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.
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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.
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.
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.
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