Parking Meter Apps Market Forecast to 2028 | Industry Analysis

report image

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 | No. of Pages: 139 | Category: Automotive and Transportation | Status: Published

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.

Strategic Insights

Report Coverage - Parking Meter Apps Market
Report CoverageDetails
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
No. of Pages139
No. of Tables61
No. of Charts & Figures69
Historical data availableYes
Segments coveredPlatform, and End User
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available

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.

 

Lucrative Regions for Parking Meter Apps Market

Lucrative Regions for Parking Meter Apps Market

Get more information on this report :


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)

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

Get more information on this report :


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
  • PASSPORT LABS, INC.
  • Flowbird
  • PayByPhone
  • EasyPark

Frequently Asked Questions

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

The List of companies - Parking Meter Apps Market

  1. IEM SA
  2. INRIX, Inc.
  3. ParkMate
  4. Parkopedia
  5. Arrive (ParkWhiz)
  6. ParkMobile, LLC
  7. PASSPORT LABS, INC.
  8. Flowbird
  9. PayByPhone
  10. EasyPark
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the parking meter apps market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the parking meter apps market thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth Global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
TIPRE00025549
Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Get the Latest COVID-19 Analysis on this market




Have a Question?

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Speak to Analyst
Pricing
  • $3000
  • $4550
  • $6550
  • $8550

Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis.

    Inquire for Discount