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Paving the Way for Smarter Cities: Trends and Markets in Smart Parking Technologies

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Cutting-Edge Research Unveils Striking Expansion of Global Smart Parking Technologies Market, with a Staggering Compound Annual Growth Rate (CAGR) of 18.1%

BOSTON, Feb. 14, 2024 /PRNewswire/ — Discover the future of parking with our exploration of Smart Parking Technologies and Global Markets. This brief journey explores the latest advancements in parking technology and their impact on global markets. From intelligent sensors to data-driven solutions, join us in uncovering the key trends and market dynamics propelling the evolution of smart parking on a global scale.

“According to the latest research study, the demand for Smart Parking Technologies and Global Markets grow from $38.7 billion in 2023 and is estimated to increase from $88.8 billion in 2028, at a compound annual growth rate (CAGR) of 18.1% from 2023 to 2028.”       

Embark on a captivating journey into the world of smart parking with this report, offering a comprehensive overview of global market trends. Anchored in the pivotal year of 2022, the analysis extends its gaze into the future, forecasting market dynamics through 2028. Delving into the nuances of hardware, software, and services, as well as diverse parking solution types, technologies, end-users, and regional landscapes, the report provides a roadmap for understanding the transformative forces at play. It’s a revealing exploration of the market’s evolution, carefully crafted to illuminate key insights and projections. Notably, while the report sheds light on revenue forecasts across various dimensions, it refrains from delving into the intricacies of hardware costs and volumes, ensuring a focused and streamlined narrative.

The surge in the number of vehicles on the roads, coupled with government initiatives like smart cities, is anticipated to drive the development of improved traffic and parking management solutions in regions such as Asia-Pacific and Oceana by 2030. The widespread adoption of artificial intelligence (AI) plays a key role, leveraging data from sensors and cameras to create intelligent parking management systems. These devices, strategically placed in and around parking lots, efficiently detect available parking spots. Looking ahead, the smart parking market is poised for significant transformation with the advent of automated vehicles (AVs). Forward-thinking cities in the industry are already testing self-parking vehicles, automated parking lots, and robotic parking valets. For instance, ParkPlus, a leading provider of automated parking systems, is actively working on deploying a fully automated parking garage, marking a notable stride in the future of smart parking.

Unlock the full insights and strategic implications of the latest research study on Smart Parking Technologies and Global Markets. Click here to Learn More.

Driving forces behind the smart parking technologies and global market’s growth comprise:

1.  Growing Demand for IoT-Based Vehicles-The rise of IoT-based vehicles signifies a surging demand for connected and smart automotive solutions. With features like real-time data exchange, predictive maintenance, and enhanced safety, these vehicles are at the forefront of transforming the driving experience. As consumers increasingly seek seamless connectivity, the demand for IoT-based vehicles is rapidly gaining momentum, shaping the future of the automotive industry.

2.  More Vehicles on the Road-The increasing number of vehicles on the road highlights a growing challenge in urban mobility and infrastructure. This surge in traffic poses implications for congestion, environmental impact, and the need for innovative solutions to ensure efficient and sustainable transportation systems.

3.  Government Policies and Regulations to Support Smart Parking-Government policies and regulations are crucial drivers for the advancement of smart parking solutions. With a focus on enhancing urban mobility and reducing traffic congestion, policymakers are increasingly supporting initiatives that promote the implementation of smart parking technologies. These regulations play a pivotal role in fostering innovation, encouraging the adoption of intelligent parking systems, and contributing to the development of more efficient and sustainable urban environments.

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Report Synopsis

Report Metrics

Details

Base year considered

2022

Forecast Period considered

2023-2028

Base year market size

$35.6 billion

Market Size Forecast

$88.8 billion

Growth Rate

CAGR of 18.1% for the forecast period of 2023-2028

Segment Covered

Offering, Parking Solution Type, Technology, End User

Regions covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Countries covered           

U.S., Canada, Mexico, U.K., Germany, France, Russia, Italy, Norway, Sweden, Finland, Poland, Denmark, Hungary, China, India, Japan, Australia, New Zealand, Taiwan, Indonesia, Thailand, Singapore, Latin America, Middle East and Africa

Key Market Drivers

•  Growing Demand for IoT-Based Vehicles

•  More Vehicles on the Road

•  Government Policies and Regulations to Support Smart Parking

The Rising Demand for Smart Parking Technologies and Global Markets:

The global demand for smart parking technologies is on the rise, shaping markets worldwide. With a focus on efficiency and overcoming parking challenges, intelligent solutions are gaining traction. From advanced sensors to data-driven management systems, the market is undergoing a transformative shift. This increasing demand not only impacts urban mobility but also drives innovation in the broader context of smart city development. The future promises a seamlessly integrated and technologically advanced approach to parking, reflecting the growing importance of intelligent solutions on a global scale.

Trends and Innovations:

Delve into the dynamic landscape of smart parking technologies with a focus on current trends and innovations shaping global markets. From state-of-the-art sensors to groundbreaking management systems, this exploration unveils the forefront of parking solutions. Discover the evolving industry as it adapts to modern urban needs, providing insights into the exciting future of smart parking technologies.

Challenges and Opportunities

Navigate the challenges and opportunities in the realm of smart parking technologies, influencing global markets. From overcoming urban congestion to capitalizing on technological advancements, this exploration sheds light on the dynamic landscape. Uncover the potential hurdles and the promising openings, offering a glimpse into the evolving world of smart parking solutions and the broader opportunities they present on a global scale.

This report on the smart parking technologies and global markets provides comprehensive insights and analysis, addressing the following key questions:

What is the market’s expected size and rate of growth?
Over the forecast period of 2023–2028, the smart parking technologies market was expected to increase at a compound annual growth rate (CAGR) of 18.1%, from $35.6 billion in 2022 to $88.8 billion in 2028.
What are the main elements propelling the market’s expansion?
Growing demand for Internet of Things (IoT)-based automobiles, the adoption of laws and regulations to facilitate smart parking, and an increase in the number of vehicles as a result of an expanding economy are the main drivers propelling the growth of the smart parking technologies market.
Which market segments are covered?
Based on components, parking solution type, technology, end-user, and geography, the global smart parking technologies market is divided into segments.
Which market sector, according to end use, will be in the lead by 2028?
The market for smart parking technologies will remain dominated by the commercial parking segment by the end of 2028. The segment is expected to maintain its dominant position through the end of 2028 due to the growth of retail centers, sports complexes, amusement parks, and recreation centers.
Which geographic area dominates the market in terms of market share?
In terms of market share, North America leads the world market for smart parking technologies. Canada and the United States both make major contributions to the worldwide market for smart parking solutions. The region’s high rates of urbanization, dense population, and robust technical infrastructures are driving demand for market expansion.

Some of the Key Market Players Are:

3MAPTIVCISCO SYSTEMS INC.CONTINENTAL AGFLASHPARKINGINRIXKAPSCH TRAFFICCOM AGNEC CORP.NEDAP N.V.ROBERT BOSCH GMBHSIEMENS AGSMART PARKINGTKH GROUPVALEO

Directly Purchase a copy of the report with BCC Research.

For further information or to make a purchase, please get in touch with info@bccresearch.com.  

About BCC Research

BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

Contact Us

Corporate HQ: BCC Research LLC, 49 Walnut Park, Building 2, Wellesley, MA 02481, USA
Email: info@bccresearch.com,
Phone: +1 781-489-7301
For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

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Boast Named 2025 R&D Tax Credit Software Advisory Firm of the Year in the U.S. by Global Advisory Experts

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May 14, 2025

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VANCOUVER, BC, May 14, 2025 /CNW/ – Boast, North America’s leading provider of R&D tax credit software and innovation funding intelligence, has been awarded the title of 2025 R&D Tax Credit Software Advisory Firm of the Year – United States by Global Advisory Experts (GAE) as part of their Annual Awards program.

This recognition highlights Boast’s leadership in helping mid-market and enterprise companies across the U.S. unlock and optimize R&D tax credits through a combination of intelligent automation and deep technical expertise.

“Being recognized by Global Advisory Experts is both a privilege and a signal that our platform and team are making a measurable difference. “We’re proud to be recognized for helping businesses make smarter financial decisions and get more value out of the innovation they’re already doing,” said Imad Jebara – Boast CEO. “We’ve built Boast to make the R&D tax credit process seamless, accurate, and accessible for the companies driving innovation forward.”

The GAE Annual Awards celebrate firms that have demonstrated outstanding performance and client value across advisory sectors. Boast’s selection underscores its commitment to simplifying a historically complex process and accelerating access to non-dilutive capital.

Boast’s AI-powered platform automates the preparation, documentation, and filing of R&D tax credit claims. With built-in audit protection (AuditShield™) and simple data Integrations for top HR, payroll, project management and accounting platforms, Boast enables innovative technology companies to reclaim time, reduce risk, and reinvest in growth.

More than 1,500 organizations across North America trust Boast, resulting in over $600 million in secured innovation funding. The company’s 2025 award feature is now live in the GAE Awards Digital Edition, with official badges and marketing assets available to view and share.

About Boast

Boast helps organizations across the U.S. and Canada claim and access every eligible R&D tax credit, minimizing audit risk and time-consuming processes. The platform blends AI-driven automation with in-house technical and tax expertise to deliver faster, more accurate claims. Since its founding, Boast has helped more than 1,500 businesses secure over $600 million in non-dilutive capital to fuel product innovation, extend their runway, and scale smarter.

To connect with Boast’s expert team or book a demo, visit https://boast.ai/talk-to-an-expert/.

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SOURCE Boast.AI

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Info-Tech Research Group Wins Business of the Year – Large at 2025 London Chamber of Commerce Business Achievement Awards

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56 minutes ago

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May 14, 2025

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Info-Tech Research Group has been named Business of the Year – Large for 2025 by the London Chamber of Commerce’s annual Business Achievement Awards. The leading research and advisory firm has been recognized for its continued global expansion, industry-leading innovations, and people-first culture, backed by nearly 30 years of sustained growth.

TORONTO, May 14, 2025 /CNW/ – Global research and advisory firm Info-Tech Research Group has announced that it has been named Business of the Year – Large at the 2025 London Chamber of Commerce Business Achievement Awards. This prestigious recognition celebrates organizations that exemplify sustained business success, innovation, community impact, and leadership excellence.

Founded in London, Ontario in 1997, Info-Tech has grown from a one-person startup into one of the world’s fastest-growing research and advisory firms. Today, the company employs more than 1,400 professionals across offices in Canada, the U.S., the UK, and Australia and serves thousands of members worldwide. Despite its global footprint, the company maintains its ties to its founding city of London, Ontario, Canada, employing over 400 people locally.

Presented annually by the London Chamber of Commerce, the Business of the Year – Large award is one of the region’s highest honors for large-sized organizations. The award recognizes companies that demonstrate exceptional performance in growth, innovation, customer service, community contribution, and leadership. Finalists undergo a competitive evaluation process, and winners are celebrated for their impressive growth and positive impact on the city’s economy and business landscape. 

“Being named Business of the Year for 2025 is a proud moment for Info-Tech Research Group and a powerful reflection of the organization we’ve become. While our story began in London, Ontario nearly thirty years ago, our vision has always been bigger – to build the world’s leading research and advisory firm,” says Tom Zehren, CEO at Info-Tech. “Today, our team spans three continents and supports thousands of organizations around the world. This award celebrates the innovation and purpose that continue to fuel our growth.”

The award reflects Info-Tech’s global footprint while staying grounded in a strong people-first philosophy. Over the past year, the company has reached several notable milestones: The award reflects Info-Tech’s global footprint while staying grounded in a strong people-first philosophy. Over the past year, the company has reached several notable milestones:

The expansion of the firm’s premier IT conference, Info-Tech LIVE in Las Vegas, to international locations in Brisbane, and Barcelona for 2025.The development of two new AI-focused platforms: the AI Marketplace Research Center and the Info-Tech’s IT Assistant chatbot for members.The launch of the CIO Playbook, a guided roadmap helping IT executives transform their departments across 12 critical areas.The internal automation of over 2,200 HR processes, allowing Info-Tech to scale operations for a global, remote workforce without compromising employee experience.

From helping build careers to philanthropy, the firm also supports local organizations through donation-matching, toy drives, and volunteering efforts. Habitat for Humanity and the Ronald McDonald House Charities include some of the recent causes supported.

Earlier in 2025, Info-Tech’s Human Resources department was also named one of HRD Canada’s Innovative HR Teams, highlighting the company’s commitment to strategic talent development, employee engagement, and workforce transformation.

“From launching new resources like our AI-powered IT Assistant and the AI Marketplace Research Center, to expanding our flagship Info-Tech LIVE conference globally, we continue to innovate to provide the highest-level of service of our members,” says Zehren. “Info-Tech’s people-first culture also remains at the core of our continued growth and success, with industry-leading development programs and a commitment to supporting our high-performing teams across all regions.”

To learn more about Info-Tech Research Group, visit the global research and advisory firm’s website.

About Info-Tech Research Group

Info-Tech Research Group is one of the world’s leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

SOURCE Info-Tech Research Group

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ClassWallet Adds Talent, Experience to Leadership Team To Expand Operations, Drive Growth

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56 minutes ago

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May 14, 2025

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MIAMI, May 14, 2025 /PRNewswire/ — ClassWallet, the nation’s leading digital wallet company for public funds, announced today that it has expanded its leadership team to scale its operations for additional growth, and accelerate the impact and efficiency of distributing billions of dollars in public funds to American communities.

Effective May 1, ClassWallet Founder Jamie Rosenberg assumed the role as the company’s Executive Chairman, where he will continue to spearhead company strategy and vision, industry partnerships and new business ventures. Stephen Lindeman, who has served as ClassWallet’s Chief Operating Officer since 2023, has been promoted to Chief Executive Officer.

“Steve is the right executive at the right time for our growing organization,” Rosenberg said. “He knows our customers and their needs, and is an exceptional leader to support our incredible employees and their success. I’m excited to continue working hand in hand with him on the next phase of our growth, particularly at a time when the demand for digital wallet technology in the public sector has never been greater.”

In addition to Lindeman being named CEO, ClassWallet’s leadership expansion includes the following promotions and additions to the executive leadership team:

Brian Levin (former CFO, Onbe) has joined the executive leadership team as Chief Financial Officer.

Eric Knobloch (former VP of SLED East, Splunk) was promoted from Senior Vice President of Sales and Government Relations to Chief Revenue Officer.

Kristie Matheson (former VP of PMO Corporate Programs, Billtrust) was promoted from Head of Client Success to Senior Vice President of Operations and has joined the executive leadership team.

Kathryn Martin (former Legal Counsel, CyberArk; Corporate Counsel, insightsoftware) has joined the executive leadership team as Chief Legal Counsel.

Christy Green (former EVP of Global Services, Billtrust) joined as Vice President of Product and Engineering.

“I am thrilled for what’s ahead at ClassWallet, and looking forward to collaborating with our world-class leadership team to impact the lives of students and citizens across the country,” Lindeman said. “With Jamie’s continued direction and the expanded capacity of the ClassWallet leadership team, I’m confident 2025 will continue to be a remarkable year for our company. This is a very exciting time for ClassWallet.”

For more information about ClassWallet and its executive leadership team visit https://classwallet.com/about-us/.

About ClassWallet

ClassWallet is the leading digital wallet for public funds. A pioneer in financial and government technology, ClassWallet’s technology is used by public agencies across 35 states to maximize the positive impact of public funding on people’s lives. Since 2014, the ClassWallet platform has been used to deliver more than $4.5 billion in public funds to millions of citizens and has helped clients achieve the highest standards of program integrity and efficiency. With customer loyalty and satisfaction exceeding some of the world’s largest brands, ClassWallet was recognized by J.D. Power in 2024 for providing “An Outstanding Customer Service Experience” for Phone Support. ClassWallet is headquartered in Hollywood, Florida, and ranks as the 88th fastest-growing software company on the prestigious Inc. 5000 list.

Media contact:

Jason Hart
Vice President, Communications
jhart@classwallet.com

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SOURCE ClassWallet

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