The global parking management solutions market, valued at US$ 5.60 billion in 2024, is expected to reach US$ 10.62 billion by 2032. This growth represents a compound annual growth rate (CAGR) of 8.32% between 2025 and 2032. Key technologies contributing to this expansion include smart sensors, mobile applications, and automated parking systems.
Advancements in digital and automated parking infrastructure are enhancing efficiency and user convenience, driving increased adoption across urban and commercial settings. The integration of real-time data and mobile connectivity is also playing a significant role in market growth.
**Why this matters**
As urban populations rise and vehicle ownership increases, effective parking management becomes critical to reducing congestion and improving traffic flow. The growth of this market reflects a broader trend toward smart city initiatives and the adoption of technology to optimize urban mobility and infrastructure.
Source: NewsData