Market Size of Parking Reservation Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 11.15 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Parking Reservation Market Analysis
The Parking Reservation Systems Market size is expected to grow from USD 1.45 billion in 2023 to USD 2.46 billion by 2028, at a CAGR of 11.15% during the forecast period (2023-2028).
The growing demand for real-time car parking data, new smart city projects, and the rising number of cars are a few factors contributing to the market's growth.
- The market for parking reservation systems is being driven by the advancement of AI solutions in the automotive sector, such as linked automobiles and the migration to electric vehicles. To keep EV fleet drivers charged, JustPark and FleetCharge developed an innovative initiative to offer incentives for installing EV charging stations in homes in October 2022. JustPark will set up an EV charging station, provide a guaranteed monthly payment, and pay for any electricity costs.
- The market for parking reservation systems will benefit from the growing popularity of smartphones. Due to rising disposable incomes, people are using the newest technology for comfort and hassle-free living. Examples include selecting connected cars and high-end smartphones with cutting-edge capabilities. So, consumers are willing to pay more to park these luxury vehicles easily. These mobile-based parking reservation solutions are more effective at locating and offering parking reservation options and retrieving current parking availability and associated packages.
- The COVID-19 pandemic squeezed the world economy by affecting the manufacturing industry, production, disruption, and financial systems. Post-epidemic, the industries returned to regular operations, and travel and tourism-most adversely affected-got an excellent opportunity to expand. People used their vehicles to commute to preserve social distancing, which required advanced and managed Parking Reservation Systems.
- Cost can be the biggest challenge because more money would be needed to maintain the system when it is run using software-based technologies. Customers will have to cover peak access fees and software maintenance costs. The cost of parking will increase due to the deployment of reporting and ticketing technology.
Parking Reservation Industry Segmentation
A parking reservation system is a tool designed to make it easier for people to reserve a spot for their car or any other vehicle online. Customers may reserve parking spaces, access additional services, and even make payments online thanks to the system, which is known to update the website immediately. In most cities, there is a significant parking system issue due to the rapid urban population growth. People can solve this issue by adopting an online system for car parking reservations. They may locate and reserve a parking spot by using an app on their smartphone.
The Parking Reservation Systems Market is segmented by Parking Site (On-street Parking and Off-street Parking), Solutions (Web-based, Mobile-based, and Voice Call-based), and End-user Vertical (Government, Retail, and Hospitality), and Geography. The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Parking Site | |
| On-street Parking | |
| Off-street Parking |
| By Solutions | |
| Web-based | |
| Mobile-based | |
| Voice Call-based |
| By End-user Vertical | |
| Government | |
| Retail | |
| Hospitality | |
| Entertainment/Recreation | |
| Transportation | |
| Other End-user Verticals |
| By Geography | ||||||
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| Rest of the World |
Parking Reservation Systems Market Size Summary
The parking reservation systems market is experiencing significant growth, driven by the increasing demand for real-time parking data, the development of smart city projects, and the rising number of vehicles. The integration of AI solutions in the automotive sector, including connected cars and the shift towards electric vehicles, is further propelling market expansion. Mobile-based parking reservation solutions are gaining traction due to their efficiency in locating and reserving parking spaces, as well as their ability to provide real-time availability and related packages. The COVID-19 pandemic has also contributed to the market's growth, as people turned to personal vehicles for commuting to maintain social distancing, highlighting the need for advanced parking management systems.
The market is characterized by intense competition, with numerous companies offering a variety of solutions in both domestic and global markets. Key players are focusing on product innovation and strategic mergers and acquisitions to strengthen their market position. Partnerships and collaborations, such as those between Apple and SpotHero, and Visa and P97 Networks, are enhancing the capabilities of parking reservation systems by integrating mobile payment solutions and expanding their reach. Despite the challenges posed by costs associated with software-based technologies, the market continues to evolve, supported by government initiatives and advancements in smartphone technology, which facilitate convenient and efficient parking solutions.
Parking Reservation Systems Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Market Drivers
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1.3.1 Increasing Number of Vehicles
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1.3.2 Increasing Smart City Projects Across the World
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1.4 Market Challenges
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1.4.1 Slow Adoption Rate
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2. MARKET SEGMENTATION
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2.1 By Parking Site
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2.1.1 On-street Parking
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2.1.2 Off-street Parking
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2.2 By Solutions
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2.2.1 Web-based
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2.2.2 Mobile-based
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2.2.3 Voice Call-based
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2.3 By End-user Vertical
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2.3.1 Government
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2.3.2 Retail
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2.3.3 Hospitality
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2.3.4 Entertainment/Recreation
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2.3.5 Transportation
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2.3.6 Other End-user Verticals
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 France
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2.4.2.3 United Kingdom
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2.4.2.4 Rest of Europe
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2.4.3 Asia Pacific
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2.4.3.1 India
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2.4.3.2 China
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2.4.3.3 Japan
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2.4.3.4 Rest of Asia Pacific
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2.4.4 Rest of the World
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Parking Reservation Systems Market Size FAQs
What is the current Parking Reservation Systems Market size?
The Parking Reservation Systems Market is projected to register a CAGR of 11.15% during the forecast period (2024-2029)
Who are the key players in Parking Reservation Systems Market?
Conduent Incorporated, Siemens AG, ParkMe Inc, JustPark Parking Ltd and The Kapsch Group are the major companies operating in the Parking Reservation Systems Market.
