In 2014, the parking reservation systems market was dominated by market players such as Vinci Park, Q-Park, Streetline, and National Car Parks (NCP). Vinci Park introduced innovative services in the market and focussed on expanding their presence in market by collaborating with other companies in Latin America, North America and Asia.
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Vinci Park is one of the major players in the global parking reservation systems market. Over the past few years, the company’s focus has been mainly on adopting strategies such as mergers & acquisitions, expansion-being the key business strategy, as well as divestments, so as to focus on parking reservation market and be more stable. Moreover, from the long-term market sustainability view, the market is concentrating on collaboration and acquisition activities. North America has been estimated to have the largest market share for parking reservation systems.
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The parking reservation systems are being implemented in transportation transits, retail, and government & municipalities. The mobile applications are used for parking reservation systems, and they provide convenience to book and park with the help of smart phone technology. Besides, parking solutions help streamline the entire parking process, comprising parking payments that is buying tickets or using prepaid cards to park the vehicles within the timeline, maintaining a comprehensive record of vehicles parked on a monthly basis or providing receipts on a daily basis with the use of self-operating machine, and ensuring round the clock security for parked vehicles. These integrated solutions, which are used by parking operators, facilitate the traffic flow and help manage vehicle parking effectively.
