DUBLIN, Nov. 23, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/dvdj56/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 global parking reservation system market is expected 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.
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.
Traffic congestion is one of the biggest challenges faced worldwide due to limited parking spaces. Growing global population and the resultant increase in the number of vehicles on road are among the key factors responsible for traffic congestion. Owing to the necessity of organized parking and reduction in traffic congestion, the concept of parking reservation systems has been introduced. The system allows drivers to obtain parking availability information in certain areas and, accordingly, decide the parking destination.
The rising need for real-time parking availability information, upcoming smart city projects, and increasing number of vehicles are some of the major factors driving the global parking reservation system market. With numerous upcoming smart city projects, nearly one million parking spaces are expected to be established by 2020. Parking reservation is directly connected to smart parking systems, which gives accurate vehicle occupancy in real-time. It guides visitors and residents to available parking spaces. It also simplifies the parking experience and gives value addition for parking system stakeholders, such as merchants and drivers.
The global market research report covers two major types of parking. They are off-street parking and on-street parking. Off-street parking is further segmented into valet parking, automated parking, and manual parking. Similarly, on-street parking includes valet parking and manual parking. The market has also been segmented on the basis of solutions, which include mobile application based parking, voice call based parking, and web based parking.
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 - Apcoa - Justpark - Laz Parking - National Car Parks - Parkme - Q-Park - Standard Parking Corporation - Streetline - Vinci Park
For more information visit http://www.researchandmarkets.com/research/dvdj56/parking
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SOURCE Research and Markets