United States Smart Parking Market to Grow with a CAGR of 18.29% through 2029

The United States smart parking market is driven by urbanization, IoT adoption, and demand for efficient parking solutions, enhancing traffic management and reducing environmental impact.

According to TechSci Research report, “United States Smart Parking Market - By Region, Competition Forecast & Opportunities, 2029F”, United States Smart Parking Market was valued at USD 2.47 Billion in 2023 and is expected to reach USD 6.70 Billion by 2029 with a CAGR of 18.29% during the forecast period. The United States smart parking market is growing rapidly, driven by increasing urbanization, rising vehicle ownership, and the need for efficient traffic management. Urban congestion has escalated the demand for advanced parking solutions, incorporating IoT, sensors, and automation to optimize space utilization and reduce the time spent searching for parking. These technologies also support seamless payment systems and real-time parking availability updates, enhancing user convenience. Integration with smart city initiatives further boosts the market, as governments and municipalities prioritize sustainable infrastructure development to minimize environmental impact.

Key trends shaping the market include the deployment of AI-powered analytics for predictive parking management and the integration of mobile apps with parking solutions, allowing users to reserve spaces in advance. Electric vehicle (EV) adoption has also spurred the inclusion of EV charging stations in smart parking facilities, addressing the dual challenge of parking and charging. Additionally, private sector investments and public-private partnerships (PPPs) are promoting the establishment of smart parking infrastructure across urban and suburban areas.

Despite the opportunities, the market faces challenges such as high initial installation costs and the need for interoperability between various systems and platforms. However, advancements in cloud-based solutions and ongoing technological innovation are expected to mitigate these issues. United States smart parking market is poised for significant growth as cities and businesses increasingly prioritize efficiency, sustainability, and user experience in parking management systems, paving the way for smarter urban mobility.

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The United States smart parking market is segmented into system, component, sensor technology, solution, vertical and region.

Based on vertical, The commercial vertical dominated the United States Smart Parking Market due to its significant demand for efficient parking solutions in urban centers, shopping complexes, office spaces, and entertainment hubs. These areas experience high vehicle inflow, making effective parking management critical for improving customer experiences and maximizing space utilization. Smart parking systems address these needs by offering real-time monitoring, automated payment options, and streamlined navigation, which enhance convenience for users and operational efficiency for businesses. In commercial zones, parking often serves as a direct revenue source or a value-added service to attract customers. Implementing smart parking systems allows businesses to optimize their parking assets, implement dynamic pricing strategies, and reduce operational costs associated with manual parking management. Features like mobile app integration and contactless payment systems further boost user satisfaction, driving higher adoption. Moreover, sustainability goals in commercial sectors also contribute to this dominance. Smart parking reduces vehicle idling time, cutting emissions and aligning with green building certifications and corporate responsibility initiatives. With continued urbanization and technological advancements, the commercial vertical remains a key driver for the smart parking market, leveraging innovation to meet evolving customer expectations and environmental standards.

Based on region, The South United States is the fastest growing region in the U.S. Smart Parking Market, driven by rapid urbanization, population growth, and increasing vehicle ownership. Cities in this region, such as Austin, Atlanta, and Miami, are experiencing significant economic development, leading to higher demand for efficient parking solutions. The surge in construction of commercial centers, residential complexes, and entertainment hubs further supports the adoption of smart parking systems to manage the growing traffic and parking challenges effectively. Technological advancements and smart city initiatives are also propelling growth in the South. Cities are investing in IoT-enabled parking systems, mobile app-based solutions, and real-time parking management to enhance urban mobility. Additionally, the region's focus on integrating electric vehicle (EV) infrastructure with parking facilities aligns with the broader adoption of EVs, driving demand for smart parking systems that include EV charging capabilities. The region’s mild climate and sprawling urban landscapes provide favorable conditions for implementing outdoor and large-scale parking solutions. Furthermore, public-private partnerships and government support for smart city projects are accelerating the deployment of advanced parking technologies. These factors, combined with increasing awareness of the benefits of smart parking, position the South as a key growth hub in the U.S. Smart Parking Market.

Major companies operating in United States Smart Parking Market are:

• Amano McGann, Inc.
• Marketplace.city Inc.
• FlashParking, Inc.
• Flowbird Group
• Genetec Inc.
• INRIX, Inc
• IPS Group, Inc.
• Kapsch TrafficCom AG
• Passport Labs, Inc
• TKH Security B.V.

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“A key trend in the U.S. Smart Parking Market is the integration of AI and IoT technologies, enabling real-time parking space detection, automated payments, and enhanced user experiences. These advancements, coupled with the growing adoption of EV-compatible parking systems, are transforming urban mobility and optimizing parking efficiency across the country“, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

"United States Smart Parking Market By System (Guided Park Assist System, Smart Park Assist System), By Component (Parking Sensors, Steering Angle Sensors, Others), By Sensor Technology (Ultrasonic Sensor, Radar Sensors, Others), By Solution (Security & Surveillance, Valet Parking Management, Others), By Vertical (Government, Commercial), By Region, Competition Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of United States Smart Parking Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the United States Smart Parking Market.

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