Parking Meter Apps Market Forecast to 2028 | Industry Analysis

Parking Meter Apps Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Platform (Android and iOS) and End User (Personal and Businesses)

Publication Month : Nov 2021

  • Report Code : TIPRE00025549
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 139
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The 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% from 2021 to 2028.

The growing traffic congestion due to rise in vehicle count is driving the growth of the parking meter apps market. These vehicle parking meters are traditionally installed in public parking areas to manage traffic and ensure easy parking space availability for visitors. Now-a-days, technological advancements in parking management systems, such as the Internet of Things (IoT) and app-based e-payments, are enhancing consumer experience and boosting parking meter app adoption. Furthermore, the growing demand for electric vehicles is encouraging city authorities to deploy smart parking stations having enhanced connectivity to modern technologies. Access to real-time parking data would save drivers’ time spent on finding parking space, 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 to navigate toward vacant parking spaces, which is one of the significant factors boosting the parking meter apps market.

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Parking Meter Apps Market: Strategic Insights

Market Size Value inUS$ 62.2 million in 2021
Market Size Value byUS$ 234.2 million by 2028
Growth rateCAGR of 18.7% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
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The parking meter apps market is segmented on the basis of platform, end user, and geography. These apps are based on iOS and Android platforms. Based on end user, the global parking meter apps market is segmented into personal and businesses. In terms of geography, the parking meter apps market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). A few of the key companies operating in the parking meter apps industry are IEM SA; INRIX, Inc.; ParkMate; Parkopedia; Arrive (ParkWhiz); ParkMobile, LLC; PASSPORT LABS, INC.; Flowbird; PayByPhone; and 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.

Platform Segment Insights

Based on the platform, the global parking meter apps market is segmented into Android and iOS. While the Android segment holds a significant market share, the market for the iOS segment us rising significantly on the basis of the growing purchasing power of consumers in developing nations. The count of android smartphone users is greater than the iOS phone users, which contributes to the proliferation of the mobile meter apps based on of Android platform.  

Parking Meter Apps Market, by Payment Type (% Share)

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End user Segment Insights

Based on end user, the global parking meter apps market is segmented into personal and businesses. The personal segment holds a larger share of the market due to increasing adoption among drivers for effectively finding parking spaces and making payments quickly. However, businesses are increasingly deploying the parking meter apps solutions for the ease of employees.

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors. For instance, in October 2021, ParkMobile entered into a partnership with North Carolina Central University to provide contactless parking reservation for the football and basketball games held there. This move expands ParkMobile's presence in North Carolina, exceeding 574,000 users in the region.

Parking Meter Apps Market – Company Profiles

  • IEM SA
  • INRIX, Inc.
  • ParkMate
  • Parkopedia
  • Arrive (ParkWhiz)
  • ParkMobile, LLC
  • Flowbird
  • PayByPhone
  • EasyPark
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Platform, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

Which region has the largest market share in the parking meter apps market?

Geographically, North America will have the largest share in the parking meter apps market by 2025, owing to rapid technological developments, numerous investments and supportive Government policies in North American countries.

Who are the major vendors in the parking meter apps market?

Key companies operating in the parking meter apps industry include IEM SA; INRIX, Inc.; ParkMate; Parkopedia; Arrive (ParkWhiz); ParkMobile, LLC; PASSPORT LABS, INC.; Flowbird; PayByPhone; and EasyPark Several other players are also operating in the global market, contributing significant revenue shares every year.

Which vehicle type segment has the largest market share in 2020?

Based on the Platform, the global parking meter apps market is segmented into Android and iOS. While Android parking meter apps hold a significant market share, the iOS key is rising significantly on the basis of the growing purchasing power of consumers in developing nations.

Which region is expected to witness significant demand for parking meter apps market?

APAC is expected to be the fastest growing region in the deployments of parking meter apps. The growing number of smart city projects in Asian region has augmented the demand of smart parking solutions, which bolster the demand parking meter apps. The increasing infrastructure development developing nations support the smart technology deployment such as smart parking meters. Thus, with increasing infrastructure development the demand for smart parking meter apps will also increase.

What are the driving factors responsible for the growth of parking meter apps market?

Favourable Government Regulation
Increasing vehicle production and consumption in Emerging Economies of APAC
Rising Adoption of Smart Technologies

What are the market opportunities for parking meter apps market?

Various municipalities are awarding contracts to parking meter apps service providers to optimize their parking systems. Partnerships among the service providers are also becoming a mainstream development strategy in the current parking meter apps market, which is encouraging the sales of services. These practices are anticipated to continue in the coming years, thus providing significant growth opportunities for the parking meter apps market players.

The List of companies - Parking Meter Apps Market

  1. IEM SA
  2. INRIX, Inc.
  3. ParkMate
  4. Parkopedia
  5. Arrive (ParkWhiz)
  6. ParkMobile, LLC
  8. Flowbird
  9. PayByPhone
  10. EasyPark

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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