What is Parking Reservation System Market?
The parking reservation system is defined as the automated reservation system which provides ID-based parking slots. It is widely used in offices, schools, colleges, cinema theaters, airports, railway station, and other places. There are various advantages of using a parking reservation system such as reduce human error, user-friendly, highly secure, saves time, scalable, among others. Growing economies in developing countries, high disposal incomes and rising demand for smart city project are likely to be a major driver for the global parking reservation system market over the forecast period.
The market study is being classified by Type (Surface-Level Vehicle Park, Multi-Storey Vehicle Park, Underground Vehicle Park and Others) and major geographies with country level break-up.
Vinci Park (United Kingdom), Standard Parking Corporation (United States), Siemens AG (Germany), Streetline, Inc. (United States), Q-Park NV (Netherlands), National Car Parks Ltd (United Kingdom), Just Park It Ltd. (United Kingdom), ParkMe, Inc. (United States), Apcoa Parking AG (United Kingdom), LAZ Parking (United States) and Ace Parking Management, Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Xerox Corporation (United States), HCL Technologies Limited (India), Affiliated Computer Services Inc. (United States), Amano Corporation, LLC (Japan) and PassportParking Inc. (United States).
The market is highly fragmented with the presence of various players in the market. Some of the major layers which are operating in the market are Vinci Park (United Kingdom), Standard Parking Corporation (United States), Siemens AG (Germany), among others Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Parking Reservation System market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Parking Reservation System market by Type, Application and Region.
On the basis of geography, the market of Parking Reservation System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Economics in Developing Countries and High Disposal Incomes
- The Shortfall of Parking in Residential and Commercial Complexes
Market Trend
- Increase in Number of Vehicles and Smart City Project across the World
Restraints
- Slow in Adoption rate in Some Region such as Africa
Opportunities
- Growing Demand from Emerging Market such as China, India, among others
Challenges
- Lack of Proper on-Street Parking as well as the Slow Development of New Parking Complexes
In June 2018, the San Diego International Airport (United States) has launched Online Parking Reservation System, which provides various advantages such as highly secure and saves time for the user. Therefore, this launch will affect the growth of the market in the future.
Key Target Audience
Manufacturers of Parking Reservation System, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others