This report provides in-depth analysis and estimation of the off-street parking management system market for the period from 2015 to 2021, considering 2014 as the base year of calculation. In addition, data pertaining to current market dynamics, including market drivers, restraints, trends, and recent developments, have been provided in the report.
New York, NY -- (SBWIRE) -- 07/30/2015 -- According to a recent market research report published by Persistence Market Research, the global off-street parking management system market is expected to develop at a positive CAGR of 9.1% during the period between 2015 and 2021. The report, titled "Global Market Study on Off-street Parking Management System - Middle East & Africa to Witness Highest Growth by 2021" projects the overall market to value US$5,726.7 million by 2021. The global off-street parking management system market stood at US$3,393.9 million in 2015.
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Off-street parking refers to parking facility that does not interact with the traffic flow on the road. The access point serves as the single point of interaction between the road and the car park area. Growing concerns for obstacle-free and safe walking space for pedestrians are driving the demand for off-street parking facilities. Increasing car park size, especially in developing economies, has directly impacted the utilization of parking spaces. Off-street parking management system offers advantages such as quick and effortless parking, pay only for the parking duration, safety and security of vehicles and passengers, and more parking bays. The wide range of benefits offered by off-street parking facilities is expected to propel the growth of the global off-street parking management system market during the next couple of years.
Technological advancements such as enhanced ticketing and payment solutions, and mobile applications for parking guidance systems are expected to positively impact the growth of the global off-street parking management system market. Enhanced ticketing and payment solutions include magnetic-stripe tickets and bar-code tickets. Magnetic ticket-based system offers benefits such as smooth operation even during failure of communications network or the central control computer. The high operational reliability of magnetic ticket-based system is expected to augment the growth of the off-street parking management system market. Bar-code tickets have emerged as the most economical solution with low operational costs, and minimum monitoring demand.
Mobile-based parking guidance applications offer real-time data regarding available parking at garages and nearby parking lots. Latest parking guidance mobile apps offer updates about the prices of the off-street parking areas as well.
Growing demand for sustainable solutions to reduce carbon footprint is expected to further propel the global market for off-street parking management system. Development of new technologies such as slot management systems, and sensors and efficient parking guidance that directs drivers to off-street parking spaces will help the overall market to grow during the forecast horizon. Enhanced parking experience, coupled with lesser fuel emissions up to a certain extent will lead to increased adoption of the off-street parking management system among the commuters.
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However, high initial deployment cost will restrain the growth of the global off-street parking management system market. Growing adoption of parking guidance mobile applications and bar-code ticketing system is expected to reduce the overall cost of the off-street parking management system in the near future.
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