Smart Parking Management Market Growth Outlook 2023–2034

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The global parking management market is gaining strong momentum as urbanization continues to expand worldwide. With rapid growth in vehicle sales, rising congestion in metropolitan cities, and the emergence of smart city initiatives, the need for advanced parking management systems has never been greater. The industry encompasses a range of solutions such as access control, surveillance, revenue management, valet parking, and reservation systems, deployed across cloud and on-premises models.

According to recent estimates, the market is expected to grow from USD 6.23 billion in 2025 to USD 17.48 billion by 2034, registering a CAGR of 12.14% during the forecast period.

Market Highlights

  • North America holds the largest market share, supported by ongoing smart city projects and the adoption of advanced parking technologies.

  • Asia Pacific is projected to witness significant growth due to rapid urbanization and increasing vehicle ownership.

  • Support and maintenance services dominate the market as they enable real-time monitoring and resolution of parking-related issues.

  • On-premise deployment continues to lead due to its enhanced data security and accessibility.

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Key Market Metrics

Metric Details
Market Size in 2024 USD 5.56 Billion
Projected Market Size in 2034 USD 17.48 Billion
CAGR (2025–2034) 12.14%
Leading Region North America
Segmentation By Solution, By Service, By Deployment, By Parking Site, By Application, By Region
Key Growth Drivers Rising urbanization, smart city projects, IoT & AI integration, growing vehicle sales

Geographical Insights

  • North America: Growth is driven by increased adoption of smartphone-based booking systems and the presence of leading companies such as Cubic Corporation and T2 Systems.

  • Europe: Around 75.9% of the population lives in urban areas in 2025, fueling the demand for organized parking systems.

  • Asia Pacific: Rapid infrastructure development and smart city initiatives in China and India are creating new opportunities.

Competitive Landscape

The parking management market is fragmented, with a mix of global leaders and regional players. Companies are focusing on AI integration, subscription-based models, and IoT-enabled parking platforms to maintain their competitive edge.

1. ABM Industries

About: ABM Industries is a leading facilities management company headquartered in the U.S. with services spanning building maintenance, cleaning, and parking solutions.
Products: ABM Parking Services offers valet parking, shuttle management, and revenue control systems.
Market Cap: Approximately USD 2.7 billion (2025).

2. Amano Corporation

About: A Japanese multinational specializing in time information systems and environmental systems, including parking solutions.
Products: Parking access & revenue control systems, automated gate systems, and EV charging solutions.
Market Cap: Around USD 1.4 billion (2025).

3. Bosch

About: A global leader in engineering and technology solutions headquartered in Germany. Bosch provides integrated smart city and mobility services.
Products: Smart parking sensors, connected mobility platforms, surveillance systems.
Market Cap: Approx. USD 55 billion (2025).

4. Cubic Corporation

About: U.S.-based Cubic focuses on transportation systems and defense services.
Products: Next-generation transportation & parking solutions, including integrated ticketing and smart parking management.
Market Cap: Estimated at USD 3.1 billion (2025).

5. Flash Parking

About: A U.S.-based company providing cloud-native parking solutions for urban mobility.
Products: Parking access control, valet management, EV charging, and mobility-as-a-service (MaaS) solutions.
Market Cap: Privately held (valuation estimated at USD 1 billion+).

6. Flowbird Group

About: Headquartered in France, Flowbird is a global leader in urban mobility and parking management systems.
Products: Smart parking meters, mobile apps for parking, contactless payment solutions.
Market Cap: Privately held (revenue approx. USD 300 million annually).

7. Siemens Mobility

About: A division of Siemens AG, the company specializes in intelligent transport and parking management systems.
Products: IoT-driven traffic and parking solutions, smart surveillance, and integrated mobility platforms.
Market Cap: Siemens AG has a total market cap of approx. USD 120 billion (2025).

8. Kapsch TrafficCom

About: Austrian company focusing on intelligent transportation systems, tolling, and parking management.
Products: Smart parking solutions, traffic management, electronic toll collection.
Market Cap: Roughly USD 400 million (2025).

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Industry Leader Insight

In March 2025, Yves Schoen, CEO of Orbility, introduced SPARK, a subscription-based parking solution for smaller sites. This model eliminates upfront costs and enables businesses to generate additional revenue while enhancing customer experience.

Challenges and Opportunities

Challenges

  • High initial investment costs in advanced parking infrastructure.

  • Data security concerns in cloud-based parking platforms.

  • Integration challenges with legacy systems in older cities.

Opportunities

  • Expansion of smart city projects globally.

  • Growing adoption of IoT-enabled parking sensors and AI-driven analytics.

  • Increasing use of mobile-based applications for parking reservations.

FAQs

Q1. What is the projected size of the parking management market by 2034
The parking management market is expected to reach USD 17.48 billion by 2034.

Q2. Which region leads the global parking management market
North America holds the largest market share due to smart city initiatives and advanced technology adoption.

Q3. What are the key growth drivers of the parking management market
Rising urbanization, growing vehicle ownership, smart city projects, and IoT & AI integration are the primary growth drivers.

Q4. Who are the major players in the parking management industry
Key companies include ABM Industries, Amano, Bosch, Cubic, Flash Parking, Flowbird Group, Siemens, and Kapsch TrafficCom.

Q5. What are the main challenges faced by the parking management industry
The industry faces challenges such as high infrastructure costs, cybersecurity risks, and integration with existing urban systems.

Source : https://www.towardsautomotive.com/insights/parking-management-market-sizing

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