Off-Street Parking Management System MarketExplores New Growth Opportunities By 2021

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.

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. 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.

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.

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Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

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Off-Street Parking Management System Market Technological Advancements, Evolving Industry Trends and Insights 2021

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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.

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. 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.

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.

About Us:

Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

Contact Us:

305 Broadway,7th Floor

New York City, NY 10007

United States

+1-646-568-7751

+1 800-961-0353 (USA-Canada Toll free)

Email: sales@persistencemarketresearch.com

Global Smart Parking Market Industry Demand, Insight & Forecast By 2025

Smart parking market is expected to grow US$ 1462.3 million by 2025 from 398.6 million 2016. Off street parking is anticipated to continue its dominance over the forecast period. Presently, almost 68% of the smart parking systems are off street parking. Off-street smart parking solutions are majorly utilized by governments and municipalities, corporate institutions, commercial institutions and transport facilities. Globally off-street parking is considered as a cost-effective and convenient parking solution.


Key trend which will predominantly effect the market in coming year is rapid evolution of technologies supporting the growth of smart parking systems across the globe. Smart parking market is anticipated to witness several technological improvisations in terms of expansion of bandwidth and connectivity. Growth in smart parking systems market is fueled by the surging demand for flexible, scalable and efficient parking systems to manage the on-street and off-street parking spaces, in order to reduce the gridlocks taking place because of large number of commuters circling on road searching for parking spaces.

Smart parking market by end-user industry is segmented into transport facilities, government & municipalities, commercial institutions and corporate institutions. Increasing number of vehicles running on road, surging sizes of vehicles in the luxurious segment, and decrease in the available parking space are influencing the traffic congestion, making it an alarming issue globally.

The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the smart parking industry.

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Bharat Book is the leading market research information provider for market research reports, company profiles, industry study, country reports, business reports, newsletters and online databases Bharat Book Bureau provides over a million reports from more than 400 publishers around the globe. We cover sectors starting from Aeronautics to Zoology.