Off-Street Parking Management System Market Size & Share Analysis - Industry Research Report

A parking management system automates a car parking system by optimizing parking space and making the process efficient. It provides real-time car parking information such as available slots display, vehicle & slots count, reserved parking, easy payments, pay-and-park options, reports, and more. On-street parking is vehicle parking on street or roads though it requires permits which depends on the rules and regulations of each country. A parking management system offers various benefits including cost savings to customers, developers, governments and businesses, mobility management, improved quality of service, and revenue generation.

The Global Off-Street Parking Management System Market was valued for US$ 5508.2 Mn in 2021 is expected to exhibit a CAGR of 9.5 % during the forecast period.

Recent Developments:

In Jan 2021, TIBA Parking Systems, a parking technology company, announced a partnership with REEF Technology, through this collaboration both companies have provided parking operators and landlords with a Parking Access and Revenue Control System (PARCS).

Restraint:

High initial deployment cost is expected to restrain growth of the global off-street parking management system market during the forecast period
Low availability of parking spaces is expected to hinder the global off-street parking management system market growth over the forecast period

Off-Street Parking Management System Market Report Coverage

Report Coverage	Details
Base Year:	2021	Market Size in 2021:	US$ 5508.2 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	9.5%	2030 Value Projection:	US$ 12238.3 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:	By System Components & Services: Parking Software (On-Premise, Cloud-Based), System Devices (Entry/Exit Terminals, Card Readers, Validation Solution, LPR System, Others (Professional Services), Professional Services, Consulting (Deployment and Customization, Maintenance). By Solutions: Access Control, Parking Fee and Revenue Management, Parking Reservation Management, Valet Parking Management, Parking Guidance and Slot Management, Others (Parking Enforcement Management) By End-use Industry: Government and Municipalities, Airports, Healthcare, Corporate and Commercial Parks, Commercial Institutions, Others (Tourist Destinations and Hospitality Sector).
Companies covered:	Nortech Control Systems Limited, 3M Co., Swarco AG, Cubic Corporation, Amano Corporation, Kudelski Group (SKIDATA AG), TIBA Parking LLC, IBM Corporation, Kapsch TrafficCom AG, and Xerox Corporation.
Growth Drivers:	Growing concerns for parking facilities are expected to drive growth of the global off-street parking management system market during the forecast period Increasing vehicle-in-use is expected to propel the global off-street parking management system market growth over the forecast period
Restraints & Challenges:	High initial deployment cost is expected to restrain growth of the global off-street parking management system market during the forecast period Low availability of parking spaces is expected to hinder the global off-street parking management system market growth over the forecast period

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Global Off-Street Parking Management System Market - Impact of Coronavirus (Covid-19) Pandemic:

The global off-street parking management system market has been considerably impacted by the COVID-19 outbreak. So governments imposed the lockdown everywhere in the world as a safety measure, and also enforced tight mobility limitations, as a result, the global off-street parking management system market grew slowly throughout the epidemic.

But the growing use of modern technologies to extend contactless parking facilities is expected to create opportunities in the off-street parking management system market.

North America held a dominant position in the Global Off-Street Parking Management System market in 2021

Statistics:

North America region dominated the global Off-Street Parking Management System market in 2021, accounting for a 29.6% share in terms of value, followed by Europe, Asia Pacific and, Latin America, respectively.

Figure 1: Global Off-Street Parking Management System market Share (%), By Region, 2021

OFF-STREET PARKING MANAGEMENT SYSTEM MARKET

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North America Off-Street Parking Management System Market is expected to witness a CAGR of 9.5% over the forecast period.

North America is expected to be one of the prominent region in the global market and witness high growth during the forecast period. This is owing to increasing demand for Off-Street Parking Management System.

Figure 2: Global Off-Street Parking Management System Market (US$ Mn) Analysis and Forecast, 2022 - 2030

OFF-STREET PARKING MANAGEMENT SYSTEM MARKET

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The Global Off-Street Parking Management System market was valued at US$ 5508.2 Mn in 2021 and is expected to reach US$ 12238.3 Mn by 2030, growing at a CAGR of 9.5% between 2022 and 2030.

Major players operating in the Global Off-Street Parking Management System market include Nortech Control Systems Limited, 3M Co., Swarco AG, Cubic Corporation, Amano Corporation, Kudelski Group (SKIDATA AG), TIBA Parking LLC, IBM Corporation, Kapsch TrafficCom AG, and Xerox Corporation

About Author

Monica Shevgan is a Senior Management Consultant. She holds over 13 years of experience in market research and business consulting with expertise in Information and Communication Technology space. With a track record of delivering high quality insights that inform strategic decision making, she is dedicated to helping organizations achieve their business objectives. She has successfully authored and mentored numerous projects across various sectors, including advanced technologies, engineering, and transportation.

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Frequently Asked Questions

The global Off-Street Parking Management System Market size was valued at USD 5508.2 million in 2022 and is expected to reach USD 12238.3 million in 2030.

The Off-Street Parking Management System market is expected to reach US$ 12909.80 million by 2030.

The market is expected to witness a CAGR of 9.5% during the forecast period (2022-2030).

Major factor driving the growth of market during the forecast period is increasing vehicle-in-use.

Airports Off-Street Parking Management System segment held the largest market share among the application in 2021.

North America held the largest share in the market in 2021.

Key players operating in the Global Off-Street Parking Management System are Nortech Control Systems Limited, 3M Co., Swarco AG, Cubic Corporation, Amano Corporation, Kudelski Group (SKIDATA AG), TIBA Parking LLC, IBM Corporation, Kapsch TrafficCom AG, and Xerox Corporation.