Growth at CAGR of 9.61% in the Parking Reservation Systems Market over the forecast period (2018 - 2023)| Key Players - IBM, INFRA PARK SAS, XEROX CORPORATION, SIEMENS AG, 3M COMPANY, PARKME, JUSTPARK, amongst others

Market Analysis:

North America to Hold the Largest Market Share
With the increasing usage of cars across the region, the demand for parking reservation systems is also growing. This rate is being witnessed due to urbanization and the changing lifestyles of a major chunk of the population. North America is the early adopter of the technology and is in its growth phase.

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The rapid innovation motives toward smart technologies in the parking industry of North America and Europe include, adopting high-end automation solutions and parking reservation software. With an increasing global population, the traffic congestion is severe, demanding sophisticated parking solutions. This is translating into demand for the parking reservation systems. The growing disposable incomes in the developing countries is resulting in increasing number of vehicles, and the need for parking reservation systems in such economies have become apparent. Considering these trends, countries, such as the United States, Germany, China, and India, are regarded as the major contributors to the parking reservation systems market during the forecast period. Mobile-based Solutions are expected to record the highest growth because of high penetration of smartphones and internet.

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Market Segments:
Parking Reservation Systems Market is segmented by:
1. Parking Site: On-street Parking, Off-street Parking
2. Solution: Web-based Solutions, Mobile-based Solutions, Voice Call-based Solutions
3. End User: Government, Retail, Transportation, Hospitality, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• January 2018 - European online parking reservation leader, ParkCloud, has further strengthened its presence within the Italian market, by securing a contract renewal with Torino Airport (Turin Airport), following a successful 18-month term.
• January 2018 - New parking reservation system was deployed at Muir Woods Monument, California, for vehicles and shuttle passengers.
• June 2017 - Infra Park entered into an agreement to expand its stake in LAZ parking from 50% to 90%.

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