Parking Reservation System Market

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MarketsandMarkets Presents
Parking Reservation System Market
worth 1,665.3 Million USD by 2020 https//www.mar
ketsandmarkets.com/Market-Reports/parking-reservat
ion-system-market-220614632.html
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According to new market research report "Parking
Reservation System Market by Type (Off-Street
Parking, On-Street Parking), by Solution (Mobile
Application-Based Parking, Web-Based Parking,
Voice Call-Based Parking), by Vertical, by Region
- Global Forecast to 2020",The parking
reservation system market report is segmented on
the basis of type, solution, industry vertical,
and geography. This market is estimated to grow
from USD 579.6 Million in 2015 to USD 1,665.3
Million by 2020, at a CAGR of 23.5 from 2015 to
2020.The rising need for real-time parking
information, smart city projects, and increasing
number of vehicles are some of the major factors
driving the global parking reservation system
market.
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Browse 65 Market Data Tables and 40 Figures
spread through 118 Pages and in-depth TOC on 
Parking Reservation System Market https//www.ma
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tion-system-market-220614632.html Early buyers
will receive 10 customization on this report .
 
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Parking Reservation Systems Market Parking
reservation systems market are already being
implemented in sectors, such as transportation
transits, retail, government municipalities,
and many others. The mobile applications of
parking reservation systems are growing at a
faster rate. It involves the use of GPS, GSM, and
smart phone technologies through which parking
slots can be reserved easily and effectively. The
increasing adoption of smartphones has enabled
access to travel time, speed data, and origin
destination information. The advent of
smartphones that support mobile-based parking
reservation applications has offered potential
growth prospects for cloud-based service
providers, technology vendors, and system
integrators. Thus, technological advancements
have created ample growth opportunities in the
field of parking reservation.

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The sale of vehicles is increasing at an
exponential rate, as a result of the rising
disposable income among consumers, along with
increasing global population. Increase in the
number of vehicles will lead to more drivers
searching for vacant parking slots and reserve
parking spaces as per their convenience. Parking
reservation systems help address this problem by
assisting drivers in finding parking slots, or
reserving vacant parking spaces. The U.S. has
the highest number of vehicles, which has further
augmented the demand for efficient parking
reservation systems in the country. The U.S.,
China, and India are expected to be major
contributors to the global parking reservation
systems market in the near future. Thus, increase
in the sale of vehicles has positively impacted
the growth of the parking reservation system
market. Parking reservation systems are being
widely adopted by major industry verticals. This
technology is still in its introductory phase in
regions such as the Middle East Africa and
Latin America. The parking reservation system
market in the Middle East Africa is anticipated
to grow in the near future, owing to rise in
telecom expenditure and favorable government
conditions.
 
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The parking reservation system market, segmented
and forecasted on the basis of type, includes
on-street parking and off-street parking. On the
basis of solution, the market is segmented into
web-based application, mobile-based application,
and voice call-based application. Further, on the
basis of industry verticals, the market is
segmented as transportation transits, government
municipalities, retail, hospitality, and
recreation, among others. By region, the market
is segmented into North America, Europe,
Asia-Pacific, Middle East Africa, and Latin
America.


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The parking reservation system market report
further provides a competitive benchmarking of
leading players in the industry, such as VINCI
Park, Standard Parking Corporation, Streetline,
Q-Park, National Car Parks, JustPark, ParkMe,
APCOA Parking, LAZ Parking, and Ace Parking
Management in terms of their product offerings,
key strategies, and operational parameters. The
report provides market trends, overall adoption
scenarios, and competitive landscape as well as
key drivers, restraints, and opportunities in
this market. It aims to estimate the current size
and future growth potential of this market across
different, solutions, types, verticals, and
regions.

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Parking Reservation System Market The rising
need for real-time parking availability
information, upcoming smart city projects, and
increasing number of vehicles are some of the
major factors driving the global parking
reservation system market. With numerous upcoming
smart city projects, nearly one million parking
spaces are expected to be established by 2020.
Parking reservation is directly connected to
smart parking systems, which gives accurate
vehicle occupancy in real-time. It guides
visitors and residents to available parking
spaces. It also simplifies the parking experience
and gives value addition for parking system
stakeholders, such as merchants and drivers.

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