Parking Meter Apps - Worldwide

Parking Meter Apps Market Definition

Due to the growing number of cars on the road and the ensuing increase in traffic congestion, the market for parking meter apps has grown significantly in the last several years and is predicted to continue growing in the near future. Due to industry players delaying their planned initiatives and investments in parking management, the start of COVID-19 hindered the market expansion for parking meter apps. However, the epidemic has made contactless parking payment solutions more necessary and digital payments in parking meter apps more relevant, which has given market participants in parking meter apps more room to expand. Market participants are currently concentrating on a few essential elements that should be a significant move in the right direction.

The growing number of cars, the scarcity of parking space, and government smart city programs are the major reasons why the North American area has the biggest parking meter apps market. As part of its smart city initiatives, the US Green Building Council (USGBC) has expanded the amount of clean and green space available in buildings. This has increased demand for parking meter apps that automate payment processing and parking space tracking, saving time. Additionally, the Canadian government has installed smart parking meter systems in 1,456 on-street parking spots, 29 off-street parking lots, 1,449 parking spaces, and 2 municipal garages with 966 parking spaces.