New York, NY -- (SBWIRE) -- 10/24/2017 -- According to a new market report published by Persistence Market Research "Global Market Study on Off-street Parking Management System - Middle East & Africa to Witness Highest Growth by 2021", the global off-street parking management system market was valued at USD 3,393.9 million in 2015 and is expected to expand at a CAGR of 9.1 % from 2015 to 2021, to reach USD 5,726.7 million by 2021.
Off-street parking is a parking facility, where the parking facility does not interact with the traffic flow on the road. There is only a single point of interaction between the car park area and road, known as an access point. Off-street parking facility demand is due to supply outweighs of road parking facility.
Globally, increasing parking spaces and inclination of consumers towards off-street parking owing to the better integration of parking resources and safety and automated parking solutions are expected to drive demand for off-street parking management systems in the near future. In addition, technological advancements such as a use of mobile applications for parking guidance systems and enhanced ticketing and payment solutions are some of the factors expected to boost the demand for off-street parking management system market in the next five to six years. However, high initial deployment cost is expected to restrain the growth of the market. The global off-street parking management system market is anticipated to grow from an estimated USD 3,393.9 million in 2015 to USD 5.726.7 million by 2021 at a CAGR of 9.1% during the forecast period.
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Off-street parking management is designed to counter the ever growing on-road parking menace. Such advanced parking systems do not interrupt the on-road traffic flow. The point of interaction between road and car parked area is limited to a single point commonly known as the point of access. Some of the primary features of off-street parking systems include simplified revenue management system, valet parking management, parking reservation management, parking enforcement management and parking guidance and slot management. Such parking solutions are high on demand by end-use sectors such as airports, government infrastructures, municipalities, commercial and corporate parks, healthcare, and commercial institutions. The global off-street parking management system market is expected to grow from US$ 3,393.9 million in 2015 to USD 5,726.7 million by 2021 at 9.1% CAGR during the forecast period (2015 to 2021).
Key Market Dynamics
Demand for effective parking management solutions, which include appropriate enforcement methods, payment methods and dynamic parking guidance systems are expected to propelling the growth of global parking management systems market over the forecast period. Higher investments by manufacturers and service providers in R&D programs is articulating improvements in existing systems and creating prospects for newer systems to surface. In addition, companies are strongly focusing on developing advanced parking management systems in order to alleviate safety regulations pertaining to specific regions. Moreover, increasing preference for automated systems for parking over conventional parking structures, specifically in urban areas is fueling the demand for advanced off-street parking management systems. Other factors such as ever increasing traffic congestion across the globe, time optimization and preference for travel convenience is further supporting the overall market growth.
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Likewise, growing concerns over safe and obstacle-free walking space for pedestrians is expected to influence the growth off-street parking market. Smart utilization of car parking space, especially in densely populated countries such as China and India are creating prospects for higher implementation of off-street parking management system in these countries. On the contrary, companies are posed with the challenge to maintain a proper balance between demand and supply in both matured and emerging economies. Therefore, the demand for effective off-street parking management system will grow in the coming years.
Segment Analysis
On the basis of software, components & services, the global Off-Street parking management system market is segmented into parking software, professional services and system devices.By solutions, the market is segmented into access control, parking reservation management, parking guidance and slot management, parking fee and revenue management and valet parking management. Based on end-use, the market is segmented into government and municipalities, healthcare, corporate and commercial parks, airports and commercial institutions