Parking Reservation System Market Evolving Technology, Trends and Advancement 2019 to 2024
Parking Reservation System Market – Growth, Trends, And Forecast (2019 – 2024)
The report presents an in-depth assessment of the Parking Reservation System including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Parking Reservation System investments from 2019 till 2024.
The global Parking Reservation System systems market is expected to witness a CAGR of 9.61%, over the forecast period (2018 – 2023).
The Parking Reservation System market is highly competitive and consists of a number of major players. Top Companies like International Business Machines Corporation (IBM), Infra Park S.A.S, Xerox Corporation, Siemens AG, The 3M Company, ParkMe, JustPark, The Kapsch Group, Standard Parking Corporation, APCOA Parking AG, Streetline, Inc., Amano Corporation, Swarco Corporation, Cubic Corporation among others
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Scope of the Report
The growing disposable incomes in the developing countries is resulting in increasing number of vehicles, and the need for Parking Reservation System systems in such economies have become apparent. Considering these trends, countries, such as the United States, Germany, China, and India, are regarded as the major contributors to the Parking Reservation System systems market during the forecast period.
Key Market Trends
Increasing Number of Vehicles are Driving the Growth of the Market
Urbanization has become a global phenomenon. The densely populated parts of the world are facing dramatic transportation issues. Approximately, half of the world’s population is living in the cities, and it is expected that, almost 70% of the global population will migrate to cities.
With increasing urban population and disposable incomes of the population in emerging countries, the reliance on vehicles will witness positive trends, shortly. It is expected that the number of on-road vehicles worldwide will get tripled to 3 billion by 2035. In spite of the rhetoric about energy independence, as well as climate stabilization, other negative factors, such as oil consumption and carbon dioxide emissions, are soaring day by day. It is expected that the number of motorized vehicles will grow with a global average of 3% annually. Many observations across various cities suggested that almost 30% of the peak hour traffic is caused by vehicles scouting around in search of secured vehicle parking spaces. Proper parking management can potentially reduce this mess and indirectly help in reducing environmental pollution.
Mobile-based Solutions are Expected to Record the Highest Growth
As the penetration of smartphones and internet is growing, the governments and companies are introducing many digital initiatives. As many people are opting for technology and are interested in gathering online information, it has become very easy for the solution providers to increase their revenues through mobile-based Parking Reservation System solutions. Unlike the past few years, where only personal computers were used as a medium for internet services, current smartphone evolution and the availability of high-speed internet services on smartphones made it possible for the mobile-based solution providers to penetrate rapidly. Mobile-based solutions are helpful even when there is no availability of internet. Using SMS and MMS services, the user can get parking services through mobile.
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North America to Hold the Largest Market Share
Being home to major automotive industry leaders, such as General Motors, Ford, Chryslers and many others, the vehicle production in North America is growing at the rate of 7.5% year-on-year. This rate is being witnessed due to urbanization and the changing lifestyles of a major chunk of the population. With the increasing usage of cars across the region, the demand for Parking Reservation System systems is also growing. North America is the early adopter of the technology and is in its growth phase. A lot of innovation has been taking place in the regional market, and hence, the users are being offered a variety of parking solutions.
As the parking industry in North America is rapidly moving toward smart technologies, adoption of high-end automation solutions and Parking Reservation System solutions is increasingly getting integrated into the many mobility solutions. As the competition within the industry is growing, more number of technologies are being implemented from the communications and IT industries. New business models, such as peer-to-peer parking, parking analytics, smart parking with minimum possible hardware, demand-based pricing, and real-time parking sessions, are expanding their base in the regions market.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Parking Reservation System Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
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