New York City, NY -- (SBWIRE) -- 10/17/2016 -- 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.

Rising consumer preference for automated, user-friendly parking solutions will primarily drive the demand for off-street parking management systems. Traffic congestion has been an alarming issue worldwide. Growing need for effective, flexible, and scalable parking management solutions in urbanized areas will remain a key factor fueling the demand for off-street parking management systems globally. Commercial spaces increasingly need to address congestion and parking issues. As off-street parking solutions offer a wide range of benefits, including parking reservation management, parking fees/payment, access control, revenue management, valet parking management, slot management, parking enforcement management, and dynamic parking guidance, their demand is on the rise since the past few years.

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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.

Based on software, components, and services, professional services segment will represent the fastest growing segment, against parking software and system devices.

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.

Leading players in the global off-street parking management systems include 3M Company, Xerox Corporation, Amano Corporation, Skidata AG, and IBM Corporation. A few other key players include Cubic Corporation, Kapsch TrafficCom AG, Tiba Parking LLC, SWARCO AG and Nortech Control Systems Limited.

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Long-term Outlook: The global off-street parking management systems market will register a value of US$ 5.72 Bn over 2015-2021, expanding at a robust CAGR of 9.1%.

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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.