Global Parking Reservation System Market Is Anticipated To Reach Around USD 5,718 Million By 2026

Zion Market Research has published a new report titled “Parking Reservation System Market by Type (Off-Street Parking and On-Street Parking), by Solution (Web-Based, Mobile Vertical-Based, and Voice Call-Based), and by Vertical (Retail, Government, Hospitality, Transportation & Transit, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026’’. According to the report, the global parking reservation system market was around USD 1,072 million in 2018 and is expected to reach approximately USD 5,718 million in 2026, at a CAGR of slightly above 23.4% between 2019 and 2026.

Parking reservation system helps drivers with reserve parking for their vehicles. This system also permits users to check their parking statuses. A parking reservation system helps in reducing traffic congestion that is caused by vehicles at parking spaces during peak hours.

Browse the full “Parking Reservation System Market by Type (Off-Street Parking and On-Street Parking), by Solution (Web-Based, Mobile Vertical-Based, and Voice Call-Based), and by Vertical (Retail, Government, Hospitality, Transportation & Transit, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026” Report at https://www.zionmarketresearch.com/report/parking-reservation-system-market

Vehicle owners are opting for solutions that offer real-time data, which has led the governments of various countries to offer smart solutions for parking vehicles on streets. Parking meter manufacturers are focusing on providing sensors that provide information, such as real-time occupancy. These sensors are used on poles, parking meters, and grounds, where parking slots are available. Local government organizations are collaborating with companies to use cameras that are installed on the streets to detect vacant parking spaces. Smart parking systems form a vital component of smart city projects worldwide. Hackers can attack these systems and gain vital information related to drivers, vehicles, and payment accounts. Thereby, the rising number of cyber-attacks across the globe is restraining the worldwide development of the parking reservation system market to some extent. Technologies like RFID, ZigBee, Bluetooth, and WSN offer numerous benefits, such as easy installation, cost-effectiveness, etc., as they can be implemented on a small budget for quick identification. Furthermore, the adoption of “Internet of Things” (IoT) in public services will open new growth avenues for the parking reservation system market over the forecast time period. IoT-based smart parking reservation systems are forecasted to create lucrative market opportunities in the upcoming years.

The global parking reservation system market is fragmented based on type, solution, and vertical. The type segment includes off-street parking and on-street parking. The off-street parking segment held the largest market share in 2018 globally. By solution, the parking reservation system market is primarily categorized into web-based, mobile application-based, and voice call-based. Mobile application-based parking reservation systems offer reservation and payment services via mobile applications. There are three basic applications that are widely used these days—navigation-based, navigation- and booking-based, and complete booking criteria. Mobile application-based solutions are anticipated to grow significantly over the forecast timeframe. The vertical segment of the parking reservation system market includes retail, government, hospitality, transportation and transit and others. The government segment is projected to lead in the global market in the years ahead.

By region, North America is expected to hold the largest market share of the global parking reservation system market in the future. This regional growth can be attributed to the rising number of retail outlets, malls, and shopping centers in the U.S. and Canada.

Some renowned key players of 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.

This report segments the global parking reservation system market into:

Parking Reservation System Market: Type Analysis

• Off-Street Parking
• On-Street Parking

Parking Reservation System Market: Solution Analysis

• Web-Based
• Mobile Application-Based
• Voice Call-Based

Parking Reservation System Market: Vertical Analysis

• Retail
• Government
• Hospitality
• Transportation and Transit
• Others

Parking Reservation System Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

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