Improving disposable incomes resulting in a higher purchasing power is facilitating several consumers to buy vehicles. This has resulted in the rise in vehicles sales, adding to the existing issue of depleting parking spaces. Parking problems and congestion has become a common phenomenon in urban areas. Lack of parking area and the slow rate of the development of parking spaces has led an increased congestion in recent years. However, the advent of parking reservation systems is anticipated to change this persistent issue for urban dweller in the forthcoming years.
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Parking Reservation Systems Continue to Increase in Residential and Commercial Areas
The increasing commercial and residential construction projects have led to the growing need for parking spaces for the vehicle owners. The absence of proper vehicle parking slots in commercial and residential complexes was a big problem then. Now, with the availability of parking reservation systems, this problem is being taken care of. Parking reservation system has become one of the basic amenities provided by constructors of commercial and residential complexes.
Parking reservation systems use intelligent equipment and software such as sensors, automatic gates, parking meters, and cameras to enable the driver to optimize the parking space. Security of vehicles is also taken care by parking reservation systems. The migration to smart parking systems, the advent of big data analytics, the introduction of contactless communication, and the progress of wireless technologies are some of the trends expected to pervade the market.
Association with Multiple Stakeholders to Benefit Smart Parking Reservation Systems
The future of parking reservation systems is predicted to be bright as key companies operating in this market are likely to associate with multiple stakeholders from the telecommunication, infrastructure, and automotive industries. The concept of smart parking reservation systems is predicted to be crucial for the smooth mobility of vehicles, which will boost the development of smart cities.
The demand for parking reservation systems is expected to increase in various regions. Based on region, the global parking reservation system market is divided into Asia Pacific, North America, Latin America, Eastern Europe, Western Europe, and the Middle East and Africa. Developed nations including Germany, the U.S., China, and India are investing heavily in parking reservation systems.
Based on end user, the global parking reservation system market is classified into government, retail, transportation and logistics, hospitality, commercial and corporate parks, and airports. The slow adoption rate of new parking reservation systems in developing nations is predicted to hamper the market in the years to come.
Key companies are focusing on improving the technology used in parking reservation systems. With this, they are aiming to maintain their dominance in the global market. Some of the key organizations operating in the global parking reservation system market are VINCI Park S.A., National Car Parks Ltd., Ace Parking Management, Inc., Siemens AG, Xerox Corporation, Streetline, Inc., APCOA Parking AG, ParkMe, Inc., and 3M Company.
As the demand for navigable parking systems is expected to increase, key companies are focusing on introducing more of such parking reservation systems.