PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485826
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485826
Parking Reservation System Market size was valued at USD 1,510.62 million in 2023, expanding at a CAGR of 22.91% from 2024 to 2032.
A parking reservation system enables individuals to reserve parking spaces in advance, typically using an online platform or mobile application. This system offers advantages to both drivers and parking lot operators by providing convenience, reducing stress, and optimizing space utilization. Drivers benefit from the certainty of having a reserved parking spot, allowing them to plan their journey more efficiently. Furthermore, parking management software simplifies vehicle parking and traffic flow management within a parking lot. For instance, parking operators can digitally monitor the number of cars and available spaces in a parking lot, and with more advanced solutions, they can implement complex management strategies.
Parking Reservation System Market- Market Dynamics
The increasing global popularity of smart cities is fueling the need for smart parking solutions, thereby stimulating Parking Reservation System market expansion
The rising worldwide popularity of smart cities fosters an ideal setting for the implementation of smart parking solutions, such as reservation systems. In residential areas, approximately 35% of the land is utilized for parking lots, while in urban cities and non-residential areas, the allocation of land for parking ranges from 50% to 70%, as stated by Parking statistics and industry trends. As cities continue to progress and embrace technological advancements, the demand for efficient parking management solutions is anticipated to propel market expansion. It is estimated that by 2024, the global smart cities market will reach approximately USD104.80 billion. Furthermore, by 2028, this market is projected to grow to USD165.80 billion, according to Smart City Statistics 2024. Moreover, the advancement of technologies such as IoT, AI, and cloud computing is driving the development of more sophisticated parking reservation systems. However, concerns regarding privacy and security may impede the growth of the market.
Parking Reservation System Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 22.91% over the forecast period (2024-2032)
Based on Type segmentation, Off-street Parking was predicted to show maximum market share in the year 2023
Based on Solution segmentation, Mobile-based was the leading type in 2023
Based on Deployment segmentation, Cloud-based was the leading type in 2023
Based on End-User segmentation, Hospitality was the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Parking Reservation System Market is segmented based on Type, Solution, Deployment, End-User, and Region.
The market is categorized into two groups according to Type: On-street Parking and Off-street Parking. Off-street Parking holds the majority in the market. By implementing parking reservation systems for off-street facilities, the accessibility for users can be enhanced, benefiting individuals with disabilities or specific parking needs. Operators can allocate accessible parking spaces and offer users the opportunity to indicate their requirements while making a reservation.
The market is categorized into three segments according to the Solution: Web-based, Mobile-based, and Voice Call-based. The dominant segment in the market is Mobile-based. Valuable data insights and analytics, such as parking patterns, user behavior, and demand trends, are generated by Mobile-based parking reservation systems. Operators can utilize this data to enhance pricing strategies, streamline operational efficiency, and make well-informed business decisions.
The market is categorized into two segments according to Deployment: Cloud-based and On-Premise. Cloud-based holds the majority share in the market. Cloud-based parking reservation systems provide scalability, enabling operators to effortlessly expand their infrastructure to meet the increasing demand. This adaptability empowers operators to adjust to evolving business requirements and fluctuations in parking demand throughout different seasons.
The market is categorized into five segments according to End-User: Government, Retail, Hospitality, Entertainment/Recreation, Transportation, and Other. The dominant sector in the market is Hospitality. The integration of parking reservation systems with the hospitality industry offers substantial prospects to enhance guest experience, boost revenue, and enhance operational efficiency for hotels.
Parking Reservation System Market- Geographical Insights
Geographically, the Parking Reservation System Market is spread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in the business. The Asia Pacific region dominates the market due to the increasing adoption of smart technology in parking services. With its large population and rapid urbanization, Asia-Pacific offers a significant market opportunity for parking reservation system providers. As cities continue to expand and develop, the demand for smart parking solutions is expected to rise, leading to further market growth in the region. According to data from Zhiyan Consulting Network, the number of car owners in China is projected to reach 280 million by 2020 and 360 million by 2025. By 2025, the demand for parking will reach 600 million. The China Industrial Research Institute estimated that the intelligent parking sector will reach an industry scope of RMB 10 trillion over the coming years. Europe holds the second-largest region for market growth, driven by the growing trend of urbanization and increasing population.
The competitive landscape of the Parking Reservation System market is influenced by various factors, including the extent and excellence of the parking network, technological advancements, customer service, and strategic alliances. To gain a competitive advantage, companies in this market often invest in technology, improve user experience, and explore new markets. It is crucial for them to continuously adapt to market trends and meet customer demands to maintain a strong position in the face of fierce competition.
On December 28, 2023, Conduent Incorporated, a renowned company specializing in technology-driven business solutions and services, made an official announcement regarding the sale of its Curbside Management Solutions and Public Safety Solutions businesses. The buyer of these divisions is Modaxo, a division of Constellation Software Inc., a global portfolio company dedicated to enhancing transportation solutions for people. This definitive agreement marks a significant step in Conduent's strategic plans and highlights Modaxo's commitment to advancing the field of people transportation.
On October 17, 2023, SP+ Corporation (SP+), revealed that its online reservation system technology, AeroParker, which offers airport parking pre-booking functionality, is now accessible at three more airports.
GLOBAL PARKING RESERVATION SYSTEM MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Conduent Incorporated
Siemens AG
ParkMe Inc.
JustPark Parking Ltd
The Kapsch Group
Standard Parking Corporation
APCOA Parking AG
Streetline Inc.
Amano Corporation
Swarco Corporation
Others