Parking Reservation System Market Detailed Analysis of Current Industry Figures with Forecasts Growth By 2028 | Ace Parking Management Inc.,  APCOA PARKING Holdings GmbH

The increased vehicle production and traffic congestion generate the demand for smart solutions for parking reservations. The advent of location services and the development of interactive apps have positively influenced the growth of the parking reservation system market during the forecast period. Furthermore, the development of parking complexes offers lucrative growth opportunities for market players in the coming years.

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Companies Profiled in this report includes:  Ace Parking Management Inc.,  APCOA PARKING Holdings GmbH, Indigo, INRIX Inc.,  JustPark Limited, LAZ Parking, Park24 Co., Ltd., Q-Park, SP Plus Corporation, Streetline

MARKET SEGMENTATION

  Based on type, the global parking reservation system market market is segmented into off-street parking, and on-start parking.

  On the basis of solution, the market is segmented into web-based solution, mobile application-based solution, and voice call-based solution.

  On the basis of industry vertical, the market is segmented into transportation and transit, retail, government, hospitality, recreation, and others.

MARKET DYNAMICS

Drivers

  The growing demand for real time car parking data, new smart city projects and rising number of cars are few of the many factors contributing to the growth of the market.

Restraints

  Installation of these systems is still a costly affair for many small enterprises and acts as a major obstacle.

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IMPACT OF COVID-19 ON PARKING RESERVATION SYSTEM MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

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