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Parking Reservation Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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    Report

  • 110 Pages
  • January 2021
  • Region: Global
  • Mordor Intelligence
  • ID: 4535727
The Parking Reservation Systems market was valued at USD 837.23 million in 2020 and is expected to reach USD 1453.53 million by 2026, at a CAGR of 9.63% over the forecast period 2021 - 2026. The growing trend of smart cities across the globe has been fueling the demand for smart parking solutions as it forms an integral part of the smart transportation system implemented in smart cities, which is, in turn, supporting the growth of the market.
  • The parking industry has been witnessing steady growth since the past few years. In the current context, increasing the parking capacity in cities would pose a challenge, due to the growing scarcity of available free space, while decreasing the demand will subdue citizens’ mobility experience. To overcome these space constraints, organizations, and governments are strategically developing innovative parking systems and solutions that would help them manage the available space smartly.
  • These parking reservation systems are expected to gain more traction in the developed and densely populated countries, as these systems are extremely helpful in addressing major concerns, such as finding secure parking space and decreasing traffic congestion.
  • Another major contributing factor expected to increase the adoption of these systems by various organizations is the possibility of knowing customer-related information, such as the traveling trends and preferences, which can be either used to engineer personalized solutions and strategies that would help the retailers and other end-users to improve their customer satisfaction rates, and decrease customer churn.

Key Market Trends

Mobile-based Solutions to Witness Significant Growth
  • The mobile-based parking reservation solutions are gaining traction across the globe since the last few years as they provide greater efficiency when compared to other modes of parking reservation solutions, in terms of retrieving real-time parking availability and related packages.
  • Moreover. as the penetration of smartphones and the internet is increasing rapidly, the governments and the organizations are introducing many digital initiatives. Since many organizations are opting for technology and are interested in gathering online information about customers, it has become elementary for the solution providers to increase their revenues through mobile-based parking reservation solutions.
  • Furthermore, the increasing investments in IoT and smart city projects have enabled the companies in the market to increasingly concentrate on mobile-based solutions and increase the footprint of their app-based solutions across various countries. For instance, ParkMe provides data, availability, and payment information for on and off-street parking in more than 1,800 cities and 32 countries.

North America Occupies the Largest Market Share
  • The region is home to major automotive industry leaders, such as General Motors, Ford, Chryslers, among many others, and the vehicle production in North America is growing at a significant rate year on year, which is one of the primary reason increasing the adoption of these solutions.
  • This increasing rate is being witnessed owing to the rapid urbanization and changing lifestyles of a major chunk of the population. With the increasing usage of cars across the region, the demand for parking reservation systems is also growing.
  • The North American market is witnessing high demand for the mobile-based parking solutions with the increasing penetration of peer-to-peer parking, online parking reservation options, and mobile payment solutions. The navigable parking lots are about to make their appearance in the region and are expected to offer a lot of opportunities.
  • As the parking industry in North America is rapidly moving toward smart technologies, adoption of high-end automation solutions and parking reservation solutions is increasingly getting integrated into the many mobility solutions.

Competitive Landscape

The parking reservation systems market is highly competitive owing to the availability of many solutions provided by players operating in the domestic as well as in the international market. The market appears to be moderately concentrated with the major players adopting strategies like product innovation and mergers and acquisition. Some of the major players in the market are Conduent Incorporated, Siemens AG, ParkMe Inc, JustPark Parking Ltd among others.
  • April 2019 - Conduent launched Innovation Center at its headquarters. The Innovation Center showcases the company’s ability to develop and deploy tailored solutions across industries to help its customers prepare for the future and enable their own digital transformations.
  • February 2019 - Conduent launched five enterprise platforms to further its ability to provide individualized, immediate, and intelligent experiences to its customers. The suite of enterprise platforms will deliver customized technology solutions to drive modern digital interactions.

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Table of Contents

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Number of Vehicles
4.3.2 Increasing Smart City Projects across the Globe
4.4 Market Restraints
4.4.1 Slow Adoption Rate
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Parking Site
5.1.1 On-street Parking
5.1.2 Off-street Parking
5.2 By Solutions
5.2.1 Web-based
5.2.2 Mobile-based
5.2.3 Voice Call-based
5.3 By End-user Vertical
5.3.1 Government
5.3.2 Retail
5.3.3 Hospitality
5.3.4 Entertainment/Recreation
5.3.5 Transportation
5.3.6 Other End-user Verticals
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Conduent Incorporated
6.1.2 Siemens AG
6.1.3 ParkMe Inc
6.1.4 JustPark Parking Ltd
6.1.5 The Kapsch Group
6.1.6 Standard Parking Corporation
6.1.7 APCOA Parking AG
6.1.8 Streetline, Inc.
6.1.9 Amano Corporation
6.1.10 Swarco Corporation
7 INVESTMENT ANALYSIS8 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Conduent Incorporated
  • Siemens AG
  • ParkMe Inc
  • JustPark Parking Ltd
  • The Kapsch Group
  • Standard Parking Corporation
  • APCOA Parking AG
  • Streetline, Inc.
  • Amano Corporation
  • Swarco Corporation

Methodology

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