Street Parking Management Hardware
Entry/Exit Terminals
Card Readers
Validation Solutions
Pay on Foot Stations
LPR Systems
Others
Off-Street Parking Management Services
Consulting
Deployment & Customization
Maintenance & Support

Off-Street Parking Management System Market by End User:

Off-Street Parking Management Systems for Government and Municipalities
Off-Street Parking Management Systems for Airports
Off-Street Parking Management Systems for Healthcare
Off-Street Parking Management Systems for Corporate and Commercial Parks
Off-Street Parking Management Systems for Commercial Institutions
Others

Off-Street Parking Management System Market by Region:

North America Off-Street Parking Management System Market
Latin America Off-Street Parking Management System Market
Western Europe Off-Street Parking Management System Market
Eastern Europe Off-Street Parking Management System Market
Asia Pacific Excluding Japan Off-Street Parking Management System Market
Japan Off-Street Parking Management System Market
Middle East & Africa Off-Street Parking Management System Market

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