The global smart parking market is valued at USD 6,901.1 million in 2024. The industry was seen to have USD 6,284.2 million in 2023. The industry is projected to show a CAGR of 10.8% from 2024 to 2034. The business is set to surpass USD 19,212.2 million by the end of 2034.

Semi-Annual Market Update

Country-wise Insights

Category-wise Insights

The Parking Management Market Report is Segmented by Deployment Model (On-Premises and Cloud-Based), Parking Site (Off-Street, On-Street), Solution Component (Hardware, Software Platform, Services), End-User Vertical (Municipal and Government, Commercial Off-Street Operators, and More), Technology (Sensor-Based, Camera/LPR-based, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

This statistic shows the revenue of the industry “parking lots and garages“ in the U.S. from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in the U.S. will amount to approximately **** billion U.S. Dollars by 2024.

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Smart Parking Market Size 2025-2029

The smart parking market size is forecast to increase by USD 15.19 billion, at a CAGR of 20.7% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing urbanization and population growth worldwide. Cities are expanding, and with this expansion comes the need for efficient parking solutions to accommodate the rising number of vehicles and commuters. One trend that is gaining traction in this market is the adoption of mobile and app-based parking solutions. These technologies offer convenience and ease of use for consumers, allowing them to reserve parking spots, make payments, and receive real-time information on parking availability. However, the market also faces challenges that must be addressed for continued growth. Privacy and data security concerns are becoming increasingly important as more parking data is being collected and stored digitally.
As the use of IoT sensors, cameras, and other data-collecting technologies becomes more prevalent, it is essential for parking operators to ensure that this data is protected and used ethically. Failure to do so could result in reputational damage and loss of customer trust. Additionally, the implementation of these advanced technologies can be costly, requiring significant investment in infrastructure and maintenance. Therefore, parking operators must carefully weigh the benefits against the costs to determine the most effective and efficient solutions for their businesses.

What will be the Size of the Smart Parking Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The market continues to evolve, driven by the integration of advanced technologies and innovative solutions that enhance parking experience, sustainability, and efficiency. Parking guidance displays provide real-time information on available spots, while dynamic pricing adjusts fees based on demand and occupancy. Traffic flow management and parking analytics dashboards optimize parking space utilization, enabling better asset utilization and revenue generation. Parking regulations and mobility services cater to the evolving needs of diverse customer segments, including electric vehicle charging and autonomous vehicle integration. Sustainability practices, such as parking lot design and infrastructure upgrades, reduce carbon emissions and promote eco-friendly parking solutions.

Parking industry partnerships and solution providers collaborate to develop cloud-based parking solutions, parking app development, and license plate recognition systems, ensuring seamless access and convenience for users. Parking lot optimization and occupancy monitoring improve parking equity and safety, while parking enforcement and payment solutions streamline parking operations. Smart city initiatives and transportation management systems leverage parking data analytics and parking space reservation to optimize parking infrastructure and enhance urban mobility. Continuous innovation and technology adoption shape the future trends of the parking industry, ensuring a more accessible, efficient, and sustainable parking experience for all.

How is this Smart Parking Industry segmented?

The smart parking industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Component

  Hardware
  Software
  Services


Solution

  Security and surveillance
  Parking reservation management
  Valet parking management
  License plate recognition


Type

  Off-street
  On-street


End-user

  Commercial space
  Government


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Spain
    UK


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

.

By Component Insights

The hardware segment is estimated to witness significant growth during the forecast period.

The market is witnessing significant advancements, driven by the integration of technology into traditional parking systems. Parking integration platforms facilitate seamless communication between various parking components, enabling real-time data exchange and efficient management. This integration encompasses parking space allocation, revenue management, and customer experience. Future trends in parking include sustainability practices, such as electric vehicle charging, and mobility apps for enhanced user convenience. Parking infrastructure upgrades focus on optimizing parking space utilization and improving safety and security. Smart city initiatives prioritize the integration of parking systems with transportation management systems and traffic flow ma

Smart Parking Market size was valued at USD 6.28 billion in 2023 and is projected to reach USD 24.03 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.4% during the forecast period 2024-30.

The global parking management market size was worth over USD 7.3 billion in 2024 and is poised to grow at a CAGR of over 10.2%, reaching USD 25.8 billion revenue by 2037. On-premise segment is likely to capture 60% share by 2037, fueled by enhanced security, convenience, and less downtime risk.

The Parking Management Market is projected to grow from USD 5.50 Bn in 2024 to over USD 10.49 Bn by 2032, at a CAGR of 9.4% from 2025 to 2032.

The global parking management market is estimated to grow from USD 5.57 billion in 2024 to USD 15.77 billion by 2035, representing a higher CAGR of 9.93% during the forecast period.

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Automated Parking System (APS) Market Size 2024-2028

The automated parking system (aps) market size is forecast to increase by USD 3.59 billion, at a CAGR of 20.01% between 2023 and 2028.

The market is experiencing significant growth, driven by the increasing urbanization trend and the integration with smart city initiatives. Urban areas continue to expand, leading to a surge in demand for efficient and innovative parking solutions. APS technology, with its ability to optimize space utilization and reduce traffic congestion, is becoming an essential component of modern urban infrastructure. However, the high initial investment required for implementing APS is a notable challenge. The integration of advanced technologies such as IoT sensors, machine learning algorithms, and automated guided vehicles necessitates a substantial capital outlay. This investment barrier may deter some potential adopters, particularly smaller cities or municipalities with limited budgets. Despite this challenge, the long-term benefits, including increased revenue from parking fees, reduced operational costs, and improved customer experience, make APS an attractive investment for forward-thinking cities and businesses. Companies seeking to capitalize on this market opportunity should focus on offering flexible financing options and demonstrating the long-term return on investment to potential clients.

What will be the Size of the Automated Parking System (APS) Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
Request Free SampleThe market continues to evolve, integrating various components to optimize parking lot operations and enhance user experience. Parking guidance apps provide real-time information on available spots, while parking lot planning ensures efficient use of space through zoning and capacity planning. Autonomous parking systems streamline the process further, with seamless integration of parking garage management, safety, analytics, ventilation, design, and payment systems. Vehicle detection sensors monitor parking lot traffic flow and availability, enabling parking space accessibility and optimization. Parking lot maintenance is facilitated through smart parking solutions, including parking lot signage, parking guidance displays, and parking garage construction. Parking lot design incorporates parking space dimensions, landscaping, and parking infrastructure for optimal efficiency and user convenience. Autonomous parking, parking lot layout, and parking space allocation are key areas of innovation, with reverse parking, valet parking, and parallel parking systems also gaining traction. Parking lot operation is further enhanced through parking occupancy monitoring, parking revenue management, and parking security systems. The market's continuous dynamism reflects the ongoing integration of advanced technologies and evolving customer demands.

How is this Automated Parking System (APS) Industry segmented?

The automated parking system (aps) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. ComponentHardwareSoftwareEnd-userCommercialResidentialMixed-useGeographyNorth AmericaUSEuropeGermanyUKAPACChinaIndiaRest of World (ROW)

By Component Insights

The hardware segment is estimated to witness significant growth during the forecast period.The market is witnessing significant growth due to the increasing demand for efficient and convenient parking solutions in both commercial and residential sectors. Key components of APS include parking lot optimization, zoning, capacity planning, spot reservation, guidance software, space pricing, displays, garage construction, smart parking solutions, spot allocation, data integration, maintenance, signage, apps, planning, garage management, safety, analytics, ventilation, design, autonomous parking, layout, availability, payment systems, accessibility, vehicle detection sensors, guidance hardware, traffic flow, utilization, landscaping, park assist systems, spot optimization, real-time availability, allocation, dimensions, infrastructure, efficiency, management, occupancy monitoring, revenue management, operation, security systems, reverse parking, access control, valet parking, reservation systems, parallel parking, lot lighting, lot security, and garage security. The effectiveness of APS relies on the performance and reliability of its hardware components, which include sensors, cameras, control units, and other electronic devices. The market is expected to experience substantial growth between 2023 and 2028 due to the rising demand from end-users. Advancements in technology, such as AI-powered sensors and high-resolution cameras, are enh

Market Size statistics on the Parking Lots & Garages industry in the US

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Parking Management Market Size 2025-2029

The parking management market size is valued to increase by USD 9.79 billion, at a CAGR of 18.4% from 2024 to 2029. Increasing need for convenient and assured parking will drive the parking management market.

Major Market Trends & Insights

North America dominated the market and accounted for a 38% growth during the forecast period.
By Component - Solutions segment was valued at USD 3.3 billion in 2023
By Deployment - On-premises segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 232.00 million
Market Future Opportunities: USD 9790.30 million
CAGR from 2024 to 2029 : 18.4%

Market Summary

The market is witnessing significant growth due to the increasing demand for convenient and assured parking solutions. With the rise in urbanization and the subsequent increase in vehicular traffic, efficient parking management has become a necessity for cities and businesses alike. One of the key trends driving this market is the deployment of Low-Power Wide Area Network (LPWAN) technologies, such as LoRa and Sigfox, for smart parking management. These technologies enable real-time monitoring of parking spaces, occupancy detection, and contactless payment, enhancing the overall parking experience. However, the high deployment cost of parking management solutions remains a challenge for many organizations.
For instance, a large retail complex may require hundreds of sensors and cameras to manage its parking lot efficiently. To address this challenge, some businesses are exploring partnerships with third-party parking management providers or opting for cloud-based solutions that offer scalability and cost savings. For example, a major airport in Europe implemented a cloud-based parking management system, which helped reduce operational errors by 20% and improved customer satisfaction. The system enabled real-time monitoring of parking spaces, automated ticket issuance, and contactless payment, resulting in a more streamlined and efficient parking process. By leveraging technology and innovative business models, parking management providers are addressing the challenges of high deployment costs and delivering value to their clients.

What will be the Size of the Parking Management Market during the forecast period?

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How is the Parking Management Market Segmented ?

The parking management industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Component

  Solutions
  Services


Deployment

  On-premises
  Cloud


Application

  On-street parking
  Off-street parking
  Smart city integration


Solution Type

  Parking Guidance Systems
  Parking Reservation Systems
  Parking Enforcement Systems


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Component Insights

The solutions segment is estimated to witness significant growth during the forecast period.

The market continues to evolve, with the solutions segment holding a substantial 60% market share in 2024. Parking management solutions encompass a range of hardware designed to optimize parking facility usage in high-demand areas. Key components include parking guidance displays, barrier gate control, parking reservation systems, and license plate recognition technology. These solutions are integrated with parking analytics dashboards, access control systems, and space occupancy sensors for real-time parking data. Moreover, parking violation detection, parking enforcement software, and sensor network deployment facilitate parking facility optimization and parking occupancy prediction. The market's growth is fueled by the increasing need for efficient parking systems to mitigate global parking concerns and traffic flow management.

Smart parking meters and automated payment systems streamline parking space allocation, while parking lot cameras and mobile parking payment enhance user convenience. Additionally, parking infrastructure advancements such as parking revenue tracking, parking revenue management, parking capacity planning, parking rate optimization, and parking data integration further boost market growth. The market is poised for continued expansion, offering significant opportunities for innovation in parking technology.

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The Solutions segment was valued at USD 3.3 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

North America is estimated to contribute 38% to the growth

Parking Management Market was valued at USD 4,300 million in 2022 and is forecast to touch USD 9,698 million in 2030, and the market is expected to grow at a CAGR of 10.7% from 2023-2030.

The parking management market size reached USD 3.77 Billion in 2020 and is expected to reach market size of USD 6.96 Billion by 2028 and register a CAGR of 8.1%. Parking management industry report classifies global market by share, trend, and on the basis of offering, services, solutions, deployment...

The Parking Management Solutions Market is estimated to be valued at USD 503.3 billion in 2025 and is projected to reach USD 867.8 billion by 2035, registering a compound annual growth rate (CAGR) of 5.6% over the forecast period.

The Europe Smart Parking Market Report is Segmented by Type (Parking Operators, Parking Management Companies, Infrastructure Providers, and More), Solution (Hardware, Software, and Services), Technology (In-Ground Sensors, Camera/ANPR, Iot Platforms, Mobile Apps, and EV-Charging Integration), End-User (Municipalities, Commercial Car-Parks, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

Global Parking Management market size is expected to reach $5.83 billion by 2029 at 9.5%, segmented as by solution, access control, security & surveillance, revenue management, parking reservation management, valet parking management

The global real-time parking system market is estimated to be valued at USD 7.8 billion in 2025 and is projected to reach USD 19.5 billion by 2035, advancing at a CAGR of 9.6% during the forecast period.

Real-Time Parking System Market: Bi-Annual Review and Key Insights

Analysis of Top Countries, Producing, Using, and Distributing Real Time Parking System

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Western Europe Smart Parking Market Size 2024-2028

The Western Europe smart parking market size is forecast to increase by USD 2.63 billion at a CAGR of 18.03% between 2023 and 2028. In Western Europe, the smart parking market is witnessing significant growth due to the integration of advanced technologies such as smart mobile applications, parking guidance systems, and EV charging stations. These innovations enhance the user experience by providing real-time information on available parking spots, guiding drivers to open spaces, and offering contactless payment options. Moreover, the adoption of indoor car parking solutions with LED signaling, ultrasonic frequency range detection, and camera systems is increasing. The market is experiencing significant growth, driven by the integration of advanced technologies such as IoT, RFID, ML, and artificial intelligence. This technological evolution enables real-time parking availability information, contactless payment systems, and improved traffic management. Another trend shaping the market is the integration of EV charging stations with smart parking systems, addressing the increasing demand for electric vehicles. However, challenges persist, including data privacy and security concerns, as well as the need for standardization and interoperability between different parking systems. To address these challenges, ongoing research focuses on improving parking guidance systems through sound propagation and reflection techniques, as well as optimizing the user experience through seamless integration with other transportation services. By addressing these trends and challenges, the market is poised for continued growth and innovation. From a US perspective, the smart parking market is experiencing similar trends with the integration of advanced technologies, such as mobile applications, parking guidance systems, and EV charging stations, to enhance the user experience and improve parking efficiency. However, privacy and security concerns, standardization, and interoperability remain key challenges that need to be addressed to ensure the successful implementation and adoption of smart parking solutions. Ongoing research and innovation in areas like sound propagation and reflection techniques, as well as user experience optimization, will continue to drive growth in the US smart parking market.

What will be the Size of the Market During the Forecast Period?

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The parking industry in Western Europe is witnessing significant advancements with the integration of technology to enhance efficiency and convenience in urban areas. The increasing urban population and vehicle sales have led municipalities to seek innovative parking management solutions to address the challenges of managing limited parking spaces in densely populated cities. Smart parking systems are gaining popularity in Western Europe as they offer real-time data information on vacant parking spaces, enabling motorists to locate and occupy available slots more efficiently. These systems utilize various hardware components such as RFID tags, license plate recognition, ultrasonic sensors, and advanced analytics solutions to optimize parking space utilization.

Moreover, one of the primary benefits of smart parking systems is their ability to reduce traffic congestion and air pollution by guiding motorists to nearby vacant parking spaces, thereby eliminating the need for them to circle around looking for available spots. These systems also offer automated pay stations and intelligent parking systems that facilitate contactless transactions, ensuring a seamless parking experience for users. Advanced parking garages equipped with real-time data information and intelligent parking systems are becoming increasingly common in Western Europe. These garages use embedded software and symbols on parking signs to guide motorists to vacant spaces, ensuring efficient utilization of available parking slots.

Also, ultrasonic sensors and RFID tags are essential hardware components of smart parking systems. Ultrasonic sensors detect vacant parking spaces by measuring the distance between vehicles, while RFID tags enable contactless transactions and facilitate easy entry and exit from parking garages. License plate recognition technology is another critical component of smart parking systems, enabling automatic identification of vehicles and facilitating easy payment and access control. This technology also helps in managing parking violations and improving revenue collection for municipalities.

In conclusion, the market is witnessing significant growth due to the increasing demand for efficient and convenient parking solutions in urban areas. The integration of technology such as RFID tags, license plate recognition, ultrasonic sensors, and analytics solutions is enabling municipalities to optimize parking space utilization, reduce traffic congestion, and enha

According to Cognitive Market Research, the global automated parking management systems market size was USD 2015.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 18.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 806.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 604.65 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 463.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 100.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 40.31 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.7% from 2024 to 2031.
The hardware held the highest automated parking management systems market revenue share in 2024.

Market Dynamics of Automated Parking Management Systems Market

Key Drivers for Automated Parking Management Systems Market

Growing Interest in Passenger Vehicles to Increase the Demand Globally

The automated parking management systems market has experienced growth due to increased interest in passenger vehicles. Passenger vehicle parking devices reduce driver engagement, minimize anxiety associated with accommodation, and successfully and proactively move vehicles into parking places, all of which improve both safety and convenience. Consequently, the industry for automatic parking systems is expanding due to the increasing need for automobiles for passengers.

Increasing Expenditure on Infrastructure to Propel Market Growth

The automated parking management systems market has witnessed steady growth, driven by the rising expansion of infrastructure expenditures made worldwide. Automated parking systems are becoming more and more common in both residential and business structures due to the fast development process. Developers of property are now being encouraged to incorporate these systems into their construction endeavors. Customers are becoming more interested in owning apartments or dwellings in increasingly premium structures with improved parking systems due to their increasing financial situation and desire for greater standards of lifestyle. Saving space is aided by automated parking solutions. Automated parking systems have become more common because of design advancements in garages and parking areas.

Restraint Factor for the Automated Parking Management Systems Market

Expansive Prices to Limit the Sales

The expansion of the automated parking management systems market is largely restricted due to the high initial cost of infrastructure. Establishing superior parking systems requires a larger upfront expenditure than building conventional ones. Several pieces of apparatus operate in synchrony to accomplish robotics in automated parking systems. Because automated parking systems are costly, numerous companies lack interest in them and instead put profits ahead of customer satisfaction. Furthermore, industrial automated parking facilities could become unprofitable if passengers park outside on roads in order to avoid paying parking costs and cause delays in parking operations. The substantial upfront costs associated with developing these technologies could impede market expansion.

Impact of Covid-19 on the Automated Parking Management Systems Market

The automated parking management systems market has witnessed growth due to rising demand for innovative technology. Key drivers include increased automated vehicles. The automated parking structure business was impacted significantly by the COVID-19 outbreak. The deployment of automated parking facilities was impacted by the costly development reexamination and disruptions brought about by the financial slump and uncertainty. Furthermore, the pandemic underscored the significance of non-invasive and automated technology. This may lead to heightened curiosity about automated parking facilities as cities adjust to evolving standards and give precedence to intelligent, ...

global smart parking market size was worth around USD 7.16 billion in 2023 and is predicted to grow to around USD 27.85 billion by 2032,(CAGR) of 18.50% between 2024 and 2032