SAN FRANCISCO, Oct. 21, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Off-Street Parking Management Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 9; Released: April 2021
Executive Pool: 1961
Companies: 42 - Players covered include Amano Corporation; Cubic Corporation; IBM Corporation; Kapsch TrafficCom AG; Kudelski SA; Nortech Control Systems Ltd.; SWARCO AG; Tiba Parking; Xerox Corporation and Others.
Coverage: All major geographies and key segments
Segments: End-Use (Government & Municipalities, Airports, Healthcare, Corporate & Commercial Parks, Commercial Institutions, Other End-Uses); Solution (Access Control, Parking Fee & Revenue Management, Parking & Reservation Management, Valet Parking Management, Parking Guidance & Slot Management, Other Solutions)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Off-Street Parking Management Systems Market to Reach $5.9 Billion by 2026
Amid the COVID-19 crisis, the global market for Off-Street Parking Management Systems estimated at US$3.8 Billion in the year 2020, is projected to reach a revised size of US$5.9 Billion by 2026, growing at a CAGR of 7.5% over the analysis period. Access Control, one of the segments analyzed in the report, is projected to record a 7.3% CAGR and reach US$1.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Parking Fee &Revenue Management segment is readjusted to a revised 7.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.2 Billion in 2021, While China is Forecast to Reach $1 Billion by 2026
The Off-Street Parking Management Systems market in the U.S. is estimated at US$1.2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1 Billion by the year 2026 trailing a CAGR of 7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7% and 6.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.1% CAGR.
Parking & Reservation Management Segment to Reach US$1.7 Billion by the year 2026
In the global Parking & Reservation Management segment, USA, Canada, Japan, China and Europe will drive the 8.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$846.6 Million in the year 2020 will reach a projected size of US$1.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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