Global Parking Reservation Systems Market is Estimated to Grow at a CAGR of 20.9% by 2019

According to the new Market Research Report "Global Parking Reservation Systems Market by Type (On-street, Off-street), by Solution (Web-based, Mobile Application-based, Voice Call-based), by Vertical, by Geography (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) - Analysis and Forecast to 2019".

Browse through the TOC of Global Parking Reservation Systems Market for an in-depth analysis of the industry trends and segments, with help of various tables and figures.

Busy places such as airports, shopping complexes, multiplexes and the business centers where parking demand is high. Due to several limitations such as limited parking availability, high traffic during peak hours and others. The increase in traffic congestion has become prominent these days and one of the major reasons are the drivers who search for the vacant spaces for parking. Moreover, the growing population vis-à-vis increasing vehicles are also the major factors for traffic congestion.

To address this situation, Parking Reservation Systems is playing a prominent role through which the drivers can get the parking availability information within certain area, can decide their desire parking destination as well as where the parking lot has vacant spaces, accordingly. The parking reservation systems get directly connected to the smart parking system which gives accurate vehicle occupancy in real-time, guide the visitors and residents to the available spaces by simplifying the parking experience. Also, this gives value addition for the parking stakeholders such as merchants and drivers.

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The number of vehicles is increasing at an exponential rate worldwide, which evolved the need for more parking slots in different regions especially in North America, Europe and APAC. With result of the rising disposable incomes of consumers, along with the increasing global population, the problem of traffic congestion in these regions has become more severe .The U.S. holds the highest number of vehicles, globally; also with the increasing population in China and India, the need for efficient parking reservation systems is expected to rise in these countries. Considering these trends, the U.S., China, and India are expected to be the major contributors to the global parking reservation systems market in the coming years. The Parking Reservation Systems is already being implemented rigorously in the smart city projects and sectors including Transportation Transits, Retail, Government & Municipalities and others

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MicroMarketMonitor considers the significance of parking reservation system and are coming up with the report on parking reservation system, which will discuss relevance of the market, size of the market, latest trends and technologies in the market, factors driving the growth of the market, market’s restraints, market opportunities, leading players in the market, and their strategic moves in the market and such others.

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