Overview

Parking management is that the use of various programs and policies that leads to efficient parking. Off-street parking is vehicle parking on streets or roads where permits are required as per regulations of every region or country. Furthermore, off-street parking is meant for parking lots, garages, and driveways. Advancements in technology including smartphone applications for parking management systems and enhanced ticketing and payment solutions have boosted the demand for the off-street parking management systems.

The global off-street parking management system market is estimated to account for US$ 9657.2Mn in terms useful by the top of 2027 and is predicted to grow at a CAGR of 9.1% during the forecasted period 2020-27.

Market Driver

Rising urbanization is predicted to spice up the worldwide off-street parking management system market growth over the forecast period

Urbanization is increasingly gaining importance as a key factor depicting the financial condition of a nation. this is often due to constant approach of governments to hunt modernization altogether aspects of their respective countries. Moreover, urbanization has significantly changed consumer preferences and lifestyles thereby boosting the demand for parking management solutions, especially in emerging economies. consistent with the United Nations (UN) report, by 2050, 66% of the entire world’s population is predicted to be living in urban areas, and this is often forecast to drive demand for more efficient parking management solutions to suit varied consumer needs. Therefore, these factors are expected to support growth of the worldwide off-street parking management system market during the forecast period.

Market Opportunity

Advent of sustainable solutions for parking industry can present lucrative growth opportunities

Growing traffic jam has increased wastage of fuel and carbon footprint. As a results of this, the demand for greener solutions has increased and resulted in less carbon emission. Furthermore, development of novel technologies like effective parking guidance or slot management systems which give guidance to drivers thereby leading to augmented parking experience and reducing fuel emission. as an example , the parking systems business in Japan has been working to endorse eco-friendly initiatives and minimize parking zone management costs.
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Market Restraint

Rising commute over a bicycle is predicted to hamper the worldwide off-street parking management system market growth over the forecast period

Green environment may be a major concern for several companies across the world . this is often thanks to increased carbon emission within the environment, which is resulting in pollution and improper balance in ecosystem. Many travelers across North America and Western Europe are increasingly adopting bicycles for daily commute. this is often expected to restrain the off-street parking management system market growth within the near future. Moreover, initiatives by various companies for “green parking” is further expected to fuel demand. as an example , Canopy Airport Parking offers electric vehicle charge parking stations, LED lighting, solar array farm, and other amenities, aimed towards reducing the carbon footprint. Hence, these factors are expected to restrain growth of the worldwide off-street parking management system market within the near future.



Competitive Section

Major companies involved within the global off-street parking management system market 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.
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Key Developments

Key market players are focused on product launches, so as to realize a competitive edge up the market. as an example , in October 2019, Cubic Corporation introduced the Transport Management Platform, which may be a cloud-based ITS data integration management system.
Major companies within the market are involved in development , so as to reinforce the market presence. as an example , in June 2019, TIBA Parking LLC introduced X60 Line of Parking Equipment.
Segmentation
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Market Taxonomy:

By Regions
North America(U.S., Canada)
Latin America(Brazil, Argentina, Mexico & remainder of Latin America)
Europe(Germany, France, Italy, U.K., Spain, BENELUX, Nordic, Russia, Poland & remainder of Europe)
Asia Pacific(India, Greater China, Australia & New Zealand, Japan & remainder of APAC)
Middle East & Africa(GCC, South Africa & remainder of MEA)
By System Components & Services
Parking Software
On-Premise
Cloud-Based
System Devices
Entry/Exit Terminals
Card Readers
Validation Solution
LPR System
Others
Professional Services
Consulting
Deployment and Customization
Maintenance
By Solutions
Access Control
Parking Fee and Revenue Management
Parking Reservation Management
Valet Parking Management
Parking Guidance and Slot Management
Others
(Parking Enforcement Management)
By End-use Industry
Government and Municipalities
Airports
Healthcare
Corporate and Commercial Parks
Commercial Institutions
Others
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