Parking Reservation System Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2021 - 2026

Report Code: ITR 45396 Report Format: PDF + Excel

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

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1. Parking Reservation System Market - Market Overview
    1.1 Definitions and Scope
2. Parking Reservation System Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by type
    2.3 Key trends segmented by geography
3. Parking Reservation System Market– Industry Landscape
    3.1 Comparative Analysis
        3.1.1 Service/Company Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis 
        3.1.5 Pricing Analysis
4. Parking Reservation System Market - Startup companies Scenario Premium (Premium)
    4.1 Top 10 startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Parking Reservation System Market - Industry Market Entry Scenario Premium (Premium)
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Top 10 companies
6. Parking Reservation System Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
7. Parking Reservation System Market - By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Cain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle/Market Life Cycle Analysis
    7.4 Supplier/Distributor Analysis
8 Parking Reservation System Market – By Device (Market Size -$Million/Billion)
    8.1 Meters
    8.2 Automated Gates
    8.3 DVRs and Surveillance Cameras
    8.4 Ultrasound Occupancy Sensors
    8.5 Others
9 Parking Reservation System Market – By Solution (Market Size -$Million/Billion)
    9.1 Web-based
    9.2 Mobile-based
    9.3 Voice Call-based
10 Parking Reservation System Market – By offering (Market Size -$Million/Billion)
    10.1 Software
        10.1.1 Payment Software
        10.1.2 Information System
    10.2 Services
        10.2.1 Customization & Deployment Model
        10.2.2 Support & Maintenance Services
11 Parking Reservation System Market – By Parking Site (Market Size -$Million/Billion)
    11.1 On-street Parking
    11.2 Off-street Parking
12 Parking Reservation System Market – By Industry (Market Size -$Million/Billion)
    12.1 Education
    12.2 Government
    12.3 Healthcare
    12.4 Hospitality
    12.5 Retail
    12.6 Transportation
    12.7 Others
13 Parking Reservation System Market – By Geography
    13.1 North America
        13.1.1 U.S
        13.1.2 Canada
        13.1.3 Mexico
    13.2 South America
        13.2.1 Brazil
        13.2.2 Argentina
        13.2.3 Chile
        13.2.4 Others
    13.3 Europe
        13.3.1 U.K
        13.3.2 Germany
        13.3.3 France
        13.3.4 Italy
        13.3.5 Netherlands
        13.3.6 Belgium
        13.3.7 Spain
        13.3.8 Russia
        13.3.9 Others
    13.4 APAC
        13.4.1 China
        13.4.2 India
        13.4.3 Japan
        13.4.4 South Korea
        13.4.5 Indonesia
        13.4.6 Malaysia
        13.4.7 Australia & New Zealand
        13.4.8 Others
    13.5 ROW
        13.5.1 Middle East
        13.5.2 Africa
14 Parking Reservation System Market – Entropy
15 Parking Reservation System Market – Industry / Segment Competition landscape Premium (Premium)
    15.1 Market Share Analysis
    15.1.1 Market Share by Region- Top 10 companies
    15.1.2 Market Share by type of Industry vertical – Top 10 companies
    15.1.3 Market Share by type of component- Top 10 companies
    15.1.4 Market Share at global level- Top 10 companies
    15.1.5 Best Practices for companies
16 Parking Reservation System Market – Key Company List by Country Premium (Premium)
17 Parking Reservation System Market -Company Analysis
    17.1 TCS International Inc.
    17.2 Complus Data Innovations Inc.,
    17.3 Energy Development Corporation
    17.4 Group Techna Inc.,
    17.5 Siemens AG.
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Market Analysis By Type Market 2019-2024 ($M)
2.Global Parking Reservation System Market Analysis By Solution Market 2019-2024 ($M)
2.1 Web-Based Solution Market 2019-2024 ($M) - Global Industry Research
2.2 Mobile Application-Based Solution Market 2019-2024 ($M) - Global Industry Research
2.3 Voice Call-Based Solution Market 2019-2024 ($M) - Global Industry Research
3.Global Parking Reservation System Market Analysis By Vertical Market 2019-2024 ($M)
3.1 Transportation & Transits Market 2019-2024 ($M) - Global Industry Research
3.2 Retail Market 2019-2024 ($M) - Global Industry Research
3.3 Government & Municipalities Market 2019-2024 ($M) - Global Industry Research
3.4 Hospitality Market 2019-2024 ($M) - Global Industry Research
3.5 Recreation Market 2019-2024 ($M) - Global Industry Research
4.Global Market Analysis By Type Market 2019-2024 (Volume/Units)
5.Global Parking Reservation System Market Analysis By Solution Market 2019-2024 (Volume/Units)
5.1 Web-Based Solution Market 2019-2024 (Volume/Units) - Global Industry Research
5.2 Mobile Application-Based Solution Market 2019-2024 (Volume/Units) - Global Industry Research
5.3 Voice Call-Based Solution Market 2019-2024 (Volume/Units) - Global Industry Research
6.Global Parking Reservation System Market Analysis By Vertical Market 2019-2024 (Volume/Units)
6.1 Transportation & Transits Market 2019-2024 (Volume/Units) - Global Industry Research
6.2 Retail Market 2019-2024 (Volume/Units) - Global Industry Research
6.3 Government & Municipalities Market 2019-2024 (Volume/Units) - Global Industry Research
6.4 Hospitality Market 2019-2024 (Volume/Units) - Global Industry Research
6.5 Recreation Market 2019-2024 (Volume/Units) - Global Industry Research
7.North America Market Analysis By Type Market 2019-2024 ($M)
8.North America Parking Reservation System Market Analysis By Solution Market 2019-2024 ($M)
8.1 Web-Based Solution Market 2019-2024 ($M) - Regional Industry Research
8.2 Mobile Application-Based Solution Market 2019-2024 ($M) - Regional Industry Research
8.3 Voice Call-Based Solution Market 2019-2024 ($M) - Regional Industry Research
9.North America Parking Reservation System Market Analysis By Vertical Market 2019-2024 ($M)
9.1 Transportation & Transits Market 2019-2024 ($M) - Regional Industry Research
9.2 Retail Market 2019-2024 ($M) - Regional Industry Research
9.3 Government & Municipalities Market 2019-2024 ($M) - Regional Industry Research
9.4 Hospitality Market 2019-2024 ($M) - Regional Industry Research
9.5 Recreation Market 2019-2024 ($M) - Regional Industry Research
10.South America Market Analysis By Type Market 2019-2024 ($M)
11.South America Parking Reservation System Market Analysis By Solution Market 2019-2024 ($M)
11.1 Web-Based Solution Market 2019-2024 ($M) - Regional Industry Research
11.2 Mobile Application-Based Solution Market 2019-2024 ($M) - Regional Industry Research
11.3 Voice Call-Based Solution Market 2019-2024 ($M) - Regional Industry Research
12.South America Parking Reservation System Market Analysis By Vertical Market 2019-2024 ($M)
12.1 Transportation & Transits Market 2019-2024 ($M) - Regional Industry Research
12.2 Retail Market 2019-2024 ($M) - Regional Industry Research
12.3 Government & Municipalities Market 2019-2024 ($M) - Regional Industry Research
12.4 Hospitality Market 2019-2024 ($M) - Regional Industry Research
12.5 Recreation Market 2019-2024 ($M) - Regional Industry Research
13.Europe Market Analysis By Type Market 2019-2024 ($M)
14.Europe Parking Reservation System Market Analysis By Solution Market 2019-2024 ($M)
14.1 Web-Based Solution Market 2019-2024 ($M) - Regional Industry Research
14.2 Mobile Application-Based Solution Market 2019-2024 ($M) - Regional Industry Research
14.3 Voice Call-Based Solution Market 2019-2024 ($M) - Regional Industry Research
15.Europe Parking Reservation System Market Analysis By Vertical Market 2019-2024 ($M)
15.1 Transportation & Transits Market 2019-2024 ($M) - Regional Industry Research
15.2 Retail Market 2019-2024 ($M) - Regional Industry Research
15.3 Government & Municipalities Market 2019-2024 ($M) - Regional Industry Research
15.4 Hospitality Market 2019-2024 ($M) - Regional Industry Research
15.5 Recreation Market 2019-2024 ($M) - Regional Industry Research
16.APAC Market Analysis By Type Market 2019-2024 ($M)
17.APAC Parking Reservation System Market Analysis By Solution Market 2019-2024 ($M)
17.1 Web-Based Solution Market 2019-2024 ($M) - Regional Industry Research
17.2 Mobile Application-Based Solution Market 2019-2024 ($M) - Regional Industry Research
17.3 Voice Call-Based Solution Market 2019-2024 ($M) - Regional Industry Research
18.APAC Parking Reservation System Market Analysis By Vertical Market 2019-2024 ($M)
18.1 Transportation & Transits Market 2019-2024 ($M) - Regional Industry Research
18.2 Retail Market 2019-2024 ($M) - Regional Industry Research
18.3 Government & Municipalities Market 2019-2024 ($M) - Regional Industry Research
18.4 Hospitality Market 2019-2024 ($M) - Regional Industry Research
18.5 Recreation Market 2019-2024 ($M) - Regional Industry Research
19.MENA Market Analysis By Type Market 2019-2024 ($M)
20.MENA Parking Reservation System Market Analysis By Solution Market 2019-2024 ($M)
20.1 Web-Based Solution Market 2019-2024 ($M) - Regional Industry Research
20.2 Mobile Application-Based Solution Market 2019-2024 ($M) - Regional Industry Research
20.3 Voice Call-Based Solution Market 2019-2024 ($M) - Regional Industry Research
21.MENA Parking Reservation System Market Analysis By Vertical Market 2019-2024 ($M)
21.1 Transportation & Transits Market 2019-2024 ($M) - Regional Industry Research
21.2 Retail Market 2019-2024 ($M) - Regional Industry Research
21.3 Government & Municipalities Market 2019-2024 ($M) - Regional Industry Research
21.4 Hospitality Market 2019-2024 ($M) - Regional Industry Research
21.5 Recreation Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Parking Reservation System Market Revenue, 2019-2024 ($M)
2.Canada Parking Reservation System Market Revenue, 2019-2024 ($M)
3.Mexico Parking Reservation System Market Revenue, 2019-2024 ($M)
4.Brazil Parking Reservation System Market Revenue, 2019-2024 ($M)
5.Argentina Parking Reservation System Market Revenue, 2019-2024 ($M)
6.Peru Parking Reservation System Market Revenue, 2019-2024 ($M)
7.Colombia Parking Reservation System Market Revenue, 2019-2024 ($M)
8.Chile Parking Reservation System Market Revenue, 2019-2024 ($M)
9.Rest of South America Parking Reservation System Market Revenue, 2019-2024 ($M)
10.UK Parking Reservation System Market Revenue, 2019-2024 ($M)
11.Germany Parking Reservation System Market Revenue, 2019-2024 ($M)
12.France Parking Reservation System Market Revenue, 2019-2024 ($M)
13.Italy Parking Reservation System Market Revenue, 2019-2024 ($M)
14.Spain Parking Reservation System Market Revenue, 2019-2024 ($M)
15.Rest of Europe Parking Reservation System Market Revenue, 2019-2024 ($M)
16.China Parking Reservation System Market Revenue, 2019-2024 ($M)
17.India Parking Reservation System Market Revenue, 2019-2024 ($M)
18.Japan Parking Reservation System Market Revenue, 2019-2024 ($M)
19.South Korea Parking Reservation System Market Revenue, 2019-2024 ($M)
20.South Africa Parking Reservation System Market Revenue, 2019-2024 ($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)