Global Parking Reservation System Market was valued at USD 837.20 million in 2021 and is expected to reach USD 1357.71 million by 2029, registering a CAGR of 6.23% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

The factors such as increased preference and travelling trends are expected to drive the market’s growth. Moreover, these factors are used as an engineer personalized solutions and builds strategies that helps the other end users and retailers to improve their customer satisfaction rates and decrease the customer doubts and disappointment. As a result, the parking reservation system market will further propel over the forecast period.

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Global Parking Reservation System Market Dynamics

Drivers

• Accelerating digitalization

The increase in the use of smart phone and internet has led to the launch of various digital projects by the governments and the organizations across the globe. Many industries are adopting technologies that are interested in collecting online information about the customers. It has become natural for the organizations to grow their income through mobile-based parking alternatives. This factor is driving the growth of the market.

Opportunities

• Integrated automated solutions

The increased adoption of various advanced automated solutions is further estimated to generate lucrative opportunities for the market, which will further expand the market’s growth rate in the future across the globe. Advanced technologies such as machine to machine (M2M) communication, data analytics, advanced parking sensors, smart parking meters and advanced mobile applications for reserve spaces and online payments. The use of these technologies worldwide is rising due to their expanding use across the globe. This factor will generate growth opportunities for the market.

Some of the major players operating in the parking reservation system market are

• Streetline. (U.S.)
• APCOA PARKING (Germany)
• NCP (England)
• INRIX Inc. (U.S.)
• ACE Parking. (U.S.)
• Siemens (Germany)
• 3M (U.S.)
• Xerox Corporation. (U.S.)
• SP Plus Corporation (U.S.)
• LAZ Parking. (U.S.)
• Conduent, Inc (U.S.)
• Kapsch TrafficCom AG (Austria)
• Robert Bosch GmbH (Germany)
• Continental AG (Germany)
• VALEO (France)
• BorgWarner Inc. (U.K)
• AISIN CORPORATION (Japan)
• Cubic Corporation (Germany)
• Amano Corporation. (Japan)

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Global Parking Reservation System Market Scope

Vertical

• Transportation Transits
• Retail
• Government and Municipalities
• Hospitality
• Recreation
• Others

Solutions

• Web-Based Application
• Mobile-Based Application
• Voice Call-Based Application

Type

• Off-Street
• Valet Parking
• Manual Parking
• On-Street
• Automated Parking

Parking Reservation System Market Regional Analysis/Insights

The countries covered in the parking reservation system market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

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