A new report from Navigant Research analyzes 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.

Today, the parking industry is being transformed by new technologies that are enabling cities to reduce levels of congestion significantly. Sensor networks that detect vehicle occupancy are providing the basic intelligence behind smart parking systems, which provide real-time parking availability information to make it easier for drivers to find a parking space. According to a new report from Navigant Research, the installed base of sensor-enabled on-street smart parking spaces is expected to surpass 1 million worldwide by 2024.

“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.”

Obtaining the substantial upfront funding necessary for these large projects is another major barrier for the industry. One key hurdle, according to the report, is convincing city leaders of the financial benefits and congestion reduction potential of smart parking solutions when deployed at city scale.

The report, Smart Parking Systems, analyzes 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. The report also examines significant smart parking projects and case studies of major deployments from around the world, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.

About Navigant Research

Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries.  In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets.  The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors.