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 the on-road parking facility.
Off-street parking solutions include access control, parking fee and revenue management, parking reservation management, valet parking management, parking guidance and slot management and parking enforcement management. These solutions are used by end-use sectors such as government and municipalities, airports, healthcare, corporate and commercial parks, commercial institutions and others.
Manufacturers and service providers of parking management systems are consistently investing in research and development activities in order to upgrade existing systems and to develop newer technologies to mitigate safety compliances pertaining to specific regions. Demand for effective parking management solutions, which include dynamic parking guidance systems, payment methods, and enforcement methods are fueling the growth of parking management systems market globally.
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.
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North America is the largest region and Middle East & Africa represents the fastest growing region in the off-street parking management system market. In terms of system components and services segment, professional services represent fastest growing segment in this market.
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The North American off-street parking management system market is anticipated to grow from an estimated USD 935.1 million in 2015 to USD 1,689.9 million by 2021 at a CAGR of 8.9% during the forecast period.
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