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New York, June 2, 2015 (GLOBE NEWSWIRE) -- The Global Off-Street Parking Management System Market wasvalued at USD 3,393.9 million in 2015 and is expected to expand ata CAGR of 9.1 % from 2015 to 2021, to reach USD 5,726.7 million by2021. Off-street parking is a parking facility, where the parkingfacility does not interact with the traffic flow on the road. Thereis only a single point of interaction between the car park area androad, known as an access point. Off-street parking facility demandis due to supply outweighs of the on-road parking facility.
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Globally, increasing parking spaces and inclination of consumerstowards off-street parking owing to the better integration ofparking resources and safety and automated parking solutions areexpected to drive demand for off-street parking management systemsin the near future. In addition, technological advancements such asuse of mobile applications for parking guidance systems andenhanced ticketing and payment solutions are some of the factorsexpected to boost the demand for off-street parking managementsystem market in the next five to six years. However, high initialdeployment cost is expected to restrain the growth of the market.The global off-street parking management system market isanticipated to grow from an estimated USD 3,393.9 million in 2015to USD 5.726.7 million by 2021 at a CAGR of 9.1% during theforecast period.
In order to reduce carbon footprint, demand for sustainable orgreener solutions, resulting in fewer carbon emissions, is expectedto witness a significant increase in the next five to six years.This has further led to development of new technologies such assensors and efficient parking guidance and slot management systems,which direct drives to off-street parking spaces, resulting inenhanced parking experience and indirectly reducing fuel emissionsto a certain extent. The parking systems business sector in Japanhas been working to promote environment-friendly initiatives and toreduce parking lot management costs (e.g., reducing energyconsumption), as well as ensuring safety and security to preventcrimes and accidents in parking lots.
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North America is expected to represent the largest market in2015, accounting for 29.8% of the total market share. However,Middle East & Africa is expected to record highest growthduring the forecast period. Followed by Asia Pacific. This is dueto increasing smart city projects in the Middle East coupled withincreasing penetration by international players in this region.Rising traffic congestion has led to increased carbon emissions andwastage of fuel resources.
3M Company, Xerox Corporation, Amano Corporation, Skidata AG,and IBM Corporation are some of the leading players in theoff-street parking management market. Other major players of themarket include Cubic Corporation, Kapsch TrafficCom AG, TibaParking LLC, SWARCO AG and Nortech Control Systems Limited.
The off-street parking management system market is segmented asfollows:
By software, components & services
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Persistence Market Research (PMR) is a U.S.-based full-servicemarket intelligence firm specializing in syndicated research,custom research and consulting services. PMR boasts market researchexpertise across the Healthcare, Chemicals and Materials,Technology and Media, Energy and Mining, Food and Beverages,Semiconductor and Electronics, Consumer Goods, and Shipping andTransportation industries. The company draws from itsmulti-disciplinary capabilities and a high pedigree team ofanalysts to share data that precisely corresponds to clients'business needs.
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