Cities in North America and Europe are quickly moving toward “smart parking” initiatives, as high-end automation systems and software for parking reservations and payments become increasingly integrated with mobility products, according to a new report from Frost & Sullivan.
Migration to intelligent parking systems, rapid progression of wireless technologies and big data/analytics, and the evolution of contactless near-field communication and other payment methodologies will be some of the trends pervading the market, the study says.
The market for smart parking technologies earned revenues of $7.05 billion in 2014, and it estimates this will grow to $43.084 billion in 2025 at a compound annual growth rate (CAGR) of 18%, according to the report.
Smart parking will involve multiple stakeholders from the automotive, telecommunications and infrastructure industries, Frost & Sullivan says. The smart parking concept will be crucial for mobility in cities and offer a dependable revenue generation model.
“Megacities in the United States, United Kingdom, France and Germany will be considered the nodes of growth before smart parking expands into other parts of these countries,” Neelam Barua, Frost & Sullivan automotive & transportation industry analyst, said in a statement.
“The emergence of new business models such as peer-to-peer (P2P) parking, smart parking with minimum hardware, parking analytics, demand-based pricing, and real-time parking sessions will help popularize parking solutions in new territories,” Barua said.
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