Smart parking systems in cities expected to explode over next decade

HKT has won contracts to deploy and manage a smart parking system for Hong Kong (Image Nikada / iStockPhoto)
Smart parking systems revenues will grow by six times in the next decade, according to Navigant Research (iStock Photo)

The number of on-street smart parking spaces are expected to more than triple in cities around the globe in the next decade, according to analysts at Navigant Research.

With that growth, there will be a burgeoning industry in infrastructure for sensor networks, camera systems connected to computers and an overall growth in the capability of Internet of Things and cloud-based systems, the researchers said in a new report.

Software systems will increasingly drive the smart parking market globally, Navigant said. Mega trends will matter as well, including the movement of the world’s population to urban settings and the increasing ability of city dwellers to be able to afford motor vehicles, especially in developed countries. With more vehicles and people, there will be a strain on existing parking facilities and demand for intelligent, managed systems, Navigant asserted.

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Computer vision, machine learning, predictive analytics and artificial intelligence will all be a part of better parking management. More than 20 specialized companies have emerged to provide such software.

Navigant said on-street, individually monitored smart parking spaces will grow nearly 14% a year from 240,000 to 780,000 spaces between 2019 and 2028. Meanwhile, global annual revenue for all smart parking providers will grow from $81 million in 2019 to $535 million in 2028, an annual growth rate of 23%.

Asia Pacific and Europe will be the biggest markets, followed by North America.

Navigant described 22 different companies that offer smart parking systems. The major players include IPS Group, Libelium, NEDAP, ParkHelp, Smart Parking, Streetline, Urbiotica and Worldsensing. A second group of companies in the space include Amano McGann, Bosch, EMX Industries, ParkMobile, Parko, Parkopedia, ParkPlus, Siemens, SKIDATA and Verizon Wireless. Notable startups include NaviParking, Parkifi, Parksen and Visionful.

 RELATED: CIMCON joins Qualcomm smart cities accelerator program

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