Parking Reservation System Market Size, Share, Growth Report 2032

Parking Reservation System Market: Size

The global Parking Reservation System market size was worth around USD 1088.61 million in 2023 and is predicted to grow to around USD 2484.1 million by 2032 with a compound annual growth rate (CAGR) of roughly 9.6% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD million). The report covers a forecast and an analysis of the Parking Reservation System market on a global and regional level.

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Parking Reservation System Market: Overview

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.

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. The vacant parking slots are then reported on the application that is developed by the service providers. Thus, these mobile applications display vacant parking spots in real-time. Mobile apps also help the drivers to identify economical parking spots around them.

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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.

Parking Reservation System Market: Segmentation

The global parking reservation system market is segmented on the basis of type, solution, vertical, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

The type segment includes off-street parking and on-street parking.

By solution, the parking reservation system market is primarily categorized into web-based, mobile application-based, and voice call-based.

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.

Parking Reservation System Market: Report Scope

Parking Reservation System Market: Regional Analysis

The regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region has been further segmented into major countries, such as the U.S., Canada, Mexico, UK, France, Germany, Italy, Spain, China, India, Japan, Australia, South Korea, Brazil, Argentina, Saudi Arabia, UAE, and South Africa.

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.

Parking Reservation System Market: Competitive Players

Some renowned key players of the global parking reservation system market are:

• Ace Parking Management
• Amano Corporation
• PCOA Parking
• Omplus Data Innovations
• IBM
• Indigo
• INRIX
• JustPark
• LAZ Parking
• NCP
• Port Labs
• QPARK
• Siemens Mobility GmbH
• SP Plus Corporation
• SpotHero

The Global Parking Reservation System Market is segmented as follows:

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