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Off-Street Parking Management System Market expanding at a CAGR of 9.10% by 2021
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The off-street parking management system market will be valued at US$5.7 bn by 2021, expanding at a CAGR of 9.10% between 2015 and 2021. The valuation of the market in 2015 was US$3.4 bn.
The demand for off-street parking management systems will be on the rise due to several reasons, says the PMR report. Increasing parking facilities and increasing preference of consumers for off-street parking that features integration of parking resources, surveillance and safety, and automated payment are bolstering the demand for off-street parking management systems.
In addition, increasing use of mobile applications for parking directions, in-advance parking slot booking, and payment is another factor that will be driving the off-street parking management system market during the forecast period. However, the high initial cost of these systems is the reason for their sporadic deployment, limiting the growth of the market.
In present times, environmental deterioration is a concern that has caught the attention of welfare agencies across the world. In this regard, vehicular carbon emissions, which are significantly associated with environmental degradation, are what these agencies are seeking to reduce at every level. Thus, the use of technology-enabled traffic management solutions for parking directions, slot reservations, and enhanced parking experience, which saves on fuel indirectly to some extent, is encouraging the deployment of off-street parking management systems.
In technologically advanced countries such as Japan, the parking systems business sector consistently endeavors to implement eco-friendly initiatives for traffic congestion problems that also offer economical parking management solutions, security against crimes, and safety from accidents in these facilities. As such, the deployment of off-street parking management systems has been on a rise in the country.
In 2015, North America stood as the largest market for off-street parking management systems, accounting for 29.8% of the overall market. However, the Middle East and Africa region will exhibit the highest growth in the market during the forecast period. The development of smart cities with the involvement of tech-savvy international companies in the region is facilitating the deployment of these systems.
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Some of the major companies that operate in the global off-street parking management system are 3M Company, Amono Corporation, IBM Corporation, Xerox Corporation, and Skidata AG. Some other companies that have a presence in this market are Cubic Corporation, Tiba Parking LLC, Nortech Control Systems Limited, Kapsch TrafficCom AG, and SWARCO AG.
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