The system that is developed to help individuals book car (vehicle) parking space online is termed as parking reservation system. The system is known to instantly enhance the website by helping customers reserve car parking spaces, access additional services and even pay online. Customers can reserve spaces from the comfort of their house or on the go.

Emergence of parking reservation system has enabled admins to add several parking space options as they require, set prices, offer discounts as well as availability period and more. Furthermore, the smart parking technology has increased productivity reduced operating costs, added facility value and more. There are numerous drivers, restraints and opportunities shaping the future of parking reservation system.

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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. Besides this, the several new smart city projects in the pipeline would create greater opportunities for the parking reservation management in years to come. Moreover, North America market is likely to project greater opportunities for the car parking management systems as well as solutions. Installation of these systems is still a costly affair for many small enterprises and acts as a major obstacle.

The parking reservation system market is segmented by devices, services, geography, software, industry and solutions. In terms of devices the market is segmented into parking management meters, ticket writers, occupancy sensors and more. Business verticals served by the market includes hospitals, healthcare, recreations, and others. Key services of the market include deployment model and maintenance. Market is also segmented in terms of solutions such as valet parking management system, surveillance and security, access control and others. Regions including North America, Europe, Asia-Pacific etc. would generate huge revenues.

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