Parking, especially in large cities, may be the biggest hassle for drivers. Searching for parking wastes time and gas, and can be detrimental to the ecosystem due to congestion that leads to increased pollution. In response to this everyday frustration, the evolution of smart parking technology is accelerating, according to a report by Navigant Research, a global professional services firm.
Sensor networks that track vehicle occupancy are providing the technology that is transforming the parking industry. This basic intelligence displays real-time parking availability and installments are expected to exceed 1 million worldwide by the year 2024. In addition to eliminating the frustration and pollution caused by parking, these systems are also expected to provide financial and economic benefits.
The smart parking sensor and communications industry continues to grow steadily, and interest in the technology from cities is higher than ever, says Ryan Citron, research analyst with Navigant Research. Large cities such as San Francisco, Los Angeles, and Moscow, among others, have adopted smart parking systems that are improving the chronic congestion in their city centers.
Though the benefits of implementing these smart parking systems are significant, there are a few obstacles in the way of their development, implementation, and funding. Because city officials are skeptical of the systems’ likelihood to actually reduce congestion and enhance the economy, necessary government funding has yet to be provided. However, smart parking systems are still gaining popularity amongst companies and organizations. Markets including universities, corporations and airports are expressing increased interest in smart parking systems, according to the research. These business have recognized and are eager to reap the benefits of sensor-enabled parking.
Because there are so many factors tugging this new technology in different directions, Navigant Research will be providing Global market forecasts of smart parking systems hardware, software, and services, broken out by segment and region, extend through 2024. By analyzing financial, economic and environmental factors affecting parking technology, Navigant Research will track the evolution of the smart parking systems market.
To obtain a free download of the executive Summary of the report, visit http://www.navigantresearch.com/research/smart-parking-systems
