Strong Growth Opportunities Expected for Off-Street Parking Management System Market with Rising Smart Cities
According to recently published study, the global off-street parking management system market is anticipated to grow by ~ 10% year on year in 2019.
In the recent past, there has been an increase in overall infrastructure development activities across the globe. This includes major development of parking garages and lots for locations and businesses such as shopping malls, community centers, sports complexes, and others in urban areas – leading to increasing demand for off-street parking management systems. The development of smart cities is also expected to boost the demand for off-street parking management systems in the near future.
As per the report, consumers are inclined towards off-street parking management systems that offer a wide array of payment options, coupled with ease of payment. A shift in payment options from cash to e-Payment is being witnessed among consumers across various countries. Furthermore, the increasing trend of real-time communication, owing to increased smartphone usage, is anticipated to increase the demand for flexible payment solutions among consumers. Subsequently, the availability of multi payment options in the off-street parking management system will remain instrumental to the market growth.
Urban Revitalization to Boost Off-Street Parking Management System Market Growth
Parking plays an essential role in mobility, access, and the economic development of cities. At the same time, it is a profitable business for private as well as public sectors. Rapid increase in the number of vehicles and new construction in urban centers is boosting the demand for off-street parking management systems. The increasing number of theatres, office buildings, stadiums, and shopping centers in the region are driving the need for off-street parking management solutions.
Absolute and relative cost of parking (hourly, daily, and monthly) has been impacting the demand for off-street parking management systems. Urbanization is a key factor that depicts the economic condition of a nation, hence it is gaining importance widely. Also, urbanization has led to changing consumer lifestyle, which is propelling the demand for off-street parking management solutions.
As per the research study, the off-street parking management system market is poised to create an incremental opportunity of ~ US$ 6,708 Mn throughout the forecast period. Market stakeholders are continuously investing in the development of better off-street parking management systems, catering to the demand for better revenue management, access, and control of parking facilities across the globe.
Increased Opportunity for Off-Street Parking Management System Market in Healthcare Sector
Many companies are focusing on partnering with healthcare organizations across different regions. Through this strategy, the companies seek to improve its processes and parking service offerings. Furthermore, due to high growth in the smart healthcare infrastructure, the company focuses on expanding its customer base in the healthcare sector.
For instance, in January 2018, LAZ Parking Company partnered with Yale New Haven Hospital to provide parking services. This contract includes several garages and lots totaling 3,000 spaces as well as seven door valet operations that can accommodate nearly 30,000 cars per month.
Tier-1 Players in the Market to Account for 20% Revenue Share
A study opines that the global off-street parking management system market is considered fragmented owing to the presence of a large number of off-street parking management system solution providers. The report has segregated the market structure into three tiers: Tier 1, Tier 2, and Tier 3 for deep-down analysis.
Tier-1 vendors, are the most experienced and largest in the industry and have a vast regional coverage across the globe. These vendors are collaborating and partnering with new players in the market to expand their distribution channel. Tier-3 off-street parking management system providers are fairly new in the market and are mostly local and regional players. As Tier-3 players have a limited presence in the market, they constantly keep themselves updated with the latest technology and are growing at a rapid pace.
This study highlights key opportunities in the off-street parking management system market and finds that the market will grow at a CAGR of ~ 10.5% over the forecast period.
These insights are based on a report on Off-Street Parking Management System Market by Persistence Market Research.