North America Parking Meter Apps Market

Market Introduction

The North America parking meter apps market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. Traffic congestion and parking space unavailability have been long-term problems in developed and developing countries in the region. 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. Therefore, the rising adoption of such smart technologies is bolstering the parking meter apps market growth.

The North America economy experienced substantial implications in 2020, and the impacts are projected to last for some time. The electronics, semiconductors, and the automobile industry have been affected by the COVID-19 outbreak. A sharp decline in the growth of the aforementioned industries hampers the parking meter apps market growth. Factory closures, travel and trade restrictions, and border closures have had a negative impact on the operations of many commercial and corporate facilities around the region. Due to a significant downturn in the parking industry revenue in 2020, the demand for new parking solutions has lowered, which is limiting the market growth. However, with ease of travel restriction, the parking industry started to regain its momentum. The importance of parking meter app has been increased due to the COVID-19 pandemic as contactless parking payment solutions are preferred by consumers. Thus, in 2021, the market witnessed significant demand for parking meter apps.

Market Overview and Dynamics

The parking meter apps market in North America is expected to grow from US$ 32.86 million in 2021 to US$ 107.69 million by 2028; it is estimated to grow at a CAGR of 18.5% from 2021 to 2028.  There is a surge in the construction of smart cities and green spaces in buildings across the region, which is creating lucrative growth opportunities for the developers of parking meter apps. Rising population and rapid urbanization have led to significant innovations in the concepts of living. Government bodies such as the US Green Building Council (USGBC) encourage the availability of clean and greener space in buildings to raise the asset value. As a part of the smart city projects, the construction of commercial and residential buildings with green spaces is anticipated to augment the demand for parking meter apps that help in saving time spent on making payments and tracking parking spaces by facilitating access to accomplish these tasks electronically.   

Key Market Segments

Based on platform, the android segment accounted for the largest share of the North America parking meter apps market in 2020. Based on end-user, the personal segment accounted for the largest share of the North America parking meter apps market in 2020.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the North America parking meter apps market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include INRIX, Inc.; Parkopedia; Arrive (ParkWhiz); ParkMobile, LLC; Passport Labs, Inc.; Flowbird; PayByPhone and EasyPark.

Reasons to buy report

• To understand the North America parking meter apps market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for North America parking meter apps market
• Efficiently plan M&A and partnership deals in North America parking meter apps market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America parking meter apps market
• Obtain market revenue forecast for market by various segments from 2019-2028 in North America region.

North America Parking Meter Apps Market Segmentation

North America Parking Meter Apps Market – By Platform

• Android
• iOS

North America Parking Meter Apps Market – By End-User

• Personal
• Businesses

North America Parking Meter Apps Market – By Country

• US
• Canada
• Mexico

North America Parking Meter Apps Market – Company Profiles

• INRIX, Inc.
• Parkopedia
• Arrive (ParkWhiz)
• ParkMobile, LLC
• Passport Labs, Inc.
• Flowbird
• PayByPhone
• EasyPark

North America Parking Meter Apps Strategic Insights

Strategic insights for the North America Parking Meter Apps provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Parking Meter Apps Report Scope

North America Parking Meter Apps Regional Insights

The geographic scope of the North America Parking Meter Apps refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.