Parking Reservation System Market - Forecast(2024 - 2030)
Parking Reservation System Market Overview
Parking
Reservation System Market revenue is forecast to reach $2.13 billion by 2026,
at a CAGR of 23.6% during 2021-2026. A parking reservation system is developed in such a
way that users book their parking spots through short message services (SMS).
The SMS sent will be processed by a wireless communication instrumentation
device called micro-RTU (Remote Terminal Unit). The system is fully automated
with the use of the Peripheral Interface Controller (PIC). In addition to this, Parking
reservation systems comprises of software and equipment such as parking meters,
cameras, sensors, and automated gates which help maintain the smooth flow of
traffic and improve security. Further rise in demand for
real-time car parking data, new smart city projects, and the increasing number
of cars are some of the many significant factors contributing to the growth of Parking
Reservation System revenue. In 2020, The Chinese government has committed to rise smart city projects investment to
around $181.7 billion in 2021. Moreover,
the growing demand for optimum utilization of parking spaces and government
investment for smart city development are some of the Parking Reservation
System market trends which will drive the market outlook in the forecast period
2021-2026.
Report Coverage
The
report: “Parking Reservation System
Market Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of
the following segments of the Parking Reservation System market
By Device: Meters,
Automated Gates, DVRs and Surveillance Cameras, Ultrasound Occupancy Sensors, Others
By Solution:
Web-based, Mobile-based, and Voice Call-based
By
Offering: Software (Payment Software, Information System,),
Services (Customization & Deployment Model, Support & Maintenance
Services)
By Parking
Site: On-street Parking, Off-street Parking
By
Industry: Education, Government, Healthcare, Hospitality, Retail,
Transportation, Others
By
Geography: North America (US, Canada, Mexico), Europe (UK,
Germany, France, Italy, Spain, Others), APAC (Japan, China, South Korea, India,
Australia, Others), South America (Brazil, Argentina, Others), RoW (Africa,
Middle East)
Key Takeaways
- North America had dominated the global Parking Reservation System market in 2020 with a share of around 38% and is analyzed to maintain a significant growth during 2021-2026, owing to the increasing number of vehicles in the region.
- Mobile-based solutions segment is analyzed to grow with the highest CAGR of 25.6% in the global Parking Reservation System market during the forecast period 2021-2026. This mobile based solutions provide greater efficiency when compared to other modes of parking reservation solutions.
- The increased vehicle production and traffic congestion has generated the demand for smart solutions for parking reservations. The advent of location services and the development of interactive apps have positively influenced the growth of the parking reservation system market during the forecast period.
- Parking Reservation System companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
Global Parking Reservation System Market, By Region, 2020
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Parking Reservation System Market Segment Analysis - By Type
In Parking
Reservation System market research, Mobile-based solutions segment is analysed
to grow with the highest CAGR of 25.6% in the global Parking Reservation System
market outlook during the forecast period 2021-2026. This mobile-based
solutions provide greater efficiency when compared to other modes of parking
reservation solutions, in terms of retrieving real-time parking availability
and related packages. Moreover, with the rise in penetration of smartphones and
the internet, the governments and the organizations are introducing many
digital initiatives. Since many organizations are opting for technology and are
interested in gathering online information about customers, it has become
elementary for the solution providers to increase their revenues through
mobile-based parking reservation solutions. Furthermore, the increasing
investments in IoT and smart city projects have enabled the companies in the
market to increasingly concentrate on mobile-based solutions and increase the
footprint of their app-based solutions across various countries. For instance,
ParkMe provides data, availability, and payment information for on and
off-street parking in more than 1,800 cities and 32 countries. Hence these
factors are analysed to drive the Parking Reservation System industry growth in
the forecast period 2021-2026.
Parking Reservation System Market Segment Analysis - By Industry
In Parking
Reservation System market analysis, Transportation segment is analyzed to
witness the fastest growth, with a CAGR of 25.5% during 2021-2026, due to rise
in travel by several ways (air ways, road ways and other) post Covid-19 pandemic. Adding to this, airport
authority’s worldwide has initiated the facility to book or reserve parking
spaces through its website and mobile apps. For instance, owing to shortage of
parking spaces, online airport ticket vendors such as Ryanair offer the
facility to reserve parking spaces at the airport while booking airline
tickets. Further with the rapid development of intelligent in-vehicle terminals,
drivers can receive real-time information and even reserve a parking space in
advance. This, in turn, is expected to propel the transport transit segment
growth over the forecast period.
Parking
Reservation System Market Segment Analysis - By Geography
North America had dominated the global Parking Reservation System market
share in 2020 with a share of around 38% and is analyzed to maintain a significant
growth during 2021-2026, owing to the increasing number of vehicles in the
region. In addition, civic authorities of Canada and the U.S. are making several
efforts and regulations to reduce traffic congestions due to the growing adoption
of vehicles. One of the efforts of civic authorities include, increased
adoption of smart parking systems, which helps to provide safe and legal
parking for commercial and private vehicles. Further the increasing adoption of
the smart cities concept and related technologies such as autonomous vehicles
are further expected to drive the market in the region. In 2020, according to
report given by Smart America, U.S city governments will invest approximately
$41 trillion over the next 20 years to upgrade their infrastructure to benefit
from the IoT. With these huge investments, and growth of IoT will positively
impact Parking Reservation System market outlook in the forecast period
2021-2026.
Parking Reservation System Market Drivers
Advancement and investments in Parking Management.
The
increased vehicle production and traffic congestion has generated the demand
for smart solutions for parking reservations. The advent of location services
and the development of interactive apps have positively influenced the growth
of the parking reservation system market during the forecast period. Parking
reservation system assists people to find parking spots quickly, thereby
enhancing the visitor’s experience. Similarly, several companies have been
investing and raising funds. In 2021, Passport, a transportation tech startup
focused on parking, has raised $90 million investment to enable cities to
replace capital-intensive physical installations with effective, easy-to-use
mobile technology solutions in parking system. In 2019, Parking Reservation
Software Company, has launched a new website for efficient navigation, and
quick & easy access to information on its robust parking management software
technology and marketing services. This kind of investments will create the
demand for parking reservation system industry.
Increased parking concern across the globe
With increased
urbanization and rapid explosion in car density, resolution of the car-parking
problem is critical. The problem linked to this is solved by using improved
features such as notification of available free space by SMS & live updates
of space reservation using the parking reservation system. This technology
decreases the amount of time spend by the user for finding out the vacant
parking slot and automate the process of searching the optimal parking floor
and spot. Therefore, it creates a huge demand for the Parking
Reservation System market growth in the forecast period 2021-2026.
Parking Reservation System Market Challenges
High investment and in improving infrastructure:
High
investment in improving the infrastructures of existing transportation industry
is obstructing the growth of parking reservation system market size. For
instance, China is investing approximately $551 million per year in Intelligent
Transport System (ITS). Improvement of existing roads or rail projects requires
long time period which further increases the resource and cost of the project.
Similarly, complexities in advanced transportation pricing systems,
infrastructure development and lack of internet penetration in under developed
countries further need heavy investment for to improve supporting
infrastructure for parking reservation system.
Parking Reservation System Market Landscape
Technology
launches, acquisitions, Partnerships and R&D activities are key strategies
adopted by players in the Parking Reservation System
market. Parking Reservation System top 10 companies include TCS International Inc, Complus Data Innovations Inc.,
Energy Development Corporation, Group Techna Inc., Siemens AG, Passport
Parking, 3M Company, Amano Corporation, LLC, Affiliated Computer Services, HCL
Technologies Ltd. Among others.
Acquisitions/Product Launches
- In April 2021, Parking Services Provider Parkopedia has collaborated with Volkswagen America to provide parking reservation services to rivers using the Car-Net service and the associated smartphone app in the US. The service is now live for drivers and will cover both legacy and new vehicles produced by Volkswagen that support Car-Net services.
- In April 2019, Michigan has announced its 5-year ‘Extreme Makeover’ plan to the city’s parking services in partnership with Flowbird. In mid-October, the City went live with 80 new solar powered Strada Pay Stations, replacing older coin operated meters. The digital upgrade will allow motorists to conveniently pay for parking using a credit card, cash, coin, or via mobile app.
Relevant Report Titles:
Parking Sensors Market:
Report Code: ESR 0117
Smart Parking Systems Market:
Report Code: ESR 0206
For more Information and Communications Technology Market reports, please click here
LIST OF TABLES
1.Global Market Analysis By Type Market 2023-2030 ($M)2.Global Parking Reservation System Market Analysis By Solution Market 2023-2030 ($M)
2.1 Web-Based Solution Market 2023-2030 ($M) - Global Industry Research
2.2 Mobile Application-Based Solution Market 2023-2030 ($M) - Global Industry Research
2.3 Voice Call-Based Solution Market 2023-2030 ($M) - Global Industry Research
3.Global Parking Reservation System Market Analysis By Vertical Market 2023-2030 ($M)
3.1 Transportation & Transits Market 2023-2030 ($M) - Global Industry Research
3.2 Retail Market 2023-2030 ($M) - Global Industry Research
3.3 Government & Municipalities Market 2023-2030 ($M) - Global Industry Research
3.4 Hospitality Market 2023-2030 ($M) - Global Industry Research
3.5 Recreation Market 2023-2030 ($M) - Global Industry Research
4.Global Market Analysis By Type Market 2023-2030 (Volume/Units)
5.Global Parking Reservation System Market Analysis By Solution Market 2023-2030 (Volume/Units)
5.1 Web-Based Solution Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 Mobile Application-Based Solution Market 2023-2030 (Volume/Units) - Global Industry Research
5.3 Voice Call-Based Solution Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global Parking Reservation System Market Analysis By Vertical Market 2023-2030 (Volume/Units)
6.1 Transportation & Transits Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 Retail Market 2023-2030 (Volume/Units) - Global Industry Research
6.3 Government & Municipalities Market 2023-2030 (Volume/Units) - Global Industry Research
6.4 Hospitality Market 2023-2030 (Volume/Units) - Global Industry Research
6.5 Recreation Market 2023-2030 (Volume/Units) - Global Industry Research
7.North America Market Analysis By Type Market 2023-2030 ($M)
8.North America Parking Reservation System Market Analysis By Solution Market 2023-2030 ($M)
8.1 Web-Based Solution Market 2023-2030 ($M) - Regional Industry Research
8.2 Mobile Application-Based Solution Market 2023-2030 ($M) - Regional Industry Research
8.3 Voice Call-Based Solution Market 2023-2030 ($M) - Regional Industry Research
9.North America Parking Reservation System Market Analysis By Vertical Market 2023-2030 ($M)
9.1 Transportation & Transits Market 2023-2030 ($M) - Regional Industry Research
9.2 Retail Market 2023-2030 ($M) - Regional Industry Research
9.3 Government & Municipalities Market 2023-2030 ($M) - Regional Industry Research
9.4 Hospitality Market 2023-2030 ($M) - Regional Industry Research
9.5 Recreation Market 2023-2030 ($M) - Regional Industry Research
10.South America Market Analysis By Type Market 2023-2030 ($M)
11.South America Parking Reservation System Market Analysis By Solution Market 2023-2030 ($M)
11.1 Web-Based Solution Market 2023-2030 ($M) - Regional Industry Research
11.2 Mobile Application-Based Solution Market 2023-2030 ($M) - Regional Industry Research
11.3 Voice Call-Based Solution Market 2023-2030 ($M) - Regional Industry Research
12.South America Parking Reservation System Market Analysis By Vertical Market 2023-2030 ($M)
12.1 Transportation & Transits Market 2023-2030 ($M) - Regional Industry Research
12.2 Retail Market 2023-2030 ($M) - Regional Industry Research
12.3 Government & Municipalities Market 2023-2030 ($M) - Regional Industry Research
12.4 Hospitality Market 2023-2030 ($M) - Regional Industry Research
12.5 Recreation Market 2023-2030 ($M) - Regional Industry Research
13.Europe Market Analysis By Type Market 2023-2030 ($M)
14.Europe Parking Reservation System Market Analysis By Solution Market 2023-2030 ($M)
14.1 Web-Based Solution Market 2023-2030 ($M) - Regional Industry Research
14.2 Mobile Application-Based Solution Market 2023-2030 ($M) - Regional Industry Research
14.3 Voice Call-Based Solution Market 2023-2030 ($M) - Regional Industry Research
15.Europe Parking Reservation System Market Analysis By Vertical Market 2023-2030 ($M)
15.1 Transportation & Transits Market 2023-2030 ($M) - Regional Industry Research
15.2 Retail Market 2023-2030 ($M) - Regional Industry Research
15.3 Government & Municipalities Market 2023-2030 ($M) - Regional Industry Research
15.4 Hospitality Market 2023-2030 ($M) - Regional Industry Research
15.5 Recreation Market 2023-2030 ($M) - Regional Industry Research
16.APAC Market Analysis By Type Market 2023-2030 ($M)
17.APAC Parking Reservation System Market Analysis By Solution Market 2023-2030 ($M)
17.1 Web-Based Solution Market 2023-2030 ($M) - Regional Industry Research
17.2 Mobile Application-Based Solution Market 2023-2030 ($M) - Regional Industry Research
17.3 Voice Call-Based Solution Market 2023-2030 ($M) - Regional Industry Research
18.APAC Parking Reservation System Market Analysis By Vertical Market 2023-2030 ($M)
18.1 Transportation & Transits Market 2023-2030 ($M) - Regional Industry Research
18.2 Retail Market 2023-2030 ($M) - Regional Industry Research
18.3 Government & Municipalities Market 2023-2030 ($M) - Regional Industry Research
18.4 Hospitality Market 2023-2030 ($M) - Regional Industry Research
18.5 Recreation Market 2023-2030 ($M) - Regional Industry Research
19.MENA Market Analysis By Type Market 2023-2030 ($M)
20.MENA Parking Reservation System Market Analysis By Solution Market 2023-2030 ($M)
20.1 Web-Based Solution Market 2023-2030 ($M) - Regional Industry Research
20.2 Mobile Application-Based Solution Market 2023-2030 ($M) - Regional Industry Research
20.3 Voice Call-Based Solution Market 2023-2030 ($M) - Regional Industry Research
21.MENA Parking Reservation System Market Analysis By Vertical Market 2023-2030 ($M)
21.1 Transportation & Transits Market 2023-2030 ($M) - Regional Industry Research
21.2 Retail Market 2023-2030 ($M) - Regional Industry Research
21.3 Government & Municipalities Market 2023-2030 ($M) - Regional Industry Research
21.4 Hospitality Market 2023-2030 ($M) - Regional Industry Research
21.5 Recreation Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Parking Reservation System Market Revenue, 2023-2030 ($M)2.Canada Parking Reservation System Market Revenue, 2023-2030 ($M)
3.Mexico Parking Reservation System Market Revenue, 2023-2030 ($M)
4.Brazil Parking Reservation System Market Revenue, 2023-2030 ($M)
5.Argentina Parking Reservation System Market Revenue, 2023-2030 ($M)
6.Peru Parking Reservation System Market Revenue, 2023-2030 ($M)
7.Colombia Parking Reservation System Market Revenue, 2023-2030 ($M)
8.Chile Parking Reservation System Market Revenue, 2023-2030 ($M)
9.Rest of South America Parking Reservation System Market Revenue, 2023-2030 ($M)
10.UK Parking Reservation System Market Revenue, 2023-2030 ($M)
11.Germany Parking Reservation System Market Revenue, 2023-2030 ($M)
12.France Parking Reservation System Market Revenue, 2023-2030 ($M)
13.Italy Parking Reservation System Market Revenue, 2023-2030 ($M)
14.Spain Parking Reservation System Market Revenue, 2023-2030 ($M)
15.Rest of Europe Parking Reservation System Market Revenue, 2023-2030 ($M)
16.China Parking Reservation System Market Revenue, 2023-2030 ($M)
17.India Parking Reservation System Market Revenue, 2023-2030 ($M)
18.Japan Parking Reservation System Market Revenue, 2023-2030 ($M)
19.South Korea Parking Reservation System Market Revenue, 2023-2030 ($M)
20.South Africa Parking Reservation System Market Revenue, 2023-2030 ($M)
21.North America Parking Reservation System By Application
22.South America Parking Reservation System By Application
23.Europe Parking Reservation System By Application
24.APAC Parking Reservation System By Application
25.MENA Parking Reservation System By Application
26.Vinci Park, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Standard Parking Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Streetline, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Q-Park, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.National Car Parks, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Justpark, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Parkme, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.APCOA, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.LAZ Parking, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.ACE Parking, Sales /Revenue, 2015-2018 ($Mn/$Bn)