Parking Reservation System Market Overview:
The well-known global market intelligence business has published its most recent market research study on the Parking Reservation System market. The complete research includes descriptive data as well as pictographs displaying market analysis for both regional and worldwide markets. Furthermore, the study digs into the market’s goals, throwing light on the market’s key rivals, their market value, current trending skims, strategies, targets, and goods. It also shows the market’s recent rise and provides vital insights into its instructive past.
Growth of the Parking Reservation System Market:
The Parking Reservation System Market size reached USD 1.23 billion in 2023 and is expected to reach USD 4.74 billion by 2030 Parking Reservation System, growing at a CAGR of 21.2 % during the forecast period.
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Market Scope:
The study dives further into the analysis of trending competitors, market growth, and dynamic trends. It provides vital insights into the market’s regional and global values and desires. It also helps to understand the competitive landscape and market potential in terms of production demand and supply. Psychographic, demographic, geographic, and behavioural segmentation are all important elements in segmentation analysis. These elements are critical in developing marketing strategies, targeted products, offers, and customer experiences. Porter’s analysis is used to assess an organization’s competitive position strength in order to increase profitability. Pestle analysis is also used to evaluate the validity of existing products and services in the context data. The SWOT analysis assesses the internal and external elements that influence a company’s advantages, disadvantages, strengths, and weaknesses. Overall, this report provides a thorough and detailed review of the Parking Reservation System market.
Dynamics of the Parking Reservation System Market:
The number of vehicles has increased in response to rising disposable incomes. This has caused traffic congestion and major parking concerns in numerous countries. Many of these concerns are related with metropolitan environments, where parking is limited owing to space constraints. A lack of adequate on-street parking and the delayed development of additional parking buildings are projected to exacerbate the situation in the future years.
High investment and infrastructure improvements.
The high investment in updating existing transportation infrastructure limits the expansion of the parking reservation system market size. China spends around $551 million per year on Intelligent Transportation Systems (ITS). Improvements to existing roads or rail projects take a long time, increasing the project’s resources and costs. The complexity of modern transportation pricing systems, infrastructure growth, and low internet penetration in underdeveloped countries necessitate major investment to upgrade supporting infrastructure for parking reservation systems.
Market Segmentation:
by Parking Site
On-street Parking
Off-street Parking
Based on the Parking Site, the On-street Parking segment is predicted to increase rapidly throughout the forecast period. The on-street parking management system allows all parking users to book a space in advance. Users will not need to worry about obtaining a parking spot in the city centre. As a result, users will no longer have to drive around in circles looking for an open parking space.
by Solutions
Web-based
Mobile-based
Voice Call-based
Based on Solutions, mobile-based parking reservation solutions have grown in popularity in recent years due to their superior efficiency in retrieving real-time parking availability and relevant packages as compared to other types of parking reservation solutions. Moreover. As smartphone and internet adoption increases, governments and organisations launch a slew of digital projects. Solution providers can now easily increase their earnings by offering mobile-based parking reservation solutions.
Increased investments in IoT and smart city initiatives have allowed market participants to concentrate on mobile-based solutions while expanding the reach of their app-based solutions across many countries. ParkMe offers statistics, availability, and payment information for on- and off-street parking in over 1,800 cities across 32 countries.
by End-user Vertical
Government
Retail
Hospitality
Entertainment/Recreation
Transportation
Other End-user Verticals
Visit the research report’s summary to learn more about the market analysis
Key Players:
North America:
1. Conduent Incorporated – United States
2. INRIX – United States
3. SP Plus Corporation – United States
4. TCS International Inc. – United States
5. Complus Data Innovations, Inc. – United States
6. Gtechna, Inc – United States
7. Passport Labs, Inc – United States
8. 3M Company – United States
9. Ace Parking Management, Inc. – United States
10. City-parking – United States
11. Joes Auto Parks – United States
12. Laz Parking – United States
13. MyPark Corp – United States
14. Streetline – United States
Europe:
1. Cubic Corporation – Germany
2. Robert Bosch GmbH – Germany
3. APCOA Parking Holdings GmbH- Germany
4. Continental AG – Germany
5. JustPark Limited – United Kingdom
6. VALEO – France
Asia-Pacific:
1. Amano Corporation – Japan
2. AISIN CORPORATION – Japan
3. Swarco Corporation – Austria
4. Kapsch TrafficCom – Austria
5. BePooler – Switzerland
Geographical Analysis of the Parking Reservation System Market:
The study provides regional analysis that is formal, functional, and vernacular. It determines the most influential business sectors based on the biggest demand in various regions such as Asia Pacific, North America, Latin America, the Middle East, Europe, and Africa. The analysis provides useful insights into each region’s specific aims, tactics, and market values.
Key Questions Addressed in the Parking Reservation System Market Report:
- What characterizes the Parking Reservation System Market?
- What is the forecast period for the Parking Reservation System Market?
- How does the competitive scenario look in the Parking Reservation System market?
- Which region holds the largest market share in the Parking Reservation System Market?
- What opportunities are available in the Parking Reservation System Market?
- What factors influence the growth of the Parking Reservation System market?
- Who are the key players in the Parking Reservation System market?
- Which company holds the largest share in the Parking Reservation System market?
- What will be the CAGR of the Parking Reservation System market during the forecast period?
- What key trends are expected to emerge in the Parking Reservation System market in the upcoming years?
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Key Offerings:
- Market Share, Size, and Forecast by Revenue|2024-2030
- Market Dynamics – Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation: A detailed analysis by Parking Reservation System Market.
- Landscape – Leading key players and other prominent key players.
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