Off-Street Parking Management System Market Observes Smart Move towards growth with 9.1% CAGR value during Forecast Period 2020-2027

 

Off-Street Parking Management System Market

A Parking Management System automates a parking system by optimising parking space and streamlining the process. It displays available slots in real time, counts vehicles and slots, offers reserved parking, accepts easy payments, offers pay-and-park options, generates reports, and more. On-street parking is the parking of a vehicle on a street or road, though permits are required depending on the rules and regulations of each country. A parking management system provides numerous benefits to customers, developers, governments, and businesses, including cost savings, mobility management, improved service quality, and revenue generation.

Global population growth has increased demand for new vehicles on the road, resulting in increased traffic congestion. Furthermore, parking convenience is critical, and as a result, parking facilities are becoming a major concern across nations. Rising demand for parking spaces, effective traffic management, and facilities that provide consumers with viable travel and parking options are expected to drive demand for improved parking facilities. According to Coherent Market Insights' analysis, China's car parc size is expected to be around 200 million units by 2020, compared to 262 million units in the United States. Furthermore, rising population and rapidly increasing motorization are expected to drive growth in the global off-street parking management system market in the near future.

Another factor driving up demand for off-street parking facilities is growing pedestrian concerns about having a safe and obstacle-free walking space. As a result, there are concerns about the construction of parking garages and lots. Furthermore, increasing car parc size has a direct impact on parking space utilisation in various countries. As a result, these factors are expected to drive market growth over the forecast period.

According to Coherent Market Insights, The global Off-Street Parking Management System Market was valued at US$ 4786.0 Mn in 2019 and is forecast to reach a value of US$ 9657.2 Mn by 2027 at a CAGR of 9.1% between 2020 and 2027.

Off-street parking management systems have a higher initial deployment cost than on-street parking. This is usually due to the high cost of products like automated payment stations, validation systems, connected entry/exit terminals, wirelessly connected computer systems and sensors, and total cost installation. Furthermore, off-street parking has high construction costs, which will limit the growth of the global off-street parking management system market in the near future.

Globally increasing vehicle parking has resulted in a demand for more available parking spaces, particularly in Canada, China, and a few other European countries. This is due to increased commercial activity, increased travel, and increased demand for safe and improved parking solutions. Furthermore, the demand for available land is rapidly increasing in order to meet the rising demand for parking space and parking management solutions. As a result, these factors are expected to stifle growth in the global off-street parking management system over the forecast period.

Consumers are increasingly preferring solutions that provide a variety of payment options as well as ease of payment. Furthermore, consumers around the world are gradually shifting to e-payment options. The rising trend of real-time communication as a result of increased smartphone usage is expected to increase user demand for flexible payment solutions in the near future. Market participants can capitalise on such opportunities to increase their market revenue.

Major Companies involved are Nortech Control Systems Limited, 3M Co., Swarco AG, Cubic Corporation, Amano Corporation, Kudelski Group (SKIDATA AG), TIBA Parking LLC, IBM Corporation, Kapsch TrafficCom AG, and Xerox Corporation.

For Global Off-Street Parking Management System Market Press Release, visit https://www.coherentmarketinsights.com/press-release/off-street-parking-management-system-market-3074

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