Global Parking Reservation System Market size is projected to reach US$ XX Mn. by 2026 from US$ XX Mn. in 2019, at a CAGR of XX % during the forecast period.
The Global Parking Reservation System Market research delivers a basic overview of the industry including definitions, classifications, products, and industry chain structure. The global Parking Reservation System report is provided for the international markets as well as development trends, competitive landscape analysis, and key region's development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also considered. This report additionally states import/export consumption, supply and demand figures, cost, price, revenue, and gross margins.
Global Parking Reservation System Market Dynamics:
Smart parking solutions are in high demand due to the increasing trend of smart cities around the world, as they are an integral part of the smart transportation infrastructure introduced in smart cities, which is driving the market growth.
The parking reservation system market is mainly driven by a rise in the global number of vehicles and smart city initiatives in developing countries. The use of Internet of Things (IoT) systems for smart parking is a growing practice. Drivers have a range of choices, ranging from underground sensors to Artificial Intelligence (AI) robots. This pattern helps business owners, city officials, and, most importantly, the local community. Time savings, less congested traffic, and more efficient parking space use are just a few of the advantages of the smart parking reservation system.
Several brands are now working with technology companies including SAP and Oracle to offer planners a 360-degree view of data, including traffic controls, street lighting, and more. In the coming years, the construction of parking complexes would provide lucrative growth opportunities for market players.
Global Parking Reservation System Market Segmentation:
Based onParking Site, the global parking reservation system market is segmented into on-street parking and off-street parking. The on-street parking system uses a web, mobile, and voice-based solution to provide real-time parking slot information. As a result of the rise in smart city initiatives across different regions, the demand for on-street parking systems is expected to rise.
Based on Solutions, the market is segmented into web-based, mobile-based, and voice-call-based. Mobile-based parking reservation services are gaining popularity around the world. Since mobile and internet penetration is increasingly growing overthe last decade, governments and organizations are launching several digital initiatives.
Based on End-user Vertical, the market has been segmented into transportation, government, and others. Because of the traffic congestion created by truck terminals, the demand for parking reservation systems is expected to rise in the transportation sector. Developed countries such as the United States and Germany are actively investing in the implementation of truck parking reservation systems.
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Regional Insights of the Global Parking Reservation System Market:
North America dominates the global parking reservation system market and holds the maximum market share XX% in 2019, attributed to changing lifestyles and rapid urbanization. As the number of cars on the road grows in the city so does the demand for parking reservation systems. Leading automotive industries such as Ford, Chrysler, and General Motors, among others, and vehicle demand in North America is rising at a substantial pace Y-o-Y, which is one of the primary reasons for the increased adoption of these solutions.
The Asia Pacific and Middle East & Africa are showing significant growth owing to the high adoption of parking reservation systems in the region. With the introduction of smart parking systems in developed countries such as India, Brazil, Japan, and others, the demand for parking reservation systems is expected to grow. In the coming years, India and China are projected to be a potential market for parking reservation systems.
Global Parking Reservation System Market Regional
The objective of the report is to present a comprehensive analysis of the Global Parking Reservation System Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Parking Reservation System Market dynamics, structure by analyzing the market segments and projects the Global Parking Reservation System Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Global Parking Reservation System Market make the report investor’s guide.
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Global Parking Reservation System Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Parking Reservation System Market
• Conduent Incorporated
• Siemens AG
• ParkMe Inc.
• JustPark Parking Ltd.
• The Kapsch Group
• Standard Parking Corporation
• APCOA Parking AG
• Streetline, Inc.
• Amano Corporation
• Swarco Corporation
• TCS International Inc.
• Complus Data Innovations, Inc.
• Energy Development Corporation
• Group Techna, Inc.
• Passport Parking
• 3M Company
• Affiliated Computer Services
• HCL Technologies Ltd.
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