Global Parking Reservation System Market was Valued at 1,072.1 Mn in 2018 and is Expected to Grow at a CAGR of 23.4% over the Forecast Period, Owing To Implementation of IoT in Parking Reservation Systems and Increasing Need of Parking Management across Smart Cities; says Absolute Markets Insights

- Some of the players operating in the Parking Reservation System Market are ACE PARKING MANAGEMENT INC, Amano Corporation, APCOA PARKING, COMPLUS DATA INNOVATIONS, INC, gtechna, IBM Corporation

PUNE, India, Jan. 6, 2020 /PRNewswire/ -- Utilization of vehicles has expanded across the globe. With the expansion of the number of vehicles on the road, the issue relating to finding a parking spot has been constantly increasing. The implementation of IoT cloud based technologies helps in better collecting, accessing, processing, visualizing and sharing large amount of data. This enables the system to study the whole parking space in seconds and provides information regarding the available spots to the concerned individual. Owning to the increased efficiency by the implementation of IoT technology in the system, the Parking Reservation System Market is expected to show significant growth.

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The parking reservation system market is expected to grow at a rate of 25.8% in Asia Pacific region over the forecast period. This is because of the constant development across the region. Developing countries are shifting to off-street indoor parking compared to outdoor parking enabling the government to use valuable street space. Increased infrastructural development of the region is also contributing to the rising demand for systematic parking and its reservation. For instance, Singapore smart city is using voice based solutions to quickly find suitable parking. It interacts with drivers and provides them with proper navigation by checking at regular intervals information about the chosen car parking availability. These IoT based parking reservation systems which are now-a-days been deployed across smart cities are IR sensor enabled. These sensors help detecting vehicles in a parking and accordingly send notifications on cloud. These sensors are embedded with buzzers which gets activated when a different car is parked on a pre-booked parking slot. These continuous technological advancement is also contributing to the increasing adoption of the parking reservation systems.

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The detailed research study provides qualitative and quantitative analysis of Parking Reservation System Market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

• On the basis of type, off-street parking segment is expected to witness highest CAGR over the forecast period (2019 – 2027) owing to increased integration of IoT based technologies with parking reservation system.
• On the basis of region, Asia Pacific is expected to grow at a CAGR of 25.8% during the forecast period.
• Some of the players operating in the Parking Reservation System Market are ACE PARKING MANAGEMENT INC, Amano Corporation, APCOA PARKING, COMPLUS DATA INNOVATIONS, INC, gtechna, IBM Corporation, Indigo, INRIX, Inc., JustPark, LAZ Parking, NCP, Parking Reservation Software, PASSPORT LABS, INC., Q- Free ASA, Siemens Mobility GmbH, SP Plus Corporation, and SpotHero, amongst others.

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Parking Reservation System Market:

• By Type
• Off-street Parking
• On-street Parking
• By Solution
• Web-Based Solution
• Mobile Application-Based Solution
• Voice Call-Based Solution
• By Vertical
• Retail
• Government
• Hospitality
• Transportation & Transit
• Others
• By Geography
• North America
• U.S
• Canada
• Mexico
• Rest of North America
• Europe
• France
• The UK
• Spain
• Germany
• Italy
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia Pacific
• Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

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