May 17, 2022 09:30 ET | Source: Persistence Market Research Persistence Market Research
New York, New York, UNITED STATES
New York, May 17, 2022 (GLOBE NEWSWIRE) — The off-street parking management system industry analysis by Persistence Market Research forecasts the market to close in a valuation of US$ 1.85 Bn by the end of 2022. Demand registered in the market is set to surge at an estimated CAGR of 9.5% from 2022-2029
Rise in the number of vehicles across countries is resulting in higher adoption of parking management systems. As the use of automation is rising in parking lots, parking management systems will play an important role in improving efficiency in car parking.
Parking lots are becoming smaller with automated parking. Lasers in automated parking lots scan vehicles before a moving platform elevates and transfers vehicles to a parking space. This is the reason that parking lots are taking more vertical space than horizontal space. There is no need of drivers as machines are parking the vehicles. Developed countries are working toward improving traffic congestion by providing proper parking spaces. Hence, demand for off-street parking management systems is expected to increase going ahead.
The market is evolving at a fast pace, and partnerships, investments, and product launches are ongoing.
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“Government in various countries are taking smart city initiatives to make their cities more energy-efficient. Increasing investments in major urban areas for space-efficient parking systems is expected to provide an array of opportunities for off-street parking management solution providers,” says a Persistence Market Research analyst.
Implementation of IoT in Parking Management Systems
The world has seen the utilization of Internet of Things (IoT) technology in many ways. This technology is making several processes easier and smoother. By using IoT in parking lot systems, a driver can check the availability of parking space in real time through an application before getting to the parking site.
Using an IoT-enabled systems can reduce the time by 40% for a driver. This will also decrease the carbon emissions. Also, IoT has its many benefits on the environment, subsequently driving off-street parking management market growth.
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Persistence Market Research’s report on the off-street parking management system industry research is segmented into four major sections – system (access control, parking fee & revenue management, parking reservation management, valet parking management, parking guidance & slot management, and others), component (software (on-premise and cloud-based), hardware (on-premise entry/exit terminals, card readers, validation solution, pay on foot stations, IPR systems, and others), services (consulting, deployment & customization, and maintenance & support), and end user (government and municipalities, healthcare, corporate and commercial parks, commercial institutions, and others), and region (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, and the Middle East & Africa), to help readers understand and evaluate the lucrative opportunities in the market.
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