(MENAFN- Ameliorate Digital Consultancy) off-street parking management systems market
Off-street parking management systems generated $1 billion in market revenue. Sales of off-street parking management systems are anticipated to grow at a CAGR of 9.5% between 2022 and 2029 and reach $5.5 billion.
Almost 30% of the global market for parking management systems is now made up of sales of off-street parking management systems. The current intense rivalry across the landscape will intensify as market expansion accelerates.
The growing need for smart parking solutions, the increasing number of vehicles on the roads, and the growing demand for cloud-native parking management solutions would drive market demand. Furthermore, the growing trend of autonomous vehicles, the emergence of fully automated parking systems (APS) and the growing need for mobile parking solutions are important factors driving the growth of the market.
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Off-street parking management system demand analysis from 2014-2021 compared to the market outlook for 2022-2029
An off-street parking management system automates a vehicle parking system by optimizing parking space. The system addresses issues such as automated vehicle access control and reducing the staff required to operate parking lots.
The increase in the number of vehicles will pose infrastructure challenges where there will be a great need for efficient mobility and parking for on-street and off-street vehicles. Fortunately, off-street parking management technologies will transform consumer experiences with efficient parking services in cities around the world.
Demand for off-street parking management system is estimated to increase at a healthy CAGR of around 9.5% from 2022 to 2029 compared to almost 7% CAGR recorded during 2013-2021.
What is driving the demand for off-street parking management systems?
“Low cost of infrastructure installation and ease of connectivity that drive market expansion”
Vehicle parking and traffic management in modern cities remain a major problem for citizens. There is a great need to implement well-planned parking management systems in modern cities. Off-street parking management systems and solutions play a crucial role in traffic management and help achieve faster, easier and more reliable ways of finding parking spaces. Furthermore, these systems require low installation and maintenance costs and also offer easy implementation.
An off-street parking management system has a defined architecture with particular components, sensors, communication protocols and associated software solutions. Due to these factors, the sales of off-street parking access control systems are expected to grow in various cities around the world.
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competitive landscape
Several leading off-street parking management system providers are coming up with advanced and innovative solutions that meet the ever-changing demand of various applications.
In July 2020, GROUP Indigo expanded its European presence with the opening of a subsidiary in Poland. INDIGO will position itself in the street parking market, in the management of public parking lots at the service of hospitals, universities, shopping centers, offices.
In January 2020, APCOA PARKING Sweden (APCOA) acquired the Swedish parking operator XPERT Parkering AB (XPERT). The acquisition will combine the strengths of these two companies and bring together two strong management teams with complementary skills and capabilities.
Empresas
IBM Corporation
Xerox Corporation
Cubic Corporation
Kapsch TrafficCom AG
TIBA Parking
Amano Corporation
Kudelski SA
SWARCO AG
Nortech Control Systems Limited
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Off-Street Parking Management System Industry Research By Category
Off-street parking management system Market by system:
Access control systems
Parking fee and revenue management
Parking reservation management
Valet
parking management Parking guidance and time slot management
Other
Off-Street Parking Management System Market by Component:
Off-Street Parking Management Software On-Premise Parking Management Software Cloud-Based Parking Management
Software Off-Street Parking Management Hardware Parking Terminals Entry/Exit Card Readers Validation Solutions Walk-up Pay Stations LPR Systems Other -On Street Parking Management Services Consulting Implementation and Customization Maintenance and Support
Off-Street Parking Management Systems Market by End User:
Off-Street Parking Management Systems for Governments and Municipalities
Off-Street Parking Management Systems for Airports
Off-Street Parking Management Systems public road for medical care
Off-street parking management systems for corporate and
commercial parks Street Parking Management Systems for Commercial Institutions
Others
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