While off-site management systems are designed to manage the parking lot on-site, they do not address the complex issues related to city streets. This includes pedestrian safety, parking enforcement, and parking permit issuance. These services can range from providing real-time information about parking permits to controlling the process of issuing parking permits. Some systems even provide the ability to issue permits to residents who do not qualify. Many off-site parking management systems also provide automated monitoring capabilities, which allow owners to receive notifications when parking spaces are not available or for any other reason.
Growing adoption of IoT, cloud, and data analytics technologies is expected to drive growth of the global off-street parking management system market during the forecast period. Cloud computing, data analytics, and IoT have witnessed significant adoption in the recent past. Many public infrastructures including parking systems, traffic systems, etc. is being equipped with IoT and cloud computing, in order to enhance the capabilities. For instance, in October 2020, Parking Lap introduced an affordable and safe Parking Management Software for residential and commercial buildings with automated car parking. Hence, these factors are expected to drive growth of the global off-street parking management system market during the forecast period. Furthermore, increasing demand for optimum utilization of parking spaces is expected to propel the global off-street parking management system market growth over the forecast period.
However, system integration complexities are expected to hinder the global off-street parking management system market growth in the near future. Furthermore, a lack of adequate balance between demand and supply in emerging as well as developed countries are expected to restrain growth of the market in the near future. Among regions, North America is expected to witness massive growth in the global off-street parking management systems market during the forecast period. This is owing to rising adoption of smart parking management systems in the region. Furthermore, rising traffic congestion in the U.S. is expected to boost regional market growth over the forecast period. Major companies operating in the global off-street parking management system market are 3M Company, Skidata AG, Amano Corporation, IBM Corporation, Kapsch TrafficCom AG, Nortech Control Systems Limited, Xerox Corporation, Cubic Corporation, SWARCO AG, and Tiba Parking.
For instance, in June 2019, Tiba Parking introduced Engage Parking Experience, a new product suite to modernize and transform off-street parking operations.