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
Electric Motorcycle and Scooter Sales are Expected to Total 55 Million From 2015 to 2024
May 20, 2015The transition from sealed lead-acid to lithium ion batteries is driving rapid industry advances, report finds • A recent report from Navigant Research examines the global markets for electric motorcycles and…
Read More »
Vehicle-Grid Integration Services Revenue Is Expected to Total $68 Million from 2015 to 2024
May 19, 2015Energy aggregators and major fleets are expected to be the initial market entrants, report finds • A recent report from Navigant Research analyzes the market opportunity for vehicle-grid integration (VGI)…
Read More »
Identified Microgrid Capacity Has Tripled in the Last Year
May 18, 2015North America leads the market today, but the largest market over the long term is likely to be Asia Pacific, report concludes • A new Tracker report from Navigant Research tracks data on known grid-tied and remote…
Read More »
Electric Vehicle Charging Services Revenue Is Expected to Total $11.3 Billion from 2014 to 2023
May 13, 2015Interoperability issues prove a key barrier to today’s commercial charging market, report finds • A recent report from Navigant Research analyzes the global market for plug-in electric vehicle…
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":"5\/23\/2015"}