Off-Street Parking Management Systems

Off-Street Parking Management Systems

Global Off-Street Parking Management Systems Market to Reach US$4.5 Billion by 2030

The global market for Off-Street Parking Management Systems estimated at US$2.6 Billion in the year 2023, is expected to reach US$4.5 Billion by 2030, growing at a CAGR of 8.2% over the analysis period 2023-2030. Airports End-Use, one of the segments analyzed in the report, is expected to record a 9.0% CAGR and reach US$1.7 Billion by the end of the analysis period. Growth in the Corporate & Commercial Parks End-Use segment is estimated at 7.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$714.3 Million While China is Forecast to Grow at 7.7% CAGR

The Off-Street Parking Management Systems market in the U.S. is estimated at US$714.3 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$692.3 Million by the year 2030 trailing a CAGR of 7.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 7.7% and 6.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.5% CAGR.

Global Off-Street Parking Management Systems Market - Key Trends & Drivers Summarized

What are Off-Street Parking Management Systems and Why are They Important?

Off-street parking management systems refer to the technologies and solutions used to manage and optimize parking in designated parking facilities such as garages, lots, and underground parking areas. These systems include features such as automated ticketing, payment processing, space detection, and real-time monitoring of parking occupancy. Off-street parking management systems are essential for improving the efficiency of urban parking, reducing congestion, and enhancing the customer experience by providing a streamlined, automated parking process. They also play a crucial role in smart city initiatives by integrating with broader urban mobility systems and reducing the time spent searching for parking, which in turn reduces traffic and emissions in urban areas.

What Trends are Shaping the Off-Street Parking Management Systems Market?

Several key trends are shaping the off-street parking management systems market. One of the most prominent trends is the increasing adoption of smart parking solutions as part of the broader smart city movement. Cities around the world are investing in technologies that improve urban mobility, and smart parking systems are a key component of these initiatives. Another trend is the growing demand for contactless and automated parking solutions, driven in part by the COVID-19 pandemic, which accelerated the shift toward digital payments and touchless interactions. The rise of electric vehicles (EVs) is also influencing the market, as parking management systems are increasingly being integrated with EV charging infrastructure to accommodate the growing number of EV users. Additionally, advancements in sensor technology and data analytics are enhancing the capabilities of parking systems, allowing operators to monitor space availability in real-time and optimize space utilization.

How is Technology Improving Off-Street Parking Management Systems?

Technological innovation is driving the evolution of off-street parking management systems, making them more efficient, user-friendly, and integrated with broader urban mobility solutions. One of the most significant technological advancements is the use of IoT (Internet of Things) sensors to monitor parking space occupancy in real-time. These sensors can detect when a vehicle enters or exits a parking space, allowing for accurate tracking of available spots. Data analytics and artificial intelligence (AI) are also being used to optimize space utilization, predict parking demand, and provide dynamic pricing based on occupancy levels. Mobile apps and digital payment platforms have transformed the user experience, allowing customers to find, reserve, and pay for parking through their smartphones. Furthermore, the integration of parking management systems with electric vehicle (EV) charging stations is becoming increasingly common, as cities and private operators prepare for the growing demand for EV infrastructure.

What Factors are Driving the Growth of the Off-Street Parking Management Systems Market?

The growth in the off-street parking management systems market is driven by several factors. One of the primary drivers is the increasing urbanization and the corresponding rise in vehicle ownership, which has led to greater demand for efficient parking solutions. The growing adoption of smart city initiatives is also contributing to the demand for advanced parking management systems that can reduce congestion and enhance urban mobility. Additionally, the shift toward contactless and automated parking solutions, accelerated by the COVID-19 pandemic, is driving the adoption of digital payment and ticketing systems. The rising number of electric vehicles on the road is another important factor, as parking facilities are increasingly integrating EV charging stations into their management systems. Finally, technological advancements, such as IoT sensors, AI-powered analytics, and mobile payment solutions, are enhancing the functionality of parking management systems, making them more attractive to both private operators and municipal authorities looking to improve parking efficiency.

Select Competitors (Total 42 Featured) -

• Amano Corporation
• Cubic Corporation
• IBM Corporation
• Kapsch TrafficCom AG
• Kudelski SA
• Nortech Control Systems Ltd.
• SWARCO AG
• Tiba Parking
• Xerox Corporation

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