Sales of off-street parking management systems currently account for nearly 30% of the global parking management system market. Market growth will continue to accelerate, increasing the competition already prevalent across the landscape.
Growing need for smart parking solutions, increasing number of vehicles on the roads, and rising demand for cloud-native parking management solutions would drive market demand. Also, rising trend of autonomous vehicles, emergence of Fully Automated Parking Systems (APS), and increasing need for mobile parking solutions are major factors driving market growth.
By optimizing the parking area, an off-street parking management system automates a vehicle parking system. The technology addresses concerns such as automated vehicle entry control and reducing the number of people necessary to operate parking lots.
The increased number of vehicles will bring infrastructural issues, as there will be a great need for efficient movement and parking for both on-street and off-street vehicles. Fortunately, off-street parking management technology will revolutionize consumer experiences in cities around the world by providing effective parking services.
Demand for off-street parking lot management systems is expected to grow at a robust CAGR of over 9.5% from 2022 to 2029, compared to a nearly 7% CAGR from 2013 to 2021.
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