Smart parking market to top $26 billion by 2030

A new Business Research Company report says the smart parking systems market will exceed $26 billion by 2030, driven by urban congestion, smart city investment and wider use of IoT, AI and digital payments. North America is set to lead regional growth, while off-street parking remains the biggest segment.

Why it matters: - Smart parking is moving from a niche urban feature to core city infrastructure as congestion, vehicle ownership and smart city spending rise. - The market is tied to broader IoT and digital infrastructure growth, which makes parking technology a useful proxy for connected mobility adoption. - Faster adoption could cut time spent searching for parking, reduce fuel use and lower greenhouse gas emissions.

What happened: - The Business Research Company published a 2026 report on the global smart parking systems market, with a forecast through 2035. - The report says the market will surpass $26 billion by 2030. - North America is projected to be the largest regional market by 2030 at $10 billion, up from $4 billion in 2025. - The United States is expected to be the largest country market in 2030 at $9 billion, rising from $3 billion in 2025. - Skidata GmbH led global sales in 2025 with a 2% market share.

The details: - The report places smart parking within the larger Internet of Things market, which is projected to reach about $1,297 billion by 2030. - Smart parking would represent about 2% of that IoT total. - Within the broader information technology market, forecast to hit $13,788 billion by 2030, smart parking would account for about 0.2%. - North America’s projected 21% compound annual growth rate reflects investment in smart city infrastructure, urban traffic pressure, connected mobility and IoT-enabled parking systems. - Off-street parking is forecast to lead by 2030, with 55% of the market, or $15 billion. - Off-street growth is tied to smart parking deployment in commercial facilities and mixed-use developments. - The market is split across hardware, software, services and applications. - Hardware includes pucks, cameras, license plate recognition systems, smart meters, signage and parking gates. - Software includes parking guidance systems and analytics tools. - Services include consulting, engineering and mobile app-based parking services. - Applications cover commercial, government and transit settings. - Other leading 2025 market shares included Swarco AG, TKH Group, Siemens AG and Kapsch TrafficCom at 1% each, and Amano McGann Inc. at 0.5%. - FlashParking Inc., Parkopedia Ltd., EasyPark Group and Passport Inc. each held 0.1%. - The report names hybrid parking platforms as an emerging trend. - In May 2025, Xtraspots Inc. launched the Xtraspots v2 hybrid parking platform for commercial garages and residential parking providers. - The platform includes mobile space listings, real-time booking, digital payments, analytics and operator management tools. - The report also adds new 2026 analytical features, including market attractiveness scoring, TAM analysis, company scoring matrices, Excel forecasting dashboards and market hotspot infographics.

Between the lines: - The market remains fragmented, with the top 10 companies holding only about 7% of revenue in 2025. - That low concentration suggests room for smaller players, partnerships and local specialists. - The report’s emphasis on AI, real-time data and contactless payments shows where vendors are competing for differentiation. - The growth outlook also suggests parking is being treated as part of a wider mobility platform, not just a standalone asset.

What’s next: - The report expects continued growth from urbanization, smart city projects and adoption of IoT, AI and digital payment systems. - Off-street and on-street parking are projected to add more than $16 billion in combined value by 2030. - Off-street parking is expected to add $9 billion, while on-street parking is projected to add $7 billion between 2025 and 2030. - The report says future gains will likely come from AI-driven parking management, automated reservation and navigation, connected mobility frameworks and real-time occupancy data integrated with smart transport systems. - The Business Research Company is offering a free sample and the full report online. More information