Global Parking Reservation System Market Size By Solution (Web-Based Solution, Mobile-Based Solution, Voice Call-Based Solution), By Vertical (Hospitality, Retail, Universities And Academic Institutions, Recreation), By Geographic Scope And Forecast

Parking Reservation System Market Size And Forecast

Parking Reservation System Market size was valued at USD 0.909 Billion in 2024 and is projected to reach USD 1.96 Billion by 2031, growing at a CAGR of 9.52% during the forecast period 2024-2031.

The expanding digitization has supported the market to grow strong. The burgeoning urbanization and the development of many smart cities around the world have grown the demand for parking reservation systems. Getting a parking space utilizes a lot of time and therefore the requirement for such a reservation system is expanding among the population to save an important amount of time with the availability of a pre-booked parking area. The increasing number of vehicles on the road has increased the market. The Global Parking Reservation System Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Parking Reservation System Market Definition

A parking reservation system is a tool designed to make it easier for people to reserve parking spots for their cars (or other vehicles) online. The system is renowned for instantly improving the website by assisting users in making parking reservations, gaining access to extra services, and even making payments online. Customers can make reservations from the comfort of their residences or while traveling. Administrators now can add various parking space alternatives as required, set prices, provide discounts, and define availability times, among other things, due to the development of parking reservation systems. Smart parking technology has also improved productivity, decreased operating expenses, increased the value of the property, and more.

Global Parking Reservation System Market Overview

The parking reservation system allows the customer to easily reserve a parking space online, so they do not have to wait in a parking queue. This convenience offers simplicity and convenience to the customer and the user can gain more profit by giving away parking spaces online. The customer simply selects a date and time and can easily reserve a parking space. To ensure that everything meets the needs of the business, the system gives full control over how many parking spaces to offer and their prices.

Parking place is very important all over the world, especially in the cities of developed & developing countries. Every day thousands of car drivers spend a lot of the time to find a spot to park. Resulting to theft of cars and exposure to negative segregation on a bigger level. Moreover, installation and upgradation to a parking reservation system allow the drivers to Reserve a parking place on the Platform of People, anywhere as per their convenience or the access provided on to the most comfortable and suitable norms.

Integrated paymentsSmart parking systems include real-time payment methods and electronic payments via an app or browser. This makes the parking experience more structured and easier for revenue streams categorized by area, road, parking facility, and more.

High construction or installation costsThe cost of a healthy and functioning parking management system is usually high. This is due to the various components involved in the functioning of the system. Components such as statistical functionality, automated ticketing, statistical reports, and many others make it all more expensive.

Regular maintenanceThe system is automated; however, it still requires some regular maintenance from the company. This is to ensure that the reservation system is working perfectly and that nothing has gone wrong. Maintenance can be done once a month.

The parking reservation solution includes a mobile LPR camera mounted on patrol cars that scans the plates on parked vehicles, whether they are parallel, perpendicular, or diagonal. Combined with permit management or parking payment software, this technology provides a highly effective method of enforcement.

Once a parking violation is detected, audio and visual alerts are generated on the patrol vehicle’s computer. The same technology can be used to manage permit-based parking spaces by comparing data from each camera to a database of permit holders.

Global Parking Reservation System MarketSegmentation Analysis

The Global Parking Reservation System Market is segmented on the basis of Solution, Vertical, And Geography.

Parking Reservation System Market, By Solution

• Web-based Solution
• Mobile-based Solution
• Voice Call-based Solution

To Get a Summarized Market Report By Solution-

Mobile-based Solution accounted for the largest market share of 56.97% in 2021, with a market value of USD 517.97 Million and is projected to grow at the highest CAGR of 10.00% during the forecast period. Web-based Solution was the second-largest market in 2021, valued at USD 274.83 Million in 2021; it is projected to grow at a CAGR of 9.47%.

Parking Reservation System Market, By Vertical

• Hospitality
• Retail
• Universities and Academic Institutions
• Recreation
• Others

To Get a Summarized Market Report By Vertical-

Hospitality accounted for the largest market share of 42.44% in 2021, with a market value of USD 385.86 Million and is projected to grow at the highest CAGR of 10.25% during the forecast period. Retail was the second-largest market in 2021, valued at USD 187.01 Million in 2021; it is projected to grow at a CAGR of 9.75%.

Parking Reservation System Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, the Global Parking Reservation System Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America holds the largest market share. The IT companies and rapid technological advancements, such as digitalization in the US and Canada, and several parking management projects will boost the market in the North American region.

Key Players

The “Global Parking Reservation System Market” study report will deliver valuable insight with an emphasis in the market. The major players in the market are Conduent Incorporated, National Car Parks, SP Plus Corporation, LAZ Parking, JustPark, Q-Park, Streetline, Inc., Passport Labs, Inc., and Ace Parking Management, Inc., and Amano Corporation among others.

Key Developments

● To increase traffic safety in the island country of Cyprus, Conduent Transportation announced the implementation of a speed and red-light camera programme. This programme, which was introduced after a pilot experiment, shows how Conduent Transportation is continuing to expand across Europe and contribute to the development of smarter and safer cities.

● The launch of the IntelliHealth module for healthcare-provider interaction was announced by the Conduent firm. To improve access to and engagement with healthcare professionals and to promote targeted pharmaceutical sales and marketing, this new module offers pharma organisations an end-to-end solution. With the use of advanced analytics, omnichannel communication, skilled sales representatives, and medical science liaisons, IntelliHealth enables pharmaceutical companies to accelerate and improve the commercialization of their products.

● The business announced that Conduent Transportation and Elavon, along with Visa, have been chosen by Azienda Veneziana della Mobilità (AVM), the Municipality of Venice’s public mobility company, to provide a practical EMV (Europay, Mastercard, and Visa) payment system across its public transportation network.

● To provide more payment alternatives and improve the passenger experience on the Linee Lecco bus network in Lecco, Italy, Conduent announced the successful implementation of an electronic ticketing system.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Parking Reservation System Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in Global Parking Reservation System Market, gauge the attractiveness of a certain sector, and assess investment possibilities.