Off-Street Parking Management System Market by System (Access Control Systems, Parking Fee & Revenue Management and Valet Parking Management), Parking Fee & Revenue Management Segment hold 19.7% share of the market.
Industry: Semiconductor Electronics
Published Date: February-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 300
Report ID: PMRREP4728
Off-street parking management system market value is analyzed to be around US$ 5,887.5 Million in 2022 and in 2033, the market is analyzed to reach around US$ 16,273.9 Million. It is also estimated to valuate to US$ 6,370.2 Million in 2023, and projected to grow at a CAGR 9.8% from 2023-2033.
An off-street parking management system is a set of processes and technologies used to regulate and control the use of parking facilities that are not located on public streets. This includes parking lots, garages, and other private or semi-private parking spaces. It often involves the use of software, ticketing machines, entry and exit barriers, and payment systems to manage the allocation of spaces, track usage, and enforce payment for parking. The goal of this system is to optimize the use of limited parking resources, reduce congestion and improve the overall parking experience for users.
There are several factors that are significantly contributing to the growth of the off street parking management system industry such as growing urbanization and the increasing number of vehicles, the demand for parking space has increased, leading to the need for more efficient & effective parking management systems.
Additionally, cities are adopting smart city initiatives & technologies to improve the quality of life for their citizens. These systems are a key component of these initiatives, helping to reduce traffic congestion & emissions and improve urban mobility.
Off-street parking management system market accounts for the 25% of the smart parking management system market.
As per the regional market outlook North American region held a leading market share of 25.4% in the global off-street parking management system market in 2022. Whereas the demand for off-street parking management system in the Europe region is analyzed to hold the market share of around 22.1% of the market in 2023.
| Attributes | Key Insights |
|---|---|
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Off-street parking management system Market Size (2023) |
US$ 6,370.2 Million |
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Projected Market Value (2033) |
US$ 16,273.9 Million |
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Global Market Growth Rate (2023 to 2033) |
9.8% |
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Parking Fee & Revenue Management Segment Market Share (2022) |
19.7% |
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India Market Growth Rate (2022) |
11.1% |
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Government & Municipalities Segment Market Share (2022) |
18.1% |
“High implementation cost along with the lack of standardization”
High upfront cost & implementation costs, resistance to change & reluctance to adopt new technology, lack of standardization & interoperability among different systems, data privacy & security concerns. These are all the major impediments to the adoption of these systems.
“Increasing adoption of Cost Efficient & Automated Parking Systems”
Off-street parking management systems help to reduce operational costs by automating many tasks and reducing the need for manual labour as well as off-street parking management systems make it easier for drivers to find available parking spaces and make payments, improving the overall parking experience. These factors are providing lucrative opportunity for the adoption of off-street parking management system systems in the US region contributing to its significant share of 27.1% in 2022.
“Rising Demand for Real-Time Parking Availability Information”
Rising awareness about smart city initiatives & the need for technology-based parking solutions, growing need for real-time parking availability information & smart payment options, increasing traffic congestion and the need to optimize parking space utilization are some of the major factors accelerating the growth of off-street parking management system market in India.
Such factors are majorly contributing to usher the growth of the off-street parking management system market at a CAGR of 11.1% over the forecast period in India.
“Rising Adoption of Smart Parking Systems”
Government regulations and initiatives to encourage the adoption of smart parking systems, technological advancements in IoT, cloud computing & big data analytics, growing trend of shared mobility & demand for integrated parking solutions. Such factors are expected to accelerate the adoption of off-street parking management system systems in the Germany.
Why Parking Fee & Revenue Management Segment Hold the major Market Share in the off-street parking management system market?
Increasing demand for cashless payment options, reducing the need for physical money exchange, government regulations & initiatives aimed at optimizing parking management & revenue generation, rising consumer demand for cost-effective, convenient & accessible parking solutions, growing awareness about the benefits of parking management systems, such as improved traffic flow & reduced emissions.
These factors are influencing the major share of 19.7% parking fee & revenue management segment in the off-street parking management system market.
Why the demand for Off-Street Parking Management System in Government & Municipalities holds the significant share in 2022?
Various factors that are analysed to be the major contributors to the widespread adoption of off-street parking management system technology in government & municipalities are government regulations & initiatives aimed at optimizing parking management & revenue generation, increasing demand for cost-effective and efficient parking solutions to manage a growing number of vehicles, adoption of advanced technologies such as IoT & artificial intelligence to improve parking management & reduce costs.
Thus, market share of government & municipalities in the off-street parking management system market is analysed to be 18.1% in 2022.
Various companies are investing heavily in research and development to improve the efficiency & effectiveness of automated parking technology. These systems compete based on factors such as pricing, functionality, ease of use, scalability, and integration with other systems.
Recent developments related to key players providing off-street parking management system market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
| Attribute | Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2018-2022 |
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Market Analysis |
US$ Mn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
By System:
By Component:
By End User:
By Region:
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In 2023, the market value of off-street parking management system was US$ 6,370.2 Mn.
The global off-street parking management system market is estimated to advance at a 9.8% CAGR through 2033.
The market for off-street parking management system is forecasted to climb to US$ 16,273.9 Mn by 2033 end.
Demand for off-street parking management system market in India is projected to rise at a CAGR of 11.1% over the forecast period.
In 2022, the North America off-street parking management system market held a dominant market share of 25.4%.
