By 2026, the installed base of global on-street smart parking spaces is expected to reach 1.1 million. This finding is from a new report titled Smart Parking Systems from Navigant Research. This report examines the smart parking system market with an emphasis on on-street parking, as well as providing global forecasts for related hardware, software, and services revenue.
The projected market growth is in part due to a decrease in focus on the hardware and a greater emphasis on “technology integration and an increased utilization of software and data sources”, as stated by Ryan Citron, a research analyst at Navigant Research. Major organizations such as Bosch, Siemens, and Verizon have all shown an increased interest in the market due to its long-term impact in smart cities and further IoT integration.
Currently, funding is hard to find in the smart parking industry so projects have been mostly confined to those of a smaller scale. However, at the same time there has been an increase in the quantity of projects which occur more often in smaller cities. Newer and more adaptable technologies are being implemented, namely cameras, wireless communications, data analytics, induction loops, smart parking meters, and advanced algorithms. The growing number of smart parking projects combined with advancements in technology will aid in combating the parking and congestion challenges faced by cities globally.
Approaches to solving this global problem will vary by region, while the successful completion of smaller projects will provide models that can be replicated worldwide. In addition, financial, environmental, and economic factors are seen as the key drivers of this industry.