Parking reservation systems
Growing economies in many developing countries have generated high disposable incomes which have given rise to an increase in the number of vehicles. This has given rise to traffic congestion and serious parking issues in many countries.
Many of these problems are associated with urban areas where parking problems arise due to space constraints. Vehicle drivers can waste a significant amount of their time finding a parking space, and in doing so, create more traffic congestion. A lack of proper on-street parking and the slow development of new parking complexes is expected to exacerbate this problem in the coming years.
The shortfall of parking in residential and commercial complexes creates serious concerns for employers and residential societies. As a result, the demand for parking reservation or convenience parking is increasing.
Parking providers are also facing problems maintaining daily records related to parked vehicles, leading to an inability to ensure round the clock security.
As a result, the demand for parking reservation systems is expected to witness strong growth in coming years.
Parking reservation system provides information about parking availability for both drivers and parking providers in a certain area through continuous monitoring. Parking reservation systems comprise software and equipment such as parking meters, cameras, sensors and automatic gates which help maintain the smooth flow of traffic and improve security.
Parking reservation system can be classified as on-street and off-street. Off-street parking systems consist of a single point of interaction between parking areas and access points. On-street parking systems provide information about parking spaces on a real-time basis through web, mobile and voice-based solutions.
The market can also be segmented on the basis of end-use sector such as retail, government, hospitality, transportation and logistics, airports and commercial and corporate parks.
Developed countries such as the U.S. and Germany are investing heavily in implementing parking reservation systems for trucks. The market is also expected to be boosted by the adoption of smart parking system in developed countries. India and China are expected to a growth area in coming years.
Some of the key parking reservation system providers in the market are VINCI Park S.A., Streetline, Inc., National Car Parks Ltd., APCOA Parking AG, Ace Parking Management, Inc., ParkMe, Inc., Siemens AG, 3M Company and Xerox Corporation.
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