Parking Reservation System Market: Maintaining a Strong Outlook - Here's Why

A latest study released by Advance Market Analytics on Global Parking Reservation System Market covering key business segments and wide scope geographies to get deep dive analysed market data. The study is a perfect balance bridging both qualitative and quantitative information of Global Parking Reservation System market. The study provides historical data (i.e. Volume** & Value) from 2014 to 2018 and forecasted till 2026*. Some are the key & emerging players that are part of coverage and have being profiled are Vinci Park (United Kingdom), Standard Parking Corporation (United States), Siemens AG (Germany), Streetline, Inc. (United States), Q-Park NV (Netherlands), National Car Parks Ltd (United Kingdom), Just Park It Ltd. (United Kingdom), ParkMe, Inc. (United States), Apcoa Parking AG (United Kingdom), LAZ Parking (United States) and Ace Parking Management, Inc. (United States).

The parking reservation system is defined as the automated reservation system which provides ID-based parking slots. It is widely used in offices, schools, colleges, cinema theaters, airports, railway station, and other places. There are various advantages of using a parking reservation system such as reduce human error, user-friendly, highly secure, saves time, scalable, among others. Growing economies in developing countries, high disposal incomes and rising demand for smart city project are likely to be a major driver for the global parking reservation system market over the forecast period.

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Market Drivers
o Growing Economics in Developing Countries and High Disposal Incomes
o The Shortfall of Parking in Residential and Commercial Complexes

Market Trend
o Increase in Number of Vehicles and Smart City Project across the World

Restraints
o Slow in Adoption rate in Some Region such as Africa

Opportunities
o Growing Demand from Emerging Market such as China, India, among others

Challenges
o Lack of Proper on-Street Parking as well as the Slow Development of New Parking Complexes

1. Steady growth, expanding margins

Some of the players have a stellar growth track record. From 2014 to 2018, the company have shown enormous sales figures, while net income more than doubled in same period with operating as well as gross margins expanding. The rise in gross margins over the year's points to strong pricing power by the company for its products, over and above the increase in the cost of goods sold.

2. Industry growth prospects and market share

According to AMA, key business segments sales will cross the $$ mark in 2020. Unlike classified segments popular in the industry i.e. by Type (Surface-Level Vehicle Park, Multi-Storey Vehicle Park, Underground Vehicle Park, Others), Service (Customization & Deployment Model, Support & Maintenance Services), Software (Payment Software, Information System), End-Use Sector (Retail, Government, Hospitality, Transportation, Logistics, Airports, Corporate Parks, Others), Solution (Valet Parking Management Solution, Surveillance & Security, Revenue Management, Slot management, Access Control, Others), the latest 2020 version is further broken down / narrowed to highlight new emerging twist of the industry. Global Parking Reservation System market will grow from $XX million in 2018 to reach $YY million by 2026, with a compound annual growth rate (CAGR) of xx%. The strongest growth is expected in Asia-Pacific, where CAGR is expected to be ##% from 2019 to 2026. This forecast is good news for industry players, as there is good potential for them to continue growth alongside the industry's projected growth.

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3. Ambitious growth plans & rising competition?

Industry players have ambitious plans to introduce a whole host of new products into various markets around the world. Some examples are variant to be introduced in eight EMEA markets in Q4 2019 and 2020. Considering all round activities some of the players profiles that would be worth checking are Vinci Park (United Kingdom), Standard Parking Corporation (United States), Siemens AG (Germany), Streetline, Inc. (United States), Q-Park NV (Netherlands), National Car Parks Ltd (United Kingdom), Just Park It Ltd. (United Kingdom), ParkMe, Inc. (United States), Apcoa Parking AG (United Kingdom), LAZ Parking (United States) and Ace Parking Management, Inc. (United States).

4. Where the Industry is today

Although recent year might not be that encouraging as market segments have shown modest gains, things could have been better if players would have plan ambitious move earlier. Unlike past, but with a decent valuation, investment cycle continuing to progress in the U.S., many growth opportunities ahead for the companies in 2020, it looks like a good for today but stronger returns can be expected beyond.

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Key Insights that Study is going to provide:

o Revenue splits by most promising business segments.
o Gap Analysis by Region. Country Level Break-up will help you dig out Trends and opportunity lying in specific area of your business interest.
o Market Share & Sales Revenue by Key Players & Emerging Regional Players.
o A separate chapter on Market Entropy to gain insights on Leaders aggressiveness towards market [Merger & Acquisition / Recent Investment and Key Developments]
o Patent Analysis** No of patents / Trademark filed in recent years.
o Competitive Landscape: Company profile for listed players with SWOT Analysis, Business Overview, Product/Services Specification, Business Headquarter, Downstream Buyers and Upstream Suppliers.

** May vary depending upon availability and feasibility of data with respect to Industry targeted

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Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.

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Advance Market Analytics is Global leaders of Market Research Industry provides the quantified B2B research to Fortune 500 companies on high growth emerging opportunities which will impact more than 80% of worldwide companies' revenues.
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