DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/nhkt3k/parking) has announced the addition of the "Parking Reservation System Market by Type (Off-Street Parking, On-Street Parking), Solution (Mobile Application-Based Parking, Web-Based Parking, Voice Call-Based Parking), Vertical, & by Region - Global Forecast to 2020" report to their offering.
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.
Increase in population and vehicles have evolved the need for more parking slots in different regions, such as North America and Europe. Traffic problems arise mainly from cars searching for vacant spaces, which accounted for 40% of the total traffic. In order to overcome traffic problems, parking reservation systems have been introduced in the market. These systems allow drivers to effectively find parking slots and reserve vacant parking spaces.
Parking reservation systems 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.
The parking reservation system market showcases a significant growth rate of 15% to 17% from 2015 to 2020, owing to increasing traffic congestion and upcoming smart city projects, especially in Europe and Asia-Pacific. Parking reservation systems in North America and Europe are in the growth phase, whereas there is a high adoption of parking reservation systems in Asia-Pacific and the Middle East & Africa.
In 2014, the global market was dominated by VINCI Park. VINCI Park dominated the market by introducing innovative services in the market. The company is also focusing on expanding its presence in Asian and American markets.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Parking Reservation System Market Analysis, By Type
8 Parking Reservation System Market Analysis, By Solution
9 Parking Reservation System Market Analysis, By Vertical
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
- Ace Parking
- Laz Parking
- National Car Parks
- Standard Parking Corporation
- Vinci Park
For more information visit http://www.researchandmarkets.com/research/nhkt3k/parking