Global Off-street Parking Management Systems Market to Exceed US$ 5.5 Bn in Revenues by 2021 End; the MEA to Emerge as Lucrative Market

The global off-street parking management systems market recorded a value of US$ 3.39 Bn in 2015, which is estimated to leap up to US$ 5.72 Bn by the end of 2021. Over the forecast period 2015-2021, the market will witness healthy growth at a CAGR of 9.1%. While North America will continue to lead the market with a sizeable revenue share, the Middle East and Africa will emerge as the most lucrative market for off-street parking management systems.

View Sample Report @ http://www.persistencemarketresearch.com/samples/4728

An increasing number of commercial sectors are implementing off-street parking systems and solutions, including airports, government and municipality premises, healthcare centers, commercial and corporate campuses, and many more. This will provide a significant boost to the demand for off-street parking management systems. Manufacturers are consistently taking efforts toward R&D of upgraded, more effective, and safer parking management systems, which is expected to play a key role in accelerating the market growth during the forecast period. Where advent of technology, including IoT and M2M communication systems, are efficiently contributing smart cities initiative of various governments, smart parking management solutions are increasingly sought as a key factor empowering this initiative. Moreover, off-street parking management systems facilitate real time data collection regarding the available parking spaces. These solution are also competitive in terms of fuel, cost, and time, which is anticipated to be a major driver to the market growth. Owing to their ability to minimize pollution level and traffic congestion, several governments are inclining more toward their mass adoption. Expensive initial deployment is a longstanding challenge to widespread adoption of off-street parking management solutions.

By region, North America will continue to be the largest market for off-street parking management systems, with an impressive CAGR of 8.9%. The market in North America is projected to pounce to US$ 1.68 Bn by 2021 end, up from US$ 935.1 Mn in 2015, accounting for over 30% share of the total market value. The Middle East and Africa will however witness the fastest growth during the forecast period, followed by Asia Pacific. Owing to a growing number of smart city projects and rapid penetration of key international players across the MEA, this region is expected to emerge as the most attractive market for smart parking management systems. In APAC, smart parking management systems will gain an uptick in Japan, attributed to increasing adoption of consumer and environment-friendly parking management initiatives by the commercial sector.

Summary: Off-street parking management systems market to witness healthy growth over 2015-2021. N. America to remain dominant market for off-street parking management systems.

To Know About Latest Report Click Here: http://www.persistencemarketresearch.com/market-research/off-street-parking-management-system-market.asp

About Us
Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Tech-nology and Media, Energy and Mining, Food and Beverages, Semiconductor and Elec-tronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
PMR stands committed to bringing more accuracy and speed to clients’ business deci-sions. From ready-to-purchase market research reports to customized research solu-tions, PMR’s engagement models are highly flexible without compromising on its deep-seated research values.

Contact
Persistence Market Research Pvt. Ltd
305 Broadway
7th Floor, New York City,
NY 10007, United States,
USA – Canada Toll Free: 800-961-0353
Email: sales@persistencemarketresearch.com

This release was published on openPR.