Global Parking Reservation System Market: Key Highlights
- The parking reservation system market is majorly segments into parking sites, solution, services, and end-user
- On the basis of solution, the market is bifurcated into web-based, mobile-based, and voice call-based. The mobile-based solution is excepted to grow at a higher rate, as it helps to provide better efficiency as compared to other modes solutions in terms of real-time parking availability
- On the basis of region, the market is segmented into the Americas, Europe, Asia-Pacific, and Middle East & Africa
- Americas accounted for the major market share, with the rising production of vehicles and as the region is also home to the major automotive industry such as General Motors, Ford, and Chryslers, which will lead to boost the growth of the market in the forecast period
- Top players that account for the major share include Ace Parking, Amano Corporation, APCOA PARKING, Conduent, Inc., Kapsch Group, LAZ Parking, National Car Parks Ltd, SP Plus Corp., Streetline, SWARCO and among others.
Global Parking Reservation System Market: Key Market Dynamics
- The growing smart city projects lead to play a significant role in the parking reservation system market. As smart city projects lead to enhance the transportation system, improve the digital platform and boost the infrastructure
- The rising number of vehicles is also led to enhance the demand for the parking reservation system market growth
- Further, the growing advancement in technology is a significant opportunity for market growth
- However, the slow rate of adoption is hindering the growth of the market.
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Global Parking Reservation System Market: Regional Overview
- America region is further divided into North America and Latin America. Globally, the Americas accounted for the major market share
- The rising adoption of mobile devices, as well as the growth of the mobile application in the U.S., are projected to fuel the growth of the market
- As per the Computing Technology Industry Association (CompTIA), the tech sector is expected to account for 10% of the total U.S. economy, which is making it the third-largest sector in the economy behind only manufacturing and government. However, the tech industry’s gross domestic product increased by about 66% between 2010 and 2019, adding USD 745.5 billion in output. Hence, this growth and development in technology is anticipated to boost the growth of the market in the region
- Furthermore, the growing parking industry creates major opportunities for the growth of smart technologies, as well as for the adoption of high-end automation in the region. This will further lead to boost the growth of the market in the projected period.
- Asia-Pacific region is segmented into five major countries including China, Japan, India, Australia, and South Korea
- In July 2019, Haier, China Mobile, and Huawei had jointly launched the world's first AI+5G interconnected factory. This will enhance the future smart manufacturing by innovating as well as transforming enterprise organizations, business models, and ICT technologies, and integrating key technologies such as AI and 5G
- As per the World Economic Forum, the Ministry of Urban Development of Indian has launched a holistic city rejuvenation programme for 100 cities in India, which will focus to enhance the social, economic, physical, and governance infrastructure. Hence, this innovation and development will lead to drive the growth of the market,
Global Parking Reservation System Market: Key Players
Some of the key players operating in the market are Ace Parking, Amano Corporation, APCOA PARKING, Conduent, Inc., Kapsch Group, LAZ Parking, National Car Parks Ltd, SP Plus Corp., Streetline, SWARCO and among others.
Global Parking Reservation System Market: Key Developments
- In September 2020, Conduent Transportation work with the Los Angeles Department of Transportation (LADOT), has been named the 2020 Innovative Organization of the Year by the National Parking Association
- In August 2018, the SP Plus Corporation had announced the launch of the Parking.com website and mobile app for finding, purchasing parking, and reservation at locations across North America.
- In May 2018, APCOA PARKING Europe’s leading parking operator had Enters Strategic Partnership with Indian Startup GET MY PARKING to Enhance Smart Parking Portfolio.
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