Parking Reservation Systems are parking solutions which provide the users real time updates about the available parking spaces. Scarcity of parking spaces has become a worldwide problem mainly due to the increasing number of vehicles on the road. Parking concerns are increasing at an incredible speed. Apart from less traffic cramming, parking reservation system also reduces fuel wastage, and provides extra security for the vehicles. Parking management systems have witnessed a substantial amount of change by introducing cashless payments, real time parking space information, parking sensors etc. This has helped in the rapid growth of smart parking management solutions which in turn have increased their demands globally.

The Global Parking Reservation System Market is growing at tremendous rate and is expected to reach $XX billion, growing at the Compound Annual Growth Rate of XX% by 2020. Rising disposable income among consumers, along with increasing global population and rising need for smart city projects are some of the factors that have fuelled this market.

The Global Parking Reservation System Market has been segmented on the basis of parking site, components, solutions, verticals and geography.

On the basis of parking site, the market has been divided into:

On-street parking
Off-Street Parking.
On the basis of components the market has been segmented into:

Parking software
System devices and other professional devices.
Parking reservations can be done on the basis of three major solutions i.e.,

Web based solutions
Mobile-applications based
Voice call based.
Among these three solutions, mobile-application based solutions are more popular among users since it offers easiness to book and park with the help of smart phone technology. On the basis of verticals, the market can be divided into

Commercial and many others.
Geographically, the global parking reservation system market can be divided into five major regions namely,

North America
Latin America
Middle East and Africa
Asia Pacific.
North America has the largest market share among other regions. Asia Pacific, especially countries like India, and China have the highest potential to grow in the forecast period.

Key Players in the market are IBM Corporation, Siemens, Xerox, 3M, Swarco Corporation, Skidata, and many others.