The parking reservation system informs both vehicles and parking complex operators about parking availability in a given location through constant monitoring. Parking reservation systems are made up of software and hardware components such as parking lots, cameras, sensors, and automatic gates that contribute to traffic flow. Moreover, a parking reservation system improves the element of parking lot security.
Parking Reservation System Market size was estimated at $1,081 million in 2021 and is expected to reach $5,720 million by 2032, growing at a CAGR of 23.4% during the forecast period of 2022 to 2032.
A parking reservation system refers to the system designed to assist individuals in booking automobile (vehicle) parking spaces online. The technology is well-known for rapidly improving the websites functionality by enabling consumers to book parking spaces, access extra services, and even pay online. Customers may book parking spots from the convenience of their own home or while on the go. The advent of parking reservation systems has enabled administrators to add as many parking spot alternatives as needed, establish pricing, give discounts, and control the availability time, among other things. Additionally, intelligent parking technology has boosted productivity, decreased operational expenses, and increased the propertys value.
COVID-19 started in Wuhan (China) in December 2019 and has expanded rapidly throughout the globe since then. The COVID-19 has harmed economies and sectors in several nations through lockdowns, travel restrictions, and company closures. The closure of several facilities and factories has had a detrimental effect on global supply chains, affecting manufacturing, delivery schedules, and product sales worldwide. Several firms have already warned of probable delays in product deliveries and eventual sales declines.
Parking Reservation System Market Growth and Trend
Mobile-based parking reservation solutions have gained momentum throughout the globe in recent years due to their effectiveness in collecting real-time parking availability and associated packages compared to traditional forms of parking reservation.
Moreover, as smart phone and internet use increases, governments and organizations are launching a slew of digital projects. Because many companies are adopting technology and are interested in collecting online information about their consumers, it has become natural for solution providers to grow their income through mobile-based parking reservation alternatives. The increasing need for real-time vehicle parking data, new innovative city initiatives, and the growing number of cars are just a few of the numerous reasons driving the markets growth. Additionally, the countless new intelligent city initiatives now under development will provide prospects for parking reservation management in the coming years.
Growing economies in many developing nations have increased population disposable money, which has raised car purchases. This has resulted in a significant increase in automobiles on the road during the last several years. Compared to other vehicle categories, passenger and freight carrier vehicles account for the lions share of vehicle sales. Increased automobile ownership has resulted in severe traffic congestion, resulting in significant parking difficulties in several nations.
The majority of these issues are prevalent in metropolitan locations, where parking issues develop due to space constraints. Vehicle drivers spend an excessive amount of time locating a suitable parking place, resulting in traffic congestion for other cars. In the next few years, the lack of enough on-street parking and the sluggish development of new parking facilities are projected to exacerbate traffic congestion.
Parking Reservation System Market Segmentation
The parking reservation system market is segmented by type, solution, and industry vertical. Based on type, the market consists of off-street parking and on-street parking. Based on solution, the market is segmented into web-based, mobile application-based, voice call-based. Based on industry vertical, the market is divided into retail, government, hospitality, transportation and transit, and others.
Parking Reservation System Market Country Analysis
The North American market sees a surge in demand for mobile-based parking services as peer-to-peer parking, electronic parking reservation alternatives, and mobile payment solutions gain traction. In the future, it is projected to command the highest market share in the worldwide parking reservation system market. This geographical expansion is due to the increasing number of retail establishments, malls, and shopping complexes in the United States and Canada. Navigable parking spaces are expected to arrive in the region, and they are expected to provide a plethora of options. As the parking sector in North America accelerates its embrace of intelligent technology, high-end automation and parking reservation solutions are increasingly being incorporated into the numerous mobility options available.
Parking Reservation System Market Share and Competition
The major players operating in the global parking reservation system market are Ace Parking Management, Amano Corporation, PCOA Parking, Complus Data Innovations, IBM, Indigo, INRIX, JustPark, LAZ Parking, NCP, Port Labs, QPARK, Siemens Mobility GmbH, SP Plus Corporation, and SpotHero.
Report Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 - 2032)
• Data breakdown for every market segment (2022 - 2032)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2022 - 2032)
• Off-Street Parking
• On-Street Parking
Solution Analysis (Revenue, USD Million, 2022 - 2032)
• Web-Based
• Mobile Application-Based
• Voice Call-Based
Industry Vertical Analysis (Revenue, USD Million, 2022 - 2032)
• Retail
• Government
• Hospitality
• Transportation and Transit
• Others
Region Analysis (Revenue, USD Million, 2022 - 2032)
• North America
o United States
o Canada
o Mexico
• South America
• Europe
o France
o Germany
o Italy
o Spain
o United Kingdom
o Austria
• Asia Pacific
o Russia
o China
o Japan
o India
o Philippines
o Malaysia
o Australia
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
Parking Reservation System Market Companies
• Ace Parking Management
• Amano Corporation
• PCOA Parking
• Complus Data Innovations
• IBM
• Indigo
• INRIX
• JustPark
• LAZ Parking
• NCP
• Port Labs
• QPARK
• Siemens Mobility GmbH
• SP Plus Corporation
• SpotHero
Available Versions
• United States Parking Reservation System Industry Research Report
• Europe Parking Reservation System Industry Research Report
• Asia Pacific Parking Reservation System Industry Research Report
Need report on this market for specific region or Country? Or need a customized report as per your need? Want to know discounts as available?
Email US
David Correa
david@marketdecipher.com
Or Fill the form below "Sample Request Form" with your queries in message box.
