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.
New York, NY -- (SBWIRE) -- 09/05/2017 -- 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 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.
In order to reduce carbon footprint, demand for sustainable or greener solutions, resulting in fewer carbon emissions, is expected to witness a significant increase in the next five to six years. This has further led to a development of new technologies such as sensors and efficient parking guidance and slot management systems, which direct drivers to off-street parking spaces, resulting in enhanced parking experience and indirectly reducing fuel emissions to a certain extent.
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The parking systems business sector in Japan has been working to promote environment-friendly initiatives and to reduce parking lot management costs (e.g., reducing energy consumption), as well as ensuring safety and security to prevent crimes and accidents in parking lots.
North America is expected to represent the largest market in 2015, accounting for 29.8% of the total market share. However, the Middle East & Africa is expected to record the highest growth during the forecast period. Followed by Asia Pacific. This is due to increase smart city projects in the Middle East coupled with increasing penetration by international players in this region. Rising traffic congestion has led to increased carbon emissions and wastage of fuel resources.
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3M Company, Xerox Corporation, Amano Corporation, Skidata AG, and IBM Corporation are some of the leading players in the off-street parking management market. Other major players in the market include Cubic Corporation, Kapsch TrafficCom AG, Tiba Parking LLC, SWARCO AG and Nortech Control Systems Limited.