On-street smart parking spaces are expected to more than triple within major cities around the world in the coming decade, according to analysts at Navigant Research.
According to researchers, that growth will spurn a need for a greater infrastructure, which will include more sensor networks, computer connected camera systems and an overall growth in the use of Internet of Things and cloud-based systems.
Furthermore, the Smart parking market will increasingly be driven by software systems on a world-wide level. Other factors such as the movement of the world’s population to urban settings and the need for city dwellers to be able to afford the upkeep of motor vehicles, especially in developed countries will speed up the need for greater connectivity.
An increase in vehicles and the population growth will also be felt by new and existing parking facilities, which will start to shift towards the integration of highly-intelligent, managed systems.
“We are definitely seeing a greater demand for AI, machine learning and predictive analytics in the parking management sector as well. There are specialized companies emerging that are leading the way to provide this type of software,” Managing Member Ruben Perez-Sanchez said.
According to Navigant’s study, 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%.
The markets to experience the highest growth include: Asia, Europe and eventually North America.