Skip to main content

Smart parking systems can help reduce traffic congestion, report finds

According to a recent report from Navigant Research, global revenue for smart parking systems is expected to total $1.5 billion from 2015 to 2024. The report, Smart Parking Systems, analyses the evolution of smart parking technology and the smart parking systems market, including global market forecasts for smart parking systems hardware, software, and services through 2024. The parking industry is being revolutionised by new technologies that enable cities to reduce levels of traffic congestion, conserv
September 22, 2015 Read time: 2 mins
According to a recent report from 7560 Navigant Research, global revenue for smart parking systems is expected to total $1.5 billion from 2015 to 2024. The report, Smart Parking Systems, analyses the evolution of smart parking technology and the smart parking systems market, including global market forecasts for smart parking systems hardware, software, and services through 2024.

The parking industry is being revolutionised by new technologies that enable cities to reduce levels of traffic congestion, conserve fuel, and lessen air and noise pollution levels. Sensor networks that can detect vehicle occupancy are enabling smart parking systems, which give drivers real-time availability information that makes it easier to find a parking space.

“The market for smart parking is still in its early stages, but large-scale adoptions have already taken place in many cities across North America and Europe,” says Ryan Citron, research analyst with Navigant Research. “Overly congested cities in the rest of the world— particularly in Latin America— are also showing increasing interest in the technology.”

Reducing urban traffic congestion is one of the most important drivers for the smart parking system market, according to the report. Congestion leads to increased greenhouse gas emissions, lost economic opportunity, and a general detriment to the quality of life in a city—it has been estimated that congestion costs the United States US$100 billion each year in wasted time and fuel.

The report analyses 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 2024. It also examines significant smart parking projects and case studies of major deployments from around the world, as well as the competitive landscape.

Related Content

  • December 12, 2012
    Smart transportation market worth US$102.31 billion by 2018
    According to a new market research report, published by US-headquartered global market research and consulting company MarketsandMarkets, the smart transportation market expected to reach more than $102.31 billion by 2018, at a compound annual growth rate (CAGR) of 23.6 per cent. The report, Smart Transportation Market - by Solutions (Ticketing Management, Parking Management, Passenger Information, Traffic Management), Services (Traditional, Advanced, Software) Worldwide Analysis and Forecasts (2012 - 2018)
  • July 24, 2015
    Smart transportation market worth US$138.76 billion by 2020
    According to a new market research report, Smart Transportation Market by Solutions (Ticketing Management, Parking Management, Traffic Management, Smart Signalling, Multimodal Information Systems, Passenger Information Systems, Cloud Services, Business Services) - Global Forecast to 2020, published by MarketsandMarkets, the smart transportation market is set to grow from US$46.72 billion in 2015 to US$138.76 billion by 2020, growing at a CAGR of 24.3 per cent from 2015 to 2020.
  • June 10, 2013
    Smart transportation market expected to reach US$102.31 million by 2018
    According to a new market research report, Smart Transportation Market - by Solutions (Ticketing Management, Parking Management, Passenger Information, Traffic Management), Services (Traditional, Advanced, Software) Worldwide Analysis and Forecasts (2012 - 2018) published by MarketsandMarkets, the smart transportation market expected to reach more than US$102.31 billion by 2018, at a CAGR of 23.6 per cent. The market for smart transportation is fuelled by the advancements across the information and communic
  • August 6, 2013
    Study reveals benefits of electric Beijing taxi fleet
    The impact of introducing plug-in electric vehicles to the streets of Beijing, one of the world’s most polluted cities, has been examined by researchers from the University of Michigan in the ACS journal Environmental Science and Technology. They use big data mining techniques to understand the impact of fleet electrification. As part of the study, the researchers highlight that while plug-in electric vehicles have developed rapidly in recent years there are still uncertainties with regard to market accepta