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, By Geographic Scope and Forecast
Report ID: 36017|No. of Pages: 202
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, By Geographic Scope and Forecast
Parking Reservation System Market Size and Forecast
Parking Reservation System Market size was valued at USD 243.63 Million in 2023 and is projected to reach USD 472.43 Million by 2031, growing at a CAGR of 9.52% from 2024 to 2031.
- A global parking reservation system is a digital platform that allows users to search for, reserve, and pay for parking spaces in advance, often through a mobile application or website, enhancing convenience and efficiency in the parking process.
- Its primary applications include urban parking management, airport parking, event parking, and residential parking solutions, enabling drivers to secure a space before arriving at their destination, thus reducing the time spent searching for parking and minimizing congestion.
- The future of the global parking reservation system market looks promising, driven by the rapid adoption of smart city initiatives, increased urbanization, and the integration of advanced technologies such as Internet of Things (IoT) and artificial intelligence (AI), which are expected to enhance real-time monitoring, improve user experience, and optimize parking space utilization, ultimately contributing to sustainable urban mobility solutions.
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Global Parking Reservation System Market Dynamics
The key market dynamics that are shaping the global parking reservation system market include:
Key Market Drivers:
- Urbanization and Increased Vehicle Ownership: Rapid urbanization is leading to a rise in vehicle ownership, contributing to increased parking demand. According to the United Nations, by 2050, nearly 68% of the global population is expected to live in urban areas, further intensifying the need for effective parking solutions.
- Growth of Smart City Initiatives: The global shift toward smart city initiatives is propelling the adoption of digital parking solutions. As cities invest in intelligent transportation systems, the parking reservation market is projected to grow significantly. The Smart Cities Market is estimated to reach USD 2.57 trillion by 2025, according to a report indicating substantial investment in smart solutions, including parking management.
- Reduction in Traffic Congestion: Parking reservation systems help mitigate traffic congestion by allowing drivers to secure parking in advance, reducing the time spent searching for available spots. The U.S. Environmental Protection Agency reported that traffic congestion results in approximately 29% of greenhouse gas emissions from vehicles, emphasizing the need for efficient parking solutions to promote sustainability.
- Consumer Demand for Convenience: Increasing consumer preference for convenience and seamless experiences in mobility is driving the adoption of parking reservation systems. A survey by Statista revealed that over 60% of respondents in major cities expressed a desire for mobile applications to assist in finding and reserving parking spaces, indicating a strong market demand.
Key Challenges:
- Lack of Standardization: The absence of standard protocols and systems across different regions can create compatibility issues, making it challenging for users to navigate various parking reservation platforms.
- Technological Integration Issues: Integrating parking reservation systems with existing urban infrastructure and transportation systems can be complex, often requiring significant investment and time.
- Data Privacy and Security Concerns: As parking reservation systems collect and store user data, concerns regarding data privacy and cybersecurity threats can hinder adoption, leading to reluctance among users.
- High Initial Setup Costs: The implementation of advanced parking reservation systems can involve high initial costs, posing a barrier for municipalities and private operators, particularly in developing regions.
Key Trends:
- Integration of Artificial Intelligence (AI) and Machine Learning: The use of AI and machine learning is on the rise, enabling more efficient algorithms for predicting parking availability, improving user experience, and optimizing space utilization.
- Expansion of Mobile Applications: The proliferation of smartphones is driving the development of mobile applications for parking reservations, allowing users to easily find, reserve, and pay for parking spaces on-the-go.
- Collaborations and Partnerships: Collaborations between parking solution providers and municipalities are becoming more common, facilitating the implementation of integrated parking management systems that enhance urban mobility.
- Focus on Sustainability: There is a growing emphasis on sustainability in parking management, with systems designed to reduce carbon footprints and promote eco-friendly practices, such as electric vehicle charging stations integrated into parking reservations.
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Global Parking Reservation System Market Regional Analysis
Here is a more detailed regional analysis of the global parking reservation system market:
North America:
- North America holds a dominant position in the Global Parking Reservation System market, primarily driven by the high adoption of advanced technologies and smart city initiatives. The region’s well-developed infrastructure and significant investments in technology adoption contribute to the increasing demand for efficient parking solutions. According to a report by the U.S. Department of Transportation, cities like San Francisco and New York have implemented innovative parking management systems, showcasing the effectiveness of parking reservation technologies in addressing urban congestion and optimizing parking space utilization.
- Moreover, the proliferation of smartphone usage and mobile applications enhances consumer accessibility to parking reservation systems, further solidifying North America’s leadership in the market. A survey conducted by Statista in 2023 revealed that approximately 60% of U.S. drivers utilize mobile apps for parking reservations, reflecting the growing trend of digital solutions in urban mobility. This integration of technology not only improves convenience for users but also supports urban planning efforts aimed at reducing traffic congestion and enhancing overall city livability.
Europe:
- Europe is recognized as the fastest-growing region in the Global Parking Reservation System market, fueled by increasing urbanization and a strong focus on sustainability. The European Union’s commitment to reducing carbon emissions and promoting green transport initiatives has led to a surge in smart parking solutions. According to the European Commission, cities across Europe have reported a 25% reduction in traffic congestion due to the implementation of intelligent parking systems, further driving the adoption of reservation technologies.
- The growing trend of electric vehicles (EVs) also contributes to the expansion of parking reservation systems in Europe. As more cities implement charging stations alongside parking facilities, the demand for integrated solutions that allow users to reserve parking spots with EV charging capabilities is increasing. In 2023, the European Automobile Manufacturers Association reported a 45% year-on-year increase in the number of EVs on the road, highlighting the need for efficient parking solutions that cater to this growing market segment.
Global Parking Reservation System Market: Segmentation Analysis
The Global Parking Reservation System Market is segmented on the basis of By Solution, By Vertical, and By Geography.
Parking Reservation System Market, By Solution
- Web-based Solution
- Mobile-based Solution
- Voice Call-based Solution
Based on Solution, the Global Parking Reservation System Market is segmented into Web-based Solution, Mobile-based Solution and Voice Call-based Solution. The web-based solution segment dominates due to its widespread accessibility and functionality, allowing users to easily search, reserve, and manage parking spaces through desktop platforms. However, the mobile-based solution segment is the fastest-growing, driven by the increasing penetration of smartphones and the demand for on-the-go convenience.
Parking Reservation System Market, By Vertical
- Hospitality
- Retail
- Universities and Academic Institutions
- Recreation
Based on Vertical, the Global Parking Reservation System Market is segmented into Hospitality, Retail, Universities and Academic Institutions and Recreation. The hospitality segment is currently dominating, as hotels and resorts increasingly adopt digital parking solutions to enhance guest experiences and streamline operations. However, the universities and academic institutions segment is experiencing the fastest growth, driven by the rising number of students and staff requiring convenient parking solutions on campuses.
Parking Reservation System Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
Based on the Geography, the Global Parking Reservation System Market are classified into North America, Europe, Asia Pacific, and Rest of World. North America holds a dominant position in the Global Parking Reservation System market, primarily driven by the high adoption of advanced technologies and smart city initiatives. Europe is the fastest-growing region in the Global Parking Reservation System market, fueled by increasing urbanization and a strong focus on sustainability.
Key Players
The “Global Parking Reservation System Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market 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.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
- In August 2024 ParkMobile, a leading parking reservation service, announced its acquisition of Curbside Management to enhance its offerings in the curbside parking space. This strategic move aims to streamline the parking experience for users and expand ParkMobile’s footprint in urban areas by integrating curbside management solutions into its existing platform.
- In July 2024 JustPark, a prominent parking app provider, partnered with Transport for London to integrate its services into the city’s transportation ecosystem. This collaboration allows users to easily find and reserve parking spaces near transit stations, promoting the use of public transport and reducing congestion in busy areas.
- In June 2024 SpotHero introduced a new monthly parking subscription service aimed at urban residents who require consistent parking solutions. This service offers discounted rates for long-term parking, catering to the growing need for flexible parking options in metropolitan areas, thereby enhancing user convenience and driving customer loyalty.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2031 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Million) |
| KEY COMPANIES PROFILED | 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. |
| SEGMENTS COVERED | By Solution, By Vertical, and By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL PARKING RESERVATION SYSTEM MARKET
1.1 Introduction of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL PARKING RESERVATION SYSTEM MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL PARKING RESERVATION SYSTEM MARKET, BY TYPE OF SOLUTION
5.1 Overview
5.2 Web-based Solution
5.3 Mobile-based Solution
5.4 Voice Call-based Solution
6 GLOBAL PARKING RESERVATION SYSTEM MARKET, BY VERTICAL
6.1 Overview
6.2 Hospitality
6.3 Retail
6.4 Universities and Academic Institutions
6.5 Recreation
7 GLOBAL PARKING RESERVATION SYSTEM MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East and Africa
8 GLOBAL PARKING RESERVATION SYSTEM MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Share
8.3 Key Development Strategies
9 COMPANY PROFILES
9.1 Conduent Incorporated
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments
9.2 National Car Parks
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments
9.3 SP Plus Corporation
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments
9.4 LAZ Parking
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments
9.5 JustPark
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments
9.6 Q-Park
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Developments
9.7 Streetline, Inc.
9.7.1 Overview
9.7.2 Financial Performance
9.7.3 Product Outlook
9.7.4 Key Developments
9.8 Passport Labs, Inc.
9.8.1 Overview
9.8.2 Financial Performance
9.8.3 Product Outlook
9.8.4 Key Developments
9.9 Ace Parking Management, Inc.
9.9.1 Overview
9.9.2 Financial Performance
9.9.3 Product Outlook
9.9.4 Key Developments
10 Appendix
10.1 Related Research
Report Research Methodology
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We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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| Supplier side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
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The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
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- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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