Parking Meter Apps Market Report: Size, Share and Outlook by 2031

The global market for parking meter applications is projected to expand significantly, increasing from US$ 62.2 million in 2021 to US$ 234.2 million by 2028. This growth represents a compound annual growth rate (CAGR) of 18.7% over the period from 2021 to 2028.

Developed regions, particularly Europe and North America, currently dominate the market. This dominance is attributed to a high density of registered vehicles per capita and the presence of numerous regulated parking spaces. Additionally, the increasing focus on enhancing mobility in densely populated urban areas is driving the demand for parking meter applications in these regions. However, the market remains highly fragmented due to the presence of numerous local and regional players, many of whom have limited opportunities for business expansion, even in these developed economies.

In contrast, developing nations present substantial growth opportunities for parking meter app providers, primarily due to the prevalence of unregulated and free parking spaces. Furthermore, the demand for smart parking solutions, including parking meter applications, is significantly influenced by commercial establishments and government offices. The rise of smart city initiatives in Asia is also contributing to the increased demand for advanced parking solutions. As infrastructure development accelerates in these developing regions, the deployment of smart technologies, such as smart parking meters, is expected to rise, thereby boosting the demand for parking meter applications in the future.

In North America, especially in the United States, the growth of the parking meter apps market is largely fueled by several factors. These include the rising number of vehicles, limited land availability for parking, a strong focus on consumer convenience, and government-led smart city initiatives. Additionally, favorable economic conditions have fostered a vibrant startup ecosystem in the region. For instance, the Canadian government has implemented smart parking solutions across 1,456 on-street parking locations and 29 off-street parking lots, which include 1,449 parking spaces and 2 municipal garages providing 966 parking spots.

Key players in the parking meter apps market include notable companies such as IEM SA, INRIX, Inc., ParkMate, Parkopedia, Arrive (ParkWhiz), ParkMobile, LLC, PASSPORT LABS, INC., Flowbird, PayByPhone, and EasyPark.

The overall market size for parking meter applications has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aimed to provide a comprehensive overview and forecast of the parking meter apps market across various segments and regions.

To further validate the data and gain deeper analytical insights, multiple primary interviews were conducted with industry stakeholders and experts. Participants in this research included professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the parking meter apps sector.