Real Time Parking System Market Report 2025

This Real Time Parking System market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.

The real time parking system market size has grown rapidly in recent years. It will grow from $7.84 billion in 2024 to $9.31 billion in 2025 at a compound annual growth rate (CAGR) of 18.8%. The growth in the historic period can be attributed to rise in urbanization, rise in vehicle ownership, increase in smart city initiatives, increase in demand for efficient traffic management, increase in government regulations promoting smart parking solutions, increase in demand for seamless and convenient parking solutions, and increase in need for parking space optimization.

The real time parking system market size is expected to see rapid growth in the next few years. It will grow to $18.36 billion in 2029 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to increasing urbanization, growing adoption of smart city initiatives, rising traffic congestion, increasing demand for enhanced user experience through mobile apps, increasing regulatory requirements for efficient parking management, and expanding investments in smart infrastructure projects. Major trends in the forecast period include adoption of smart city initiatives, integration of internet of things (IoT) and artificial intelligence (AI) technologies, development of autonomous vehicles, adoption of smart parking solutions, adoption of mobile app-based reservation systems, and implementation of sensor technologies for efficient space utilization.

The increasing popularity of electric vehicles (EVs) requiring charging infrastructure is anticipated to drive the growth of the real-time parking system market in the coming years. Electric vehicles (EVs) are primarily powered by electricity stored in batteries, rather than gasoline or diesel fuel. This surge in EV popularity is attributed to technological advancements, growing environmental awareness, government incentives, lower operational costs, and a shift in consumer preferences toward sustainable transportation options. Real-time parking systems support EVs that need charging infrastructure by delivering accurate information on available charging stations and their real-time status, thereby reducing search time for suitable charging spots and minimizing downtime. For example, in April 2024, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales in 2023 rose by 3.5 million units, marking a 35% increase from 2022. Over 250,000 new electric car registrations occurred each week, with electric vehicles accounting for approximately 18% of total car sales, up from 14% in 2022 and just 2% five years prior. Consequently, the growing popularity of EVs needing charging infrastructure is expected to drive the real-time parking systems market.

Leading companies in the real-time parking system market are focusing on technological advancements, particularly in artificial intelligence (AI), to enhance parking management efficiency and user experience. AI-based systems utilize sensors and cameras to monitor parking availability in real-time, predict open spots, and guide drivers to them efficiently. For instance, Park360, an India-based IT services company, introduced an AI-based vehicle authorization system in September 2023. This system uses IP-based cameras to detect vehicles and license plates, facilitating seamless entry and exit from premises without manual intervention.

In July 2024, Everfield UK Ltd., a software company based in England, acquired ParkHere for an undisclosed amount. This acquisition enables Everfield to strengthen its portfolio by incorporating ParkHere’s cutting-edge smart parking technology solutions, which optimize the management of parking spaces and electric vehicle charging stations. This integration is aimed at improving operational efficiency for businesses while supporting sustainable urban mobility initiatives. ParkHere, a technology company based in Germany, specializes in real-time parking systems.

Major companies operating in the real time parking system market are Siemens AG, Cisco Systems Inc., Thales Group, TKH Group NV, Cubic Corporation, SWARCO AG, Amano Corporation, Flowbird Group, FlashParking Inc., INRIX Inc., T2 Systems Inc., Designa, Parkmobile LLC, IPS Group Inc., Klaus Multiparking Systems Pvt Ltd, Altiux Innovations Pvt. Ltd., Smart Parking Limited, Streetline Inc., IEM SA, ParkWhiz API, Came Parkare, Parknav, Robotic Parking Systems Inc., AppyWay, AJ Dongyang Menics Co. LTD.

North America was the largest region in the real time parking system market in 2024. The regions covered in the real time parking system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the real time parking system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Real-time parking systems represent advanced technological solutions aimed at aiding drivers in efficiently locating, reserving, and managing parking spaces. These systems leverage a combination of sensors, cameras, and connectivity technologies to deliver up-to-date information on parking availability. This real-time data helps drivers find vacant spots easily, thereby improving overall parking management.

The real-time parking system market comprises three main types, software, hardware, and services. Software includes programs and applications essential for operating and managing parking systems, such as booking platforms, data analytics software, and mobile apps that offer real-time updates and user interactions. These systems can be deployed in various locations, including on-street, off-street, and other settings, catering to commercial, personal, transportation, aviation, governmental, and other sectors.

The real time parking system market research report is one of a series of new reports that provides real time parking system market statistics, including the real time parking system industry global market size, regional shares, competitors with real time parking system market share, detailed real time parking system market segments, market trends, and opportunities, and any further data you may need to thrive in the real time parking system industry. These real time parking system market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The real-time parking system market consists of revenues earned by entities by providing services such as reservation and booking of parking services, payment processing for parking, and navigation. The market value includes the value of related goods sold by the service provider or included within the service offering. The real-time parking system market also includes sales of ultrasonic sensors, infrared sensors, CCTV cameras, license plate recognition cameras, smart meters, payment kiosks, gateways, and routers and switches. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.