New York, NY, April 30, 2019 (GLOBE NEWSWIRE) -- 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 through 84 Tables & 26 Figures spread over 172 Pages and in-depth TOC on “Global Parking Reservation System Market: By Type, Size, Industry Share, Services, Solutions, Analysis and Forecast 2018–2026”.
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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.
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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. In 2017, the U.S. parking sector generated USD 9.8 billion in revenue. In 2016, retailers like Wal-Mart, Kroger, Walgreens Boots Alliance, and CVS Caremark had about 27,000 retail stores in the U.S. Wal-Mart is also focusing on increasing its e-commerce sales. For delivering its products, it has installed “Wal-Mart Fuel Stations” in its parking lots. With the rising number of stores and adoption of new strategies, retailers are opting for solutions that enhance customer shopping experiences. This, in turn, is expected to drive the North American parking reservation system in the upcoming years.
The European parking reservation system market is anticipated to grow notably in the future, due to the rapidly increasing number of vehicles across the region. Europe is the hub of numerous automotive manufacturers with the presence of key manufacturers, such as VW Group, BMW, Daimler, etc. UK, France, and Germany are anticipated to be the prime contributors to this regional market. In 2018, about 30% of families in France owned two cars. The European Union passenger car fleet grew by about 5.7% from 2012 to 2016. During this period, the number of passenger vehicles on road reached 257 million from 243 million.
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The Asia Pacific is expected to grow at a notable rate over the forecast period in the global parking reservation system market. Developing countries like China and India have great potential for market growth owing to the increasing smart city projects. In 2018, the Indian government’s budget for various smart city projects increased by 54% in comparison to 2017. It is expected that a major portion of this budget will be utilized on transportation infrastructure in the years ahead. Furthermore, in 2018, India and China had about 100 and 500 cities under their smart city projects. Organizations like IBM Corporation are already involved in transforming the public transformation system in China. In 2017, about one-third of Shanghai’s population used cloud platform and apps to access public transportation services.
Latin America is anticipated to be the most lucrative region for the parking reservation system market in the upcoming years. This regional growth can be attributed to the increasing demand for electric vehicles. Governments are taking initiatives to use more and more electric vehicles. In 2017, the Argentinian government announced to reduce import taxes on hybrid and pure electric vehicles from 35% to 5% and 2%, respectively.
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The Middle East and Africa is anticipated to show moderate growth in the global parking reservation system market, owing to the increasing demand for passenger vehicles in South Africa, Qatar, and Saudi Arabia. It is estimated that the regional number of passenger cars will reach about 13 million by 2020.
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.
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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
- The Middle East and Africa
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