Global Off-Street Parking Management Market 2023-2030

Global Off-Street Parking Management Market 2023-2030

Global Off-Street Parking Management Market Size, Share & Trends Analysis Report by Deployment Model (On-Premises and Cloud), By Offering (Software and Service) Forecast Period (2023-2030)

The global off-street parking management market is anticipated to grow at a CAGR of 14.5% during the forecast period. The benefits of using off-street parking are driving the growth of the global off-street parking management market. Off-street parking alternatives make it possible to park for both longer and shorter periods. Furthermore, governments in several countries are investing in the construction of smart cities, which is encouraging the adoption of these systems for organized parking in urban areas, hence driving the growth of the global market.

The rising popularity of off-street parking can be attributed to a growing urge to maximize space and accommodate many vehicles in a single slot. For controlling parking challenges, smart city initiatives demand greater parking space using smart sensor-based vehicle detection technology. Off-street parking is a planned and secure alternative to on-street parking, however due to the exorbitant parking fees; it has not gained popularity, leading to poor occupancy rates.

Segmental Outlook

The global off-street parking management market is segmented based on deployment model and offering. Based on deployment model, the market is segmented into on-premise and cloud. Based on offering, the market is sub-segmented into software and services.

Cloud Holds a Considerable Share in the Global Off-street parking management Market

Cloud based model held major market share in 2022. The increased adoption of cloud-based off-street parking management solutions owing to its offered benefits is a key contributor to the segmental market share. The increasing adoption of cloud-based solutions as they are easily accessed through the internet using web-based tools is further contributing to the market growth.

Regional Outlooks

The global off-street parking management market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). North America held major market share in the global off-street parking management. Presence of key market players along with new solution launches is a key factor driving the growth of the regional market. For instance, in August 2022, Flowbird North America, a provider of cloud-based mobility solutions had announced its latest advancement in parking technology at the 2022 International Parking and Mobility Institute Conference in New Orleans, Louisiana. FlowbirdGO is a dynamic off-street system giving operators the flexibility to manage parking in gated and ungated garages and lots. Visitors to Flowbird’s IPMI booth got a first-look at the system’s cloud-based functionality, easy to use hardware, and frictionless entry in action.

Global Off-Street Parking Management Market Growth, by Region 2023-2030

Source: OMR Analysis

Asia-Pacific to Exhibit Significant Growth in the Global Off-Street Parking Management Market

Asia-Pacific is anticipated to exhibit considerable growth in the global off-street parking management market. The growing implementation of off-street parking management across the emerging economies of the region such as India and China is a key factor driving the regional market. For instance, in May 2023, The Brihanmumbai Municipal Corp. (BMC) has floated a tender for appointing a system integrator for designing and developing a software and mobile application for the Mumbai Parking Interface (MPI) of the proposed Mumbai Parking Authority. The software will be an integrated system that would digitize and consolidate all parking inventory of existing and proposed on-street and off-street parking spaces, besides, include parking lots of various government agencies, commercial and private organizations into the Mumbai parking pool. The system will enable motorists to pre-book parking spaces at various locations. In the first phase, it would include only off-street parking, which would cover public parking lots (PPL) at 32 locations and amenity parking lots at 29 locations.

In August 2022, The Pimpri Chinchwad Municipal Corporation (PCMC) announced its plan to have a parking management system. As per the discussion, a holistic approach is needed to resolve the parking issues in the city with a focus on reducing the number of vehicles on the street. The corp.’s key focus will be on shifting on-street parking to off-street, so that the street space can be utilized for more sustainable modes of transport.

Market Players Outlook

The major companies serving the global off-street parking management market include DELOPT, Bond Traffic Solutions, FlashParking, Inc., Infocomm Group LLC, and Passport Inc. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2022, the UK's fastest-growing parking technology provider, YourParkingSpace, has been acquired by the global leader in urban mobility, Flowbird. This acquisition sees Flowbird join forces with YourParkingSpace to expand Flowbird's off-street and digital offerings rapidly.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global off-street parking management market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.