New business models, product offerings, and technology developments are expected to accelerate smart parking system deployments
A new report from Navigant Research examines the market for smart parking systems, with a focus on on-street parking, and provides global market forecasts for related hardware, software, and services revenue, through 2026.
As parking and congestion challenges continue to affect cities globally, local government and parking operators are turning to a variety of technologies to make parking a more efficient, profitable, and sustainable industry. To date, sensor technologies have been key to smart parking progress, however, newer and more adaptable systems—including cameras, wireless communications, data analytics, induction loops, smart parking meters, and advanced algorithms—are also helping to solve city parking issues. Click to tweet: According to a new report from @NavigantRSRCH, the installed base of global on-street smart parking spaces is expected to reach 1.1 million by 2026.
“The smart parking market is moving toward less of a focus on hardware (and thus upfront costs) and toward more technology integration and an increased utilization of software and data sources,” says Ryan Citron, research analyst with Navigant Research. “Increasing interest in the smart parking market has been demonstrated by major players such as Bosch, Siemens, Verizon, and Kapsch TrafficCom AG, which indicates that key suppliers see long-term value in the smart parking market as part of a broader smart city and Internet of Things (IoT) strategy.”
While several large, high profile smart parking deployments proved successful in the early stages of the smart parking industry, obtaining the funding for similar-sized projects has become difficult, according to the report. As a result, the average project size has decreased, but the overall quantity has increased, particularly among smaller cities.
The report, Smart Parking Systems, analyzes the evolution of smart parking technology and the smart parking systems market, with a particular focus on on-street parking. The study analyzes the drivers for the transformation in parking, including financial, environmental, and economic factors, and assesses approaches to parking in different regions. Global market forecasts of smart parking systems hardware, software, and services, broken out by segment and region, extend through 2026. The report also examines significant smart parking projects and case studies of major deployments from around the world, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* 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.