Surging urbanization in the past few years have led to the development of vast concrete jungles across the globe. The rising population and economic development in many parts of the world has led to the rise in the number of vehicles on roads. Also, the rapidly increasing construction of building complexes has left little space for safe and obstacle-free walking for pedestrians. To manage the scenario effectively, in terms of leaving significant space for pedestrians to walk safely on road and limiting the number of vehicles on roads, the market for off-road parking has come into existence.
Off-street parking refers to the parking facilities that allow parking a vehicle anywhere but on the streets. These are usually places like personal garages, society parking lots, private parking lots, driveways, garages, and other indoor, and outdoor parking facilities that buildings in developed countries and metro-cities have dedicated entirely for parking vehicles.
Parking Space Does Matter but Its Effective Management is Also a Big Issue
Most off-road parking projects value effective utilization of space available for parking more than the kind of service provided. However, off-road parking businesses have started realizing that with the increasing number of off-road parking premises, the consumers are presented with a wide range of options for parking their vehicles. Hence, the effective management of these structures is the only way, in which their service can be valued more.
A typical off-road parking area in current times have facilities such as parking fee payment systems, access control mechanisms, and a variety of arrangements for revenue management, valet parking management, parking enforcement management, parking guidance, slot management, access control, and parking reservation management.
While the manual management of all these features is feasible, the integration of automatic systems in off-street parking solutions makes parking systems smarter and highly convenient for the users.
Smart Off-road Parking Management Solutions Lead the Way to Smarter Parking
Smart parking solutions are making the market economically even more viable for vendors and increasingly convenient for users. An increasing number of companies have entered the arena of intelligent parking solutions that aid in optimizing parking operations for parking businesses and also make parking more convenient for drivers.
Facilities such as access and revenue control, payment/cashier terminals, pay-on-foot machines, entry and exit terminals, way-finding, technical support, license plate recognition, space monitoring, pass-card validations, and others are rapidly changing the overall structure of the off-road parking business.
Being adopted at an increasing rate in developed countries, smart off-road parking solutions are witnessing increased demand from space-constrained developing nations too. A market research study published by Persistence Market Research states that the global market for off-street parking management systems had a net valuation of US$3,393.9 million in 2015. Developing at a 9.1% CAGR between 2015 and 2021, the report states that the market will value US$5,726.7 million by 2021.
North America contributed to the major revenue share of the market in 2015, accounting for an estimated 29.8% of the market. However, the market is expected to register the highest demand from Middle East, Africa, and Asia Pacific in forthcoming years.