Automotive Industry Today

Global Off-Street Parking Management System Market: Technological Advancements to Propel Growth of Market at 9.1% CAGR during 2015-2021

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.
Published 25 August 2015

New York City, New York, August 25, 2015: According to a recent market research report published by Persistence Market Research, the global off-street parking management system market is expected to develop at a positive CAGR of 9.1% during the period between 2015 and 2021. The report, titled “Global Market Study on Off-street Parking Management System - Middle East & Africa to Witness Highest Growth by 2021” projects the overall market to value US$5,726.7 million by 2021. The global off-street parking management system market stood at US$3,393.9 million in 2015.

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Off-street parking refers to parking facility that does not interact with the traffic flow on the road. The access point serves as the single point of interaction between the road and the car park area. Growing concerns for obstacle-free and safe walking space for pedestrians are driving the demand for off-street parking facilities. Increasing car park size, especially in developing economies, has directly impacted the utilization of parking spaces. Off-street parking management system offers advantages such as quick and effortless parking, pay only for the parking duration, safety and security of vehicles and passengers, and more parking bays. The wide range of benefits offered by off-street parking facilities is expected to propel the growth of the global off-street parking management system market during the next couple of years.

Technological advancements such as enhanced ticketing and payment solutions, and mobile applications for parking guidance systems are expected to positively impact the growth of the global off-street parking management system market. Enhanced ticketing and payment solutions include magnetic-stripe tickets and bar-code tickets. Magnetic ticket-based system offers benefits such as smooth operation even during failure of communications network or the central control computer. The high operational reliability of magnetic ticket-based system is expected to augment the growth of the off-street parking management system market. Bar-code tickets have emerged as the most economical solution with low operational costs, and minimum monitoring demand.

Mobile-based parking guidance applications offer real-time data regarding available parking at garages and nearby parking lots. Latest parking guidance mobile apps offer updates about the prices of the off-street parking areas as well.

Growing demand for sustainable solutions to reduce carbon footprint is expected to further propel the global market for off-street parking management system. Development of new technologies such as slot management systems, and sensors and efficient parking guidance that directs drivers to off-street parking spaces will help the overall market to grow during the forecast horizon. Enhanced parking experience, coupled with lesser fuel emissions up to a certain extent will lead to increased adoption of the off-street parking management system among the commuters.

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However, high initial deployment cost will restrain the growth of the global off-street parking management system market. Growing adoption of parking guidance mobile applications and bar-code ticketing system is expected to reduce the overall cost of the off-street parking management system in the near future.

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Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.

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