Today, several parking problems are faced, considering the rise in vehicles and the difficulty to find empty spaces. This has also led to unruly traffic management. However, parking reservation systems streamline the entire parking process, comprising parking payments that is buying tickets or using prepaid cards to park the vehicles within the timeline, maintaining a comprehensive record of vehicles parked on a monthly basis or providing receipts on a daily basis with the use of self-operating machine, and ensuring round the clock security for parked vehicles. These integrated solutions, which are used by parking operators, facilitate the traffic flow and help manage vehicle parking effectively.
Some of the main drivers of the market are rise in the number of vehicles, availability of real-time information with guidance to park, and the awareness regarding smart parking projects. This system has been integrated into several sectors such as transportation transits, retail, government & municipalities, healthcare and education, shopping centers, and hotels.
In 2014, North America dominated the parking reservation systems market with revenue of $196.2 million in 2014 and is expected to reach $491.2 million by 2019 at a CAGR of 20.1%. The major market players are Vinci Park, Q-Park, Streetline, and National Car Parks (NCP).
The parking reservation system report covers web-based, mobile application-based, and voice call-based solutions. The type includes on-street parking and off-street parking. The regions include North America, Asia-Pacific, Europe, Middle East Africa, and Latin America. This report includes market share, value chain analyses, and market metrics such as drivers and restraints. In addition, it presents a competitive landscape and company profile of the key players in this market.
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