The parking meter apps market size is projected to reach US$ 324.58 million by 2031 from US$ 79.5 million in 2023. The market is expected to register a CAGR of 19.23% during 2023–2031. The development of smart cities and green buildings is likely to remain a key trend in the market.
The main advantage of vehicle parking apps for consumers is that they save a significant amount of time before getting to work. Many people find it difficult to obtain a parking space before boarding a bus or train or near their office. Car parking applications save time by allowing you to discover a parking space ahead of time. Parking meter apps remain popular for a reason: they perform effectively when integrated with solutions such as parking enforcement, correct signage, mobile parking payment apps, and, of course, regular maintenance and technical support to ensure revenue collection at all times.
Parking applications provide customers with optimum parking by locating the best and closest place available at their selected location, saving resources and effort. These apps assist in quickly filling parking lots and ensuring that space is correctly and productively utilized. Parking is a major issue in numerous countries. Every year, more and more cars are added to the streets, limiting parking space. People who prefer to commute in their vehicles have a difficult time finding parking. Because of the rising parking problem, smart parking apps have been launched that allow one to book their parking spot before you even arrive. Smart parking is a rapidly increasing and widely utilized smart city solution around the world. Universities, airports, shopping malls, and civic garages are among the few organizations that have recognized the value and benefits of auto parking apps.
According to the World Economic Forum, by 2040, the global number of cars on the road and kilometers flown by planes will nearly triple. Cars are expected to number two billion by 2040, while air transport kilometers will total 20 trillion during the same period. Municipalities can employ parking meters to enforce their integrated on-street parking policy, which is typically tied to their traffic and mobility management policies. Still, they can also be used to generate income.
A smart parking meter communicates continually with a central parking platform, sending parking data to be processed and evaluated. Parking operators require robust analytical and decision-making tools to help them run their facilities efficiently. The smart parking dashboard processes all data received from smart parking meters, tracking every transaction. Subsequently, the dashboard can be used to analyze statistics such as sales by period, region, payment type, etc. Parking operators can improve efficiencies, reduce revenue leakages, and provide customers with a pleasant parking and payment experience by incorporating smart technology, such as parking meters, into their facilities. Thus, the development of smart parking systems creates an opportunity for the growth of the market.
Key segments that contributed to the derivation of the parking meter apps market analysis are platform and end user.
The geographic scope of the parking meter apps market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. North America is a technologically advanced region. The region is increasingly adopting various digital solutions. The government across the region is deploying advanced solutions to modernise the parking. For example, in May 2024, the Department of Transportation began the statewide rollout of improved, modern parking meters in Upper Manhattan. For starters, the new meters, which are now located at West 166th Street and St. Nicholas Avenue, feature a pay-by-plate technology that allows vehicles to enter their license plates rather than displaying a receipt in the window. Such instances across North America drive the growth of the parking meter apps market.
The regional trends and factors influencing the Parking Meter Apps Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Parking Meter Apps Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 79.5 Million |
| Market Size by 2031 | US$ 324.58 Million |
| Global CAGR (2023 - 2031) | 19.23% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Platform
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Parking Meter Apps Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Parking Meter Apps Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The parking meter apps market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the parking meter apps market are listed below:
(Source: IEM Group, September 2021)
(Source: EasyPark, June 2021)
The “Parking Meter Apps Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The market is expected to register a CAGR of 19.23% during 2023–2031.
The global parking meter apps market is expected to reach US$ 324.58 million by 2031.
The leading players operating in the global parking meter apps market are IEM SA, INRIX, Inc., ParkMate, Parkopedia, Arrive (ParkWhiz), ParkMobile, LLC, PASSPORT LABS, INC., Flowbird, PayByPhone, and EasyPark.
The development of smart cities and green buildings to play a significant role in the global parking meter apps market in the coming years.
A significant rise in the number of vehicles on the road is the major factors that propel the global parking meter app market.
North America region dominated the parking meter apps market in 2023.