The parking reservation system market is projected to grow from USD 782.6 Million in 2018 to USD 2,215.3 Million by 2027 and registering at a CAGR of 32% from 2019 to 2027. This market is divided based on type, solution, industry vertical, and geography.



Parking reservation system is developed to assist individuals in booking car (vehicle) parking space online. By helping customers reserve car parking spaces, admittance of additional services and even making online payment through this system is instantly enriching the website. Comfortably in their house or on their way customers can reserve car parking spaces. With introduction of parking reservation system, empowered admins to include multiple parking space options as they require, fix prices, offer discounts as well as availability period and more. Moreover, the enhanced productivity, reduced operating costs, extra facility value and many more have been possible through smart parking technology.



Further increase in demand for efficient parking reservation systems in U.S. is because of the presence of maximum number of vehicles. In the forthcoming period, prominent contributors to the global parking reservation systems market are anticipated to be U.S., China, and India. Therefore, the rise in the parking reservation system market is optimistically influenced by enhanced sale of vehicles. Prominent industry verticals are promptly accepting parking reservation systems. In regions including the Middle East & Africa and Latin America, this technology is still in its initial stage. In the upcoming years, the parking reservation system market in the Middle East & Africa is expected to foster because of hike in telecom expenditure and favourable government conditions.



The global parking reservation system market is segmented on the basis of type, such as on-street parking and off-street parking. Based on solution, the market is divided into web-based application, mobile-based application, and voice call-based application. Additionally, the market is bifurcated as transportation transits, government & municipalities, retail, hospitality, and recreation, on the grounds of industry verticals. Geographically, market is analyzed across North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.



Nowadays, brands are collaborating with technology driven companies including SAP, Oracle etc. for furnishing planners with a 360 degree view of the information including traffic controls, street lightings and many more. For assigning their strategic business advancements, operations and others, new managers are being appointed by companies. The measures that have kept the forthcoming of the World Parking Reservation System market intense include acquisition and mergers, collaboration, research and development. 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., are among the top market players.



PARKING RESERVATION SYSTEM MARKET KEY SEGMENTS

Parking Reservation System Market By Device

• Meters

• Automated Gates

• DVRs and Surveillance Cameras

• Ultrasound Occupancy Sensors

• Others



Parking Reservation System Market By Solution

• Valet Parking Management Solution

• Surveillance & Security

• Revenue Management

• Slot management

• Access Control

• Others



Parking Reservation System Market By Software

• Payment Software

• Information System



Parking Reservation System Market By Service

• Customization & Deployment Model

• Support & Maintenance Services



Parking Reservation System Market By Industry

• Education

• Government Bodies

• Healthcare

• Commercial Parks

• Retail

• Transportation

• Others



Parking Reservation System Market By Geography

• North America

• Europe

• Asia Pacific

• Middle East & Africa

• Latin America