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Parking Reservation System Market by Type, Solution, Vertical, & by Region - Global Forecast to 2020

Parking Reservation System Market: Global Forecast until 2020

  • October 2015
  • 120 pages
  • ID: 3349435
In this report:
North America is the leading region in the parking reservation system market, accounting for an estimated share of ##.##% in 2015; this market in North America is expected to grow at a CAGR of ##.##% during the forecast period.
The mobile application-based solution segment is expected to grow at the highest CAGR of ##.##% from 2015 to 2020, owing to the increasing demand for smart phones.


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The overall parking reservation system market is forecasted to grow from $579.60M in 2015 to $1665.30M by 2020, at a compound annual growth rate (CAGR) of 23.50 percent between 2015 and 2022. The sector is influenced by the problem of traffic congestion and growing population across the world.

The growing need for real-time parking information, smart city projects, and rising number of vehicles are some of the main factors driving the overall parking reservation system market. With many upcoming smart city projects, nearly one million parking spaces are anticipated to be established by 2020.

Smart parking technology is about enhancing productivity and service in operations, lowering operating costs, and building value for clients to drive occupancy, incomes and facility value. Until credit card and mobile phone usage become ubiquitous, PARCS systems that accept cash will continue to operate, but there is still considerable room for the rise of smart parking technology. Reducing parking's massive geographical and environmental footprint is a worthy long term goal, and cost-effectively matching demand with infrastructure supply is one of the main contributions smart parking can make. As cities strive to solve the problem of mobility, wide-scale deployment of smart parking will be one of the key tools in their sustainability toolbox.

Smart parking technology includes electronic parking payment systems (known by facility operators as Permit and Enforcement, Mobile Parking Payment, and Parking Access and Revenue Control systems, plus variations including Mobile Parking Payment) - and parking customer convenience applications, also known as Parking Usage Recognition and Customer Service.

The advent of smartphones that support mobile-based parking reservation applications has offered potential increase prospects for cloud-based service providers, technology vendors, and system integrators. Therefore, technological improvements have created ample increase opportunities in the field of parking reservation. Also, Smart city projects are forecast to steer the increase of the parking reservation system market in the upcoming future, as smart cities are able to deliver real-time status updates on parking spaces, pollution, traffic patterns, water, light, and power, among others. Accordingly, smart city projects become another essential driver impacting the global demand of automated parking facilities.

Why Purchasing This Study Can Help You:

From an insight prospect, this market research has emphasized several levels of analysis - industry, market share research of top players, and company descriptions, which together comprise and examine the basic overviews on the competitive landscape, emerging- and high-growth segments of the Parking Reservation Systems market, high-growth areas and their respective drivers, market restraints, and alternatives.

The industry report will increase both established firms as well as new entrants/smaller companies to measure the pulse of the sector, which in turn will facilitate the organizations in garnering a greater market, share. Companies obtaining the study could use any one or combination of the below mentioned five strategies (sector entry, product improvement/innovative projects, sector development, business diversification, and opposing assessment) for strengthening their share of market.

This study furnishes highlights on the following points:

- Business entry: Exhaustive information on Parking Reservation Systems provided by the most important 5 market actors in the overall market.

- Product improvement/Innovative products: In-depth understanding on up-on-coming technologies, analysis and growth activities, and recent product launches in the Global Parking Reservation Systems market

- Industry development: Highlighted information about profitable emerging sectors. The market research examines the markets Parking Reservation Systems across geographies

- Industry diversification: Complete information about recent products, untapped areas, recent evolutions, and market investments in the Global Parking Reservation Systems market.

- Opposing assessment: Detailed assessment of market shares, strategies, products, and manufacturing competences of key players in Global Parking Reservation Systems market.

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