Parking Meter Apps Market to register a CAGR of 18.7% by 2028

The global parking meter apps market is expected to grow from US$ 62.2 million in 2021 to US$ 234.2 million by 2028; it is estimated to register a CAGR of 18.7% during the forecast period.

Smart city initiatives are gaining pace in developing countries, and these projects generate huge demand for technologically advanced and intelligent parking management solutions. Moreover, the rising commercialization and urbanization in developing countries, and increasing number of vehicles on the road are bolstering the parking meter apps market growth. A reduction in the cost of technology and services by the solution service providers is also foreseen to stimulate the adoption of parking meter apps in several developed and developing countries in the coming years. Further, China is expected to hold the largest share of the market in Asia Pacific due to the high use of vehicles in urban areas. Access to real-time parking data would save drivers' time on finding parking space for their vehicles, along with reducing traffic congestion. With the ever-increasing penetration of smartphones and availability of mobile applications integrated with different features, it has become possible for vehicles users find vacant parking spaces and navigate toward the same, which is one of the significant factors boosting the parking meter apps market.

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Companies Profiled in this report includes:  IEM SA, INRIX, Inc., ParkMate, Parkopedia, Arrive (ParkWhiz), ParkMobile, LLC, PASSPORT LABS, INC., Flowbird, PayByPhone, EasyPark

Impact of COVID-19 Pandemic on Parking meter apps Market

The COVID-19 pandemic has caused disruptions in parking industries due to restrictions on intercity travel and office operations. A sharp decline in the growth of parking users due to the pandemic has delayed or postponed the planned investment for parking management, which restricted the parking meter apps market growth. However, the importance of digital payments in parking meters and requirement of contactless parking payment solutions has increased amid the pandemic conditions, thereby creating lucrative growth opportunities for the parking meter app market players.

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Parking Meter Apps Market Insight

Rising Adoption of Smart Technologies Bolsters Parking Meter App Market Growth

Traffic congestion and parking space unavailability have been long-term problems in developed and developing regions worldwide. At present, smart parking technologies are revolutionizing the car park applications (apps). A few of the smart technologies experiencing tremendous demand in the current parking meter app designing are parking guidance information systems, automated parking systems, smart parking payment systems, and parking reservation systems. In addition, demand for the security and safety of parked vehicles is also increasing rapidly among drivers and vehicle owners, which is propelling the procurement of parking surveillance systems Another factor boosting the adoption of smart technologies is their ability to optimize vacant spaces and provide real-time parking space information. This eventually helps drivers in parking their vehicles on-street as well as off-street with ease.

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