Pune, India -- (SBWIRE) -- 01/26/2016 -- According to a new market research report "Parking Reservation System Market by Type (Off-Street Parking, On-Street Parking), by Solution (Mobile Application-Based Parking, Web-Based Parking, Voice Call-Based Parking), by Vertical, by Region - Global Forecast to 2020",The parking reservation system market report is segmented on the basis of type, solution, industry vertical, and geography. This market is estimated 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.The rising need for real-time parking information, smart city projects, and increasing number of vehicles are some of the major factors driving the global parking reservation system market.

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The sale of vehicles is increasing at an exponential rate, as a result of the rising disposable income among consumers, along with increasing global population. Increase in the number of vehicles will lead to more drivers searching for vacant parking slots and reserve parking spaces as per their convenience. Parking reservation systems help address this problem by assisting drivers in finding parking slots, or reserving vacant parking spaces.

The U.S. has the highest number of vehicles, which has further augmented the demand for efficient parking reservation systems in the country. The U.S., China, and India are expected to be major contributors to the global parking reservation systems market in the near future. Thus, increase in the sale of vehicles has positively impacted the growth of the parking reservation system market. Parking reservation systems are being widely adopted by major industry verticals. This technology is still in its introductory phase in regions such as the Middle East & Africa and Latin America.

The parking reservation system market in the Middle East & Africa is anticipated to grow in the near future, owing to rise in telecom expenditure and favorable government conditions.
The parking reservation system market, segmented and forecasted on the basis of type, includes on-street parking and off-street parking. On the basis of solution, the market is segmented into web-based application, mobile-based application, and voice call-based application. Further, on the basis of industry verticals, the market is segmented as transportation transits, government & municipalities, retail, hospitality, and recreation, among others. By region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

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The parking reservation system market report further provides a competitive benchmarking of leading players in the industry, such as VINCI Park, Standard Parking Corporation, Streetline, Q-Park, National Car Parks, JustPark, ParkMe, APCOA Parking, LAZ Parking, and Ace Parking Management in terms of their product offerings, key strategies, and operational parameters. The report provides market trends, overall adoption scenarios, and competitive landscape as well as key drivers, restraints, and opportunities in this market. It aims to estimate the current size and future growth potential of this market across different, solutions, types, verticals, and regions.

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