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


* 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

Remote Microgrids Now Make up More than Half of All Microgrids Deployed Globally
The United States leads all countries in terms of microgrid capacity and projects, report finds…
Read More »
Global Revenue from Diesel Generator Set Installations Is Expected to Total $538 Billion from 2015 to 2024
Diesel generator sets can provide effective resiliency options when combined with renewable resources in a microgrid, report finds • A recent report from Navigant Research examines the global market for diesel generator sets…
Read More »
New Energy Storage Deployments in Asia Pacific’s Major Markets Are Expected to Total Nearly 37 GW from 2015 to 2025
Variable renewable energy generation is driving interest in grid-tied energy storage technologies, report finds • A new report from Navigant Research examines the market for grid-tied energy storage systems…
Read More »
Global Revenue from Submarine Electricity Projects Is Expected to Total Nearly $230 Billion from 2015 to 2024
World governments are expected to begin streamlining the high level of undersea project regulation requirements, report finds • A recent report from Navigant Research analyzes the global market for submarine electricity transmission…
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":"12\/1\/2015"}