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Parking Reservation System Market Estimated to 1,665.3 Million USD by 2020

Parking Reservation System Market categorizes the global market by type as off-street parking, on-street parking, by solution as mobile application-based parking, web-based parking, voice call-based parking, by vertical, & by region.

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Parking Reservation System Market Estimated to 1,665.3 Million USD by 2020

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  1. MarketsandMarkets Presents Parking Reservation System Market worth 1,665.3 Million USD by 2020 https://www.marketsandmarkets.com/Market-Reports/parking- reservation-system-market-220614632.html

  2. According to new market research report "Parking Reservation System Market by Type (Off-Street Parking, On-Street Parking), by Solution (Mobile Application-Based Parking, Web-Based Parking, Voice Call- Based Parking), by Vertical, by Region - Global Forecast to 2020",The parking reservation system market report is segmented on the basis of type, solution, industry vertical, and geography. This market is estimated to grow from USD 579.6 Million in 2015 to USD 1,665.3 Million by 2020, at a CAGR of 23.5% from 2015 to 2020.The rising need for real-time parking information, smart city projects, and increasing number of vehicles are some of the major factors driving the global parking reservation system market.

  3. Browse 65 Market Data Tables and 40 Figures spread through 118 Pages and in-depth TOC on ” Parking Reservation System Market” https://www.marketsandmarkets.com/Market-Reports/parking- reservation-system-market-220614632.html Early buyers will receive 10% customization on this report .

  4. Parking Reservation Systems Market Parking reservation systems market are already being implemented in sectors, such as transportation transits, retail, government & municipalities, and many others. The mobile applications of parking reservation systems are growing at a faster rate. It involves the use of GPS, GSM, and smart phone technologies through which parking slots can be reserved easily and effectively. The increasing adoption of smartphones has enabled access to travel time, speed data, and origin destination information. The advent of smartphones that support mobile-based parking reservation applications has offered potential growth prospects for cloud-based service providers, technology vendors, and system integrators. Thus, technological advancements have created ample growth opportunities in the field of parking reservation.

  5. The sale of vehicles is increasing at an exponential rate, as a result of the rising disposable income among consumers, along with increasing global population. Increase in the number of vehicles will lead to more drivers searching for vacant parking slots and reserve parking spaces as per their convenience. Parking reservation systems help address this problem by assisting drivers in finding parking slots, or reserving vacant parking spaces. The U.S. has the highest number of vehicles, which has further augmented the demand for efficient parking reservation systems in the country. The U.S., China, and India are expected to be major contributors to the global parking reservation systems market in the near future. Thus, increase in the sale of vehicles has positively impacted the growth of the parking reservation system market. Parking reservation systems are being widely adopted by major industry verticals. This technology is still in its introductory phase in regions such as the Middle East & Africa and Latin America. The parking reservation system market in the Middle East & Africa is anticipated to grow in the near future, owing to rise in telecom expenditure and favorable government conditions.

  6. The parking reservation system market, segmented and forecasted on the basis of type, includes on-street parking and off-street parking. On the basis of solution, the market is segmented into web-based application, mobile- based application, and voice call-based application. Further, on the basis of industry verticals, the market is segmented as transportation transits, government & municipalities, retail, hospitality, and recreation, among others. By region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

  7. The parking reservation system market report further provides a competitive benchmarking of leading players in the industry, such as VINCI Park, Standard Parking Corporation, Streetline, Q-Park, National Car Parks, JustPark, ParkMe, APCOA Parking, LAZ Parking, and Ace Parking Management in terms of their product offerings, key strategies, and operational parameters. The report provides market trends, overall adoption scenarios, and competitive landscape as well as key drivers, restraints, and opportunities in this market. It aims to estimate the current size and future growth potential of this market across different, solutions, types, verticals, and regions.

  8. Parking Reservation System Market The rising need for real-time parking availability information, upcoming smart city projects, and increasing number of vehicles are some of the major factors driving the global parking reservation system market. With numerous upcoming smart city projects, nearly one million parking spaces are expected to be established by 2020. Parking reservation is directly connected to smart parking systems, which gives accurate vehicle occupancy in real-time. It guides visitors and residents to available parking spaces. It also simplifies the parking experience and gives value addition for parking system stakeholders, such as merchants and drivers.

  9. About MarketsandMarkets About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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