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)
- North America
.
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 management for holistic urban planning.
Parking sustainability is a crucial aspect of the market, with a focus on parking equity, industry standards, and regulations. Parking demand forecasting and lot optimization are essential for managing parking assets effectively and generating revenue. Occupancy monitoring and spot availability are key features of smart parking systems, ensuring efficient use of parking spaces and reducing search times. Cloud-based parking solutions and analytics dashboards provide valuable insights into parking usage trends, enabling data-driven decision-making. Parking technology adoption includes parking guidance systems, access control, and payment solutions, enhancing the overall parking experience. Innovations in parking include dynamic pricing, autonomous vehicle integration, and parking enforcement solutions.
The hardware segment of the market consists of essential components, including parking sensors, smart meters, cameras, gate control systems, and EV charging stations. These elements provide real-time data, optimize parking space utilization, and enhance user experience. By focusing on these integrated entities, the market continues to evolve and address the demands of modern parking requirements.
The Hardware segment was valued at USD 2.77 billion in 2019 and showed a gradual increase during the forecast period.
Regional Analysis
North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The North American market is witnessing significant growth due to the widespread adoption of innovative technologies, increasing urbanization, and a strong emphasis on upgrading transportation infrastructure. The United States and Canada are at the forefront of implementing smart parking solutions, prioritizing traffic reduction and urban mobility enhancement. IoT, artificial intelligence (AI), mobile payment systems, and cloud-based parking management have transformed the conventional parking experience, making it more efficient and customer-centric. In the US, major metropolitan areas such as New York, Los Angeles, Chicago, and San Francisco, which face significant traffic congestion, are extensively utilizing smart parking solutions.
These cities' parking infrastructure is being upgraded with advanced technologies like real-time parking availability, dynamic pricing, parking analytics dashboards, and parking guidance systems. Additionally, the integration of electric vehicle charging stations, autonomous vehicle compatibility, and parking access control systems is becoming increasingly common. Smart city initiatives are also playing a crucial role in the adoption of smart parking solutions, as urban areas aim to optimize parking space utilization, improve parking equity, and enhance parking safety and security. The parking industry is collaborating with solution providers, industry partnerships, and technology companies to develop parking management software, parking app development, and parking lot design that cater to the evolving demands of consumers.
Parking sustainability practices, such as parking demand forecasting, parking lot optimization, and parking occupancy monitoring, are gaining traction as cities strive to reduce their carbon footprint and promote eco-friendly transportation alternatives. The parking industry is also adopting dynamic pricing, traffic flow management, and parking fee optimization to maximize parking revenue generation and improve parking operations efficiency. In conclusion, the North American market is experiencing rapid growth as cities prioritize the implementation of advanced parking technologies to address traffic congestion, improve urban mobility, and enhance the overall parking experience for consumers.
Market Dynamics
Our researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
What are the key market drivers leading to the rise in the adoption of Smart Parking Industry?
- Urbanization and population growth serve as the primary catalysts for market expansion.
- The market is experiencing significant growth due to urbanization and population expansion. By 2024, approximately 56% of the world's population, or 4.4 billion people, resided in urban areas. This trend is projected to continue, with the urban population expected to reach nearly 70% by 2050. This demographic shift brings challenges and opportunities for urban infrastructure, particularly in the parking industry. Traditional parking systems are often insufficient in addressing the increasing demand for parking spaces in densely populated areas. Inefficient space utilization, traffic congestion, and increased pollution are common issues. To address these challenges, parking solution providers are partnering with industry players to implement smart parking systems.
- These solutions include parking lot design with smart parking sensors, real-time parking availability, parking payment solutions, and transportation management systems. Moreover, parking security systems and parking asset management are essential components of smart parking solutions. Cloud-based parking solutions offer flexibility and scalability, making them increasingly popular. Parking enforcement and revenue generation are also crucial aspects of smart parking systems, ensuring efficient and effective parking management. Understanding these trends and dynamics can help businesses capitalize on the opportunities presented by the market.
What are the market trends shaping the Smart Parking Industry?
- The adoption of mobile and app-based parking solutions is an emerging market trend. This modern approach to parking management offers convenience and efficiency for users.
- The market is experiencing significant growth due to the adoption of advanced technologies such as parking guidance displays, dynamic pricing, parking traffic management, parking analytics dashboards, and parking mobility services. These innovations aim to optimize parking space usage, parking fee optimization, and improve parking operations efficiency. The integration of parking data analytics enables real-time monitoring and management of parking facilities, enhancing user experience and accessibility. The trend toward parking technology adoption is emphasized by partnerships like the one between ParkMobile and Purdue University, where the mobile parking payment app is integrated across the campus, offering drivers a more convenient and efficient parking solution.
- These advancements are transforming the parking industry, making parking regulations more adaptive and responsive to changing traffic patterns.
What challenges does the Smart Parking Industry face during its growth?
- The growth of the industry is significantly impacted by the complex issue of balancing privacy and data security concerns. This challenge requires robust solutions to protect sensitive information and maintain trust with customers.
- Smart parking systems, which integrate parking space allocation, revenue management, and customer experience through parking mobility apps and infrastructure upgrades, are gaining traction in the parking industry. These systems collect and analyze occupancy data in real-time to optimize parking space utilization and improve parking demand forecasting. However, the increasing use of these systems raises concerns about user privacy and data security. In December 2023, EasyPark, a leading parking app operator in Europe, experienced a data breach, resulting in the unauthorized access of customer information, including personal details and payment data.
- This incident underscores the importance of implementing robust parking sustainability practices and adhering to industry standards to safeguard sensitive data from cyber threats and misuse. Electric vehicle charging integration and parking equity are also emerging trends in the market. The future of parking lies in the seamless integration of technology, sustainability, and customer convenience.
Exclusive Customer Landscape
The smart parking market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the smart parking market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, smart parking market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
3M Co. - This company provides advanced parking solutions, including 3M Smart Variable Messaging Signs.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- 3M Co.
- AISIN Corp.
- Altiux Innovations Pvt. Ltd.
- Amano McGann
- Cisco Systems Inc.
- Conduent Inc.
- Continental AG
- EasyPark
- IEM SA
- International Business Machines Corp.
- IPS Group Inc.
- Libelium Comunicaciones Distribuidas S.L.
- ParkMobile LLC
- Robert Bosch GmbH
- Siemens AG
- SKIDATA AG
- Smart Parking Ltd.
- SWARCO
- TIBA PARKING SYSTEMS
- TKH Group NV
- Urbiotica
- Valeo SA
- Verra Mobility Corp.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Recent Development and News in Smart Parking Market
- In February 2024, Bosch and Siemens announced a strategic partnership to jointly develop and market intelligent parking solutions, combining Bosch's parking technology expertise with Siemens' smart city offerings (Bosch press release, 2024). In May 2024, IBM and parking technology provider ParkMe unveiled a new AI-powered parking solution, enabling real-time parking availability and occupancy information for cities and parking operators (IBM press release, 2024).
- In August 2024, Singapore-based parking tech startup ParkPlus raised a Series C funding round of USD30 million, led by Sequoia India, to expand its smart parking network and enhance its mobile application offerings (TechCrunch, 2024).
Research Analyst Overview
- The market encompasses various technologies and systems designed to enhance and optimize parking experiences. Key components include parking structures and decks, parking payment terminals, RFID systems, mobile payments, and NFC systems. These innovations cater to diverse parking needs, from on-street parking and parking lots to off-street parking and garages. Parking structures and decks incorporate advanced features such as parking capacity planning, parking data visualization, and user interfaces to streamline operations and improve customer experience. Parking enforcement is bolstered by cameras and gate systems, while parking maintenance is facilitated by lighting and ventilation systems. Parking payment methods have evolved, with the integration of parking data and Bluetooth beacons enabling contactless transactions.
- Parking demand analysis and wayfinding technologies assist drivers in locating available spots, reducing frustration and congestion. Lease agreements and permit systems provide flexibility and convenience for long-term parking arrangements. Multi-level parking and parking capacity planning ensure efficient use of limited space. Operating costs are minimized through data integration and real-time monitoring of parking facilities. Customer feedback is essential for continuous improvement, and parking signage and impact assessment tools help optimize parking operations and address user concerns. Overall, the market is characterized by continuous innovation and integration of technology to create more efficient, convenient, and secure parking solutions.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Smart Parking Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
244 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 20.7% |
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Market growth 2025-2029 |
USD 15194.6 million |
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Market structure |
Fragmented |
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YoY growth 2024-2025(%) |
19.1 |
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Key countries |
US, China, Germany, UK, Canada, France, Japan, India, Spain, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Smart Parking Market Research and Growth Report?
- CAGR of the Smart Parking industry during the forecast period
- Detailed information on factors that will drive the growth and forecasting between 2025 and 2029
- Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
- Accurate predictions about upcoming growth and trends and changes in consumer behaviour
- Growth of the market across North America, Europe, APAC, Middle East and Africa, and South America
- Thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the smart parking market growth of industry companies
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