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
Annual Installations of Natural Gas Generator Sets are Expected to More than Double by 2024
April 22, 2015Dual-fuel systems using diesel and natural gas are becoming increasingly popular, report finds • A new report from Navigant Research analyzes the global market for natural gas gensets…
Read More »
Connected Vehicle Systems are Expected to Exceed $36 Billion in Annual Revenue by 2025
April 21, 2015Connectivity is a key enabling technology for autonomous and plug-in electric vehicles, report concludes • A new report from Navigant Research examines the market for connected vehicles, with a…
Read More »
Energy Management for Healthcare is Expected to Exceed $2 Billion in Annual Revenue by 2024
April 20, 2015The sector includes major established players along with new, software-based entrants, report finds • A new report from Navigant Research examines the current state of the global market…
Read More »
The Rise of the Energy Cloud Signals a Fundamental Shift in the Power Sector
The spread of distributed generation offers both challenges and opportunities for incumbent utilities, white paper finds • April 16, 2015 A new white paper from Navigant Research analyzes the emerging energy cloud,…
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":"4\/26\/2015"}