'Smart Parking Systems' Will Reach $360 Million
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.