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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 due to several key trends. Urbanization and population growth are driving the need for efficient and convenient parking solutions. The adoption of mobile and app-based parking systems is increasing, providing users with the ability to reserve and pay for parking spaces remotely. However, privacy and data security concerns remain a challenge, requiring strong security measures to protect user information. Overall, the market is expected to continue growing as technology advances and meets the demand for smarter, more connected parking solutions. The Internet of Things (IoT) and machine-to-machine (M2M) technologies play a crucial role in the integration and communication between these hardware components and transport systems. Urbanization and population growth are major growth factors for the market, leading to a higher need for efficient and convenient parking solutions.
The adoption of mobile and app-based parking systems is increasing, offering users the convenience of reserving and paying for parking spaces remotely. However, privacy and data security concerns are a challenge that must be addressed through strong security measures to protect user information. The market is expected to continue growing as technology advances and meets the demand for smarter, more connected parking solutions.

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

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The market is experiencing significant growth due to the increasing demand for accessible and efficient parking solutions. Universities and businesses are adopting smart parking technologies to optimize garage management and enhance the parking experience for their clients. These solutions include smart apps, LPR cameras, wireless payment technologies, and lot automation. Infrastructure development and M2M communication are key drivers in the market, enabling real-time space management, availability, and utilization. Smart parking systems offer advanced features such as demand forecasting, reservation systems, and enforcement, ensuring optimal space utilization and revenue generation. The integration of guidance systems, security, and data analytics further enhances the value proposition.



The adoption of these technologies is not limited to commercial applications but is also gaining traction in public transportation, hospitals, airports, and other sectors. Autonomous vehicles and electric vehicles are emerging trends in the market, necessitating the development of new components and integration with existing systems. Innovation in management software, app development, and infrastructure development continues to drive the market forward, providing businesses with the tools they need to improve parking efficiency and enhance the customer experience.

How is this Smart Parking Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' 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

    Canada
    US


  Europe

    Germany
    UK
    France
    Spain


  APAC

    China
    India
    Japan
    South Korea


  Middle East and Africa



  South America

By Component Insights

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

The market encompasses hardware components that facilitate real-time data transmission and user experience enhancement in parking systems. Key hardware elements include parking sensors, smart meters, cameras, gate control systems, and EV charging stations. Parking sensors, installed in individual spaces, transmit occupancy data to central systems, guiding drivers to available spots and optimizing parking space utilization. By reducing time spent searching for parking and alleviating traffic congestion, these sensors contribute significantly to urban mobility.

Online payment systems, including contactless and automated, ensure seamless revenue management and compliance with parking regulations. Urbanization and population growth necessitate advanced parking technologies to address traffic congestion and space utilization challenges.

Get a glance at the Smart Parking Industry report of share of various segments Request Free Sample

The hardware segment was valued at USD 2.77 billion in 2019 and s

Smart Parking Market is estimated to grow $ 38.29 Bn by 2032 from a value of $ 9.16 Bn in 2024 and is expected to reach $ 10.79 Bn in 2025, expand at a compound annual growth rate (CAGR) 22.0% from 2025 to 2032.

Global Parking Management market size is expected to reach $5.96 billion by 2029 at 9.9%, segmented as by solution, access control, security & surveillance, revenue management, parking reservation management, valet parking management

This statistic represents the global smart parking market size in 2018, with a forecast for 2023. The global smart parking market is expected to grow to some 3.8 billion U.S. dollars by 2023, at a CAGR of 14 percent.

The global parking management market size reached USD 5.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 10.1 Billion by 2033, exhibiting a growth rate (CAGR) of 7.67% during 2025-2033. The market is growing because of different factors like rising sales of EVs, technological advancements continuously taking place to boost operational efficiency and enhance user experience, and the increasing number of smart cities that need advanced and efficient parking solutions.

How many parking spaces are there in the Netherlands? According to a 2018 report, no exact data exists on this. It is estimated to be between 14 to 18 million spaces. The data this is based on comes from two different research methods, both of which have been included in this statistic. For 2016, the number is based on a calculation on the total number of passenger cars which was multiplied with a number of 2.2 parking spaces per car (based on one space on the place of departure, one space on the destination and "other" capacity). All 2014 numbers were extrapolated from 2002 parking space data with the help of car ownership and population growth. The source therefore states quite clearly that both 2014 and 2016 are not based on actual censuses and should therefore be approached with caution.

The Europe Smart Parking Market Report is Segmented by Type (Parking Operators, Parking Management Companies, Infrastructure Providers (Hardware & Software), P2P Parking Apps), and by Country (Germany, United Kingdom, France, Spain, the Netherlands, and rest of Europe). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

In 2024, the industry activity index for automobile parking in Japan stood at 102.3 points, increasing slightly from 102.2 points in the previous year. The Indices of Tertiary Industry Activity are designed to track and reveal business trends in Japan’s service industries.

The Parking Management Systems Market Share size and share are expected to exceed USD 11.29 billion by 2034, with a compound annual growth rate (CAGR) of 7.3% .

The Market Report Covers Europe Car Parking Companies and is Segmented by Application Area (Parking Operators/Parking Management Companies, Infrastructure Providers (Hardware and Software), P2P Parking Apps Providers) and by Country.

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.

Country-wise Forecast CAGRs for the Parking Management Solutions Market

[300 Pages Report] The parking management solutions market trade is estimated at US$ 404.7 Billion in 2021. The sale is expected to reach US$ 440 Billion in 2022. According to the analysis, the global parking management solutions market is anticipated to secure US$ 768.2 Billion in 2032, while flourishing at a 5.6% CAGR from 2022 to 2032.

The Global Parking Meter Apps Market was estimated to be worth US$ 62.2 Million. With the increasing issue of parking spot availability worldwide, the market is expected to reach a worth of about US$ 358 Million by the end of 2032, with a projected CAGR of 17.1% from 2022 to 2032. From 2017 to 2021, the Parking Meter Apps Market experienced a growth of 18.7%.

The size and share of this market is categorized based on Technology (Mobile Applications, Web Platforms, IoT Devices, Cloud-based Solutions, Data Analytics) and Application (Commercial Parking, Residential Parking, Public Parking, Event Parking, Airport Parking) and End-User (Individual Users, Municipalities, Parking Operators, Fleet Management, Smart City Initiatives) and geographical regions (North America, Europe, Asia-Pacific, South America, Middle-East and Africa).

The global parking management market, valued at $5.19 billion in 2025, is projected to experience robust growth, driven by increasing urbanization, technological advancements, and the rising demand for efficient parking solutions. The market's Compound Annual Growth Rate (CAGR) of 9.26% from 2025 to 2033 indicates a significant expansion, with the market expected to reach approximately $11.7 billion by 2033. Key growth drivers include the rising adoption of cloud-based parking management systems, offering scalability and cost-effectiveness. Smart parking technologies, such as automated license plate recognition (ALPR) and mobile payment systems, are transforming the industry, enhancing convenience for drivers and improving operational efficiency for parking operators. Furthermore, the increasing integration of parking management systems with other smart city initiatives contributes to market expansion. The shift towards on-street parking solutions, particularly in densely populated urban areas, also presents a significant growth opportunity. However, certain restraints exist, primarily related to the high initial investment costs associated with implementing advanced parking management systems. Data security concerns and the need for robust cybersecurity measures to protect sensitive user data pose challenges. Nevertheless, the overall market outlook remains positive, fueled by the continuous innovation in parking technologies and the increasing need for efficient and intelligent parking solutions in urban environments. The market segmentation by deployment type (on-premise, cloud-based) and parking site (off-street, on-street) provides insights into specific market dynamics and growth potential within each segment. Leading companies such as Amano McGann, DEPLOT, and others are actively shaping the market through continuous product development and strategic partnerships. The regional distribution of the market reflects the varying levels of urbanization and technological adoption across different geographies, with North America and Europe currently holding significant market shares. Parking Management Market: A Comprehensive Report (2019-2033) This insightful report provides a detailed analysis of the global Parking Management Market, offering a comprehensive overview of market trends, competitive landscapes, and future growth prospects. Valued at XX Million in 2025, the market is poised for significant expansion, reaching XX Million by 2033, exhibiting a robust Compound Annual Growth Rate (CAGR) of XX% during the forecast period (2025-2033). This report covers the historical period from 2019-2024, with 2025 serving as the base year. Recent developments include: July 2022 - YourParkingSpace, One of the UK's fastest-growing parking technology providers, has been acquired by one of the global leaders in urban mobility, Flowbird. This acquisition sees Flowbird join forces with YourParkingSpace to expand Flowbird's off-street and digital offerings rapidly., June 2022 - APCOA Parking Deutschland has launched a new partnership with the Danish car-sharing provider GreenMobility in Cologne. Ten parking spaces are made available to customers in the Klapperhof and Rheinauhafen underground parking facilities, where customers can pick up and drop off GreenMobility's Renault ZOE e-cars free of charge., June 2022 - Flowbird Group, a global leader in unattended payment technology and mobile payment applications, has announced the deployment of an Automated Parking integrated fee collection system for Palisades Interstate Park Commission in partnership with a local distributor, Devo & Associates.. Key drivers for this market are: Traffic Management and Fuel Saving, High Adoption of Cloud Computing Technologies. Potential restraints include: Security Concerns and Complexity in System Integration. Notable trends are: Traffic Management is Expected to Drive Market Growth.

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

India Parking Systems Market is projected to reach USD 653.3 million by 2032, growing at a CAGR of 4.6% from 2024-2032.

The global smart parking market size projected to reach US$ 31.05 Bn by 2032, growing at CAGR 18.7%, driven by urbanization and rising vehicle use

The Global Parking Reservation Systems Market is segmented by Parking Site (On-street Parking and Off-street Parking), Solutions (Web-based, Mobile-based, and Voice Call-based), and End-user Vertical (Government, Retail, and Hospitality), and Geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

The size of the Parking Management Market was valued at USD 0.32 Billion in 2024 and is projected to reach USD 0.92 Billion by 2033, with an expected CAGR of 16.26% during the forecast period. The Parking Management Market encompasses a diverse range of technologies and services aimed at optimizing parking operations. This includes solutions for parking guidance systems, access control, payment processing, reservation systems, and demand-responsive pricing. Key market drivers include the increasing urbanization and consequent traffic congestion, the rise of smart cities initiatives, and the growing adoption of connected and autonomous vehicles. The market is witnessing significant technological advancements, such as the integration of artificial intelligence (AI) and the Internet of Things (IoT) for real-time data analysis, predictive analytics, and automated parking solutions. Major players in the market include companies specializing in parking technology, parking operators, and system integrators. The market is expected to exhibit substantial growth in the coming years, driven by the continuous need for efficient and sustainable parking solutions in urban environments. Recent developments include: June 2022 Passport, the largest provider of transportation software and payment services, provides all customers with a powerful platform that centralizes and agglomerates all of a city's parking, policing, and digital permitting data into a single location while also integrating additional data insights with embedded payment capabilities. Clients can handle a wide range of mobility management complexity in one place, allowing them to make informed, data-driven decisions that improve their entire curbside operations., November 2021 Verra Mobility Corporation, a smart mobility company based in the United States, paid $21 million for T2 Systems, Inc. This purchase completes Verra's urban transportation technology portfolio, allowing us to maintain revenue growth while extending our client base and providing streamlined mobility solutions to improve customer experience and service reach across North America.. Key drivers for this market are: Urbanization and Population Growth: The growth of cities drives the demand for efficient and convenient parking solutions.

Increased Vehicle Ownership: Rising vehicle ownership rates necessitate better parking infrastructure and management systems.

Government Initiatives: Governments are implementing regulations to improve parking efficiency and reduce congestion.

Technological Advancements: Smart parking technologies offer improved user experience, security, and efficiency.

Environmental Concerns: Parking management systems prioritize sustainability and reduce environmental impact.. Potential restraints include: High Cost of Implementation: Smart parking systems can be expensive to install and maintain.

Data Privacy and Security Concerns: Parking management systems collect sensitive data, raising concerns about privacy and security.

Limited Infrastructure: The expansion of parking facilities is often constrained by space limitations and infrastructure challenges.

Regulatory Barriers: Varying regulations and permit requirements can hinder the deployment of parking management systems.

Changing Consumer Behavior: Ride-sharing and other transportation alternatives may reduce the demand for traditional parking solutions.. Notable trends are: Contactless Parking: Mobile apps and contactless payments enable touchless parking transactions.

Dynamic Pricing: Parking prices adjust based on demand and availability to optimize revenue and reduce congestion.

Integrated Mobility Solutions: Parking management platforms integrate with other transportation apps to provide a seamless user experience.

Data-Driven Decision Making: Parking operators leverage data analytics to make informed decisions and improve efficiency.

Sustainability Initiatives: Parking facilities adopt green practices, such as energy-efficient lighting and electric vehicle charging infrastructure..