Global Off-Street Parking Management System Market Will Grow US$ 5,726.7 Million by 2021

By: Persistence Market Research Pvt. Ltd  06/05/2015
Keywords: Off-Street Parking Management System Market

According to a new market report published by Persistence Market Research “Global Market Study on Off-street Parking Management System - Middle East & Africa to Witness Highest Growth by 2021”, the global off-street parking management system market was valued at USD 3,393.9 million in 2015 and is expected to expand at a CAGR of 9.1 % from 2015 to 2021, to reach USD 5,726.7 million by 2021. Browse the full Global Market Study on Off-street Parking Management System - Middle East & Africa to Witness Highest Growth by 2021 report at http://www.persistencemarketresearch.com/market-research/off-street-parking-management-system-market.asp Off-street parking is a parking facility, where the parking facility does not interact with the traffic flow on the road. There is only a single point of interaction between the car park area and road, known as access point. Off-street parking facility demand is due to supply outweighs of onroad parking facility. Globally, increasing parking spaces and inclination of consumers towards off-street parking owing to better integration of parking resources and safety and automated parking solutions are expected to drive demand for off-street parking management systems in the near future. In addition, technological advancements such as use of mobile applications for parking guidance systems and enhanced ticketing and payment solutions are some of the factors expected to boost the demand for off-street parking management system market in the next five to six years. However, high initial deployment cost is expected to restrain the growth of the market. The global off-street parking management system market is anticipated to grow from an estimated USD 3,393.9 million in 2015 to USD 5.726.7 million by 2021 at a CAGR of 9.1% during the forecast period.

Keywords: Off-Street Parking Management System Market

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