Off-street parking is a parking facility where the facility does not connect with the traffic movement on the street. There is one distinct point of communication between the road and the car park zone which is known as an access point. Demand for off street parking facility originates because of supply offsets of the on-road parking facility. Off-street parking management is intended to counter the ever increasing on-road parking threat. Such advanced parking systems do not intrude on the on-road traffic movement. The point of interaction between the car parked zone and road is narrow to a single point, normally acknowledged as the point of access. Some of the key specifications of off-street parking systems comprises valet parking management, simplified revenue management system, parking enforcement management, parking slot, guidance management and parking reservation management. These parking solutions have high demand from end use sectors like government infrastructures, airports, municipalities, corporate and commercial parks, commercial institutions, and healthcare.
The off-street parking management system market is primarily driven by the increasing demand for effective parking management solutions that encompasses proper payment methods, enforcement methods, and dynamic parking guidance systems during the anticipated period. Increasing preference for automated systems for parking upon conventional parking structures especially in city areas is likely to bolster the demand for off street parking management systems during the forecast period. Additionally, ever increasing traffic crowding globally and optimization of time and travel convenience further boosts the global market. Another major factor driving the global market is the increasing investment by service providers and manufacturers in research and development programs, thereby expressing improvements in the existing systems and creation of newer systems to surface. Moreover, companies are firmly aiming and developing innovative parking management systems to improve safety regulations related to definite regions. In addition, rising concerns over obstacle- free and safe walking space for pedestrians is likely to drive the global market during the forecast period.
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Lack of proper balance between supply and demand in both emerging and matured economies is likely to restrain growth of the global off street parking management system market during the anticipated period.. Demand for these systems in matured markets has gradually become less whereas in emerging countries these technologies have been implemented either slowly or have not been implemented yet. Due to this factor, the market is facing major restraints in growth.
Advancements in technology is one of the most important factor creating ample opportunities in the off street parking management system market. Implementation of intelligent system solutions in off street parking management systems is likely to help reduce the cost of maintenance and expense of spare parts.
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On the basis of software, components and services, the off-street parking management system market is bifurcated into professional services, parking software and system devices. On the basis of solutions, the market is segregated into parking reservation management, access control, parking fee and revenue management, parking guidance and slot management, and valet parking management. On the basis of end use, the market is bifurcated into healthcare, government and municipalities, commercial and corporate parks, commercial institutions, and airports. The regional split of the off street parking management system market encompasses North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. North America dominated the global off street parking management system market during the forecast period. Asia Pacific is anticipated to be one of the most attractive markets for off street parking management systems during the forecast period.