Smart Parking Systems Will Reach Nearly $360 Million in Annual Revenue by 2020

September 11, 2013

The parking industry is being transformed by new technologies that are increasing operational efficiency and raising customer expectations.  At the same time, even more profound changes are being driven by new perspectives on the role of parking within cities, as city officials look to use smart parking technologies to help manage parking as a resource within their sustainable mobility strategies.  According to a recent report from Navigant Research, worldwide revenue from smart parking systems will reach $356.5 million annually by 2020.

“It has become clear that simply creating more parking spaces does not address the problem of congestion and insufficient supply,” says Eric Woods, research director with Navigant Research.  “New approaches look to provide a more balanced view of parking that better manages the relationship between supply and demand—a view that is often part of a broader rethinking of private transport in cities.”

Cities also benefit financially from smart parking, the study concludes.  Smart parking systems can have a positive impact on parking revenue through improved occupancy rates, market-sensitive pricing, and more efficient revenue collection.  In addition, timely and accurate parking information allows more efficient targeting of resources for enforcement.

The report, “Smart Parking Systems”, examines the evolution of smart parking technologies and the smart parking system market, with a particular focus on on-street parking.  The report analyzes the drivers for the transformation in parking, including financial, environmental, and economic factors, and assesses approaches to parking in different regions.  Detailed profiles of major smart parking projects are provided, and the report forecasts the size and growth of the market for smart parking systems through 2020, including hardware, software, and services.  An Executive Summary of the report is available for free download on the Navigant Research website.

Contact: Richard Martin

+1.303.493.5483

richard.martin@navigant.com

* The information contained in this press release concerning the report, “Smart Parking Systems,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.

Register to Receive Updates

Sign up or login to receive free newsletters, research updates, access to webinars, and other analyst content from Navigant Research.

Research News

Rss
The Market for Communications Subscription Services and Equipment for Upstream Oil & Gas Is Expected to Total Nearly $2.3 Billion in 2025
Exploration and production firms are expected to make more upfront capital investments in privately owned solutions • A recent report from Navigant Research examines communications infrastructure and services for digital oilfield…
Read More »
Navigant Predicts a $1.3 Trillion Market Opportunity Across the Energy Cloud Ecosystem by 2030
A more agile strategic planning approach is needed to help utilities navigate disruption and position for long-term success • CHICAGO – August 25, 2016 – Today, Navigant released Navigating the Energy Transformation, the…
Read More »
Light Duty Plug-in Electric Vehicles Are Expected to Make Up Half of the Global Electric Vehicle Market by 2024
Major automakers are developing plug-in electric vehicles with cost points under $40,000 and increasing drive ranges • A recent report from Navigant Research details the global market for light duty vehicles,…
Read More »
Building Energy Management System Revenue Is Expected to Total Nearly $55 Billion from 2015 to 2024
The transition to the Energy Cloud will redefine the relationship between buildings and energy • A recent report from Navigant Research examines the major trends and market issues expected…
Read More »
View All News

{"userID":"","pageName":"Smart Parking Systems Will Reach Nearly $360 Million in Annual Revenue by 2020","path":"\/newsroom\/smart-parking-systems-will-reach-nearly-360-million-in-annual-revenue-by-2020","date":"8\/26\/2016"}