Published by Coherent Market Insights
Posted on September 27, 2021
4 min readLast updated: February 2, 2026
The off-street parking management market is set to grow significantly by 2027, driven by cloud computing and IoT innovations, with North America leading the adoption.
United States/WA: The global off-street parking management system market is estimated to account for US$ 9657.2Mn in terms of value by the end of 2027 and is expected to grow at a CAGR of 9.1% during the forecasted period 2020-27.
Report Pages:[130 Pages]
Major Key Companies Involving in Off-Street Parking Management System Market:
Nortech Control Systems Limited, 3M Co., Swarco AG, Cubic Corporation, Amano Corporation, Kudelski Group (SKIDATA AG), TIBA Parking LLC, IBM Corporation, Kapsch TrafficCom AG, and Xerox Corporation.
Off-street parking provides swift and easy pay and park solutions. It typically saves time by lowering congestion at entrance and exit by automatically dispensing the tickets. 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.
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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.
For instance, in June 2019, Tiba Parking introduced Engage Parking Experience, a new product suite to modernize and transform off-street parking operations.
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The post Off-street parking management system picking up the pace with TIBA Parking LLC’s new parking management solution with cloud computing and mobile-based platform appeared first on Gatorledger.
The article discusses the growth of the off-street parking management system market, emphasizing TIBA Parking LLC's new cloud-based solutions.
The adoption of cloud computing, IoT, and data analytics technologies are major drivers of market growth.
System integration complexities and demand-supply imbalances in various regions are significant challenges.
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