Smart parking set to soar

The parking industry in Europe is rapidly innovating towards ‘smart’ by using adapted technologies from the communications and IT industry.

Migration to intelligent parking systems, rapid progression of wireless technologies, 2G, 3G, 4G, and big data analytics, and the evolution of contactless near-field communication and other payment methodologies are some of the trends set to pervade the market.

New analysis from Frost & Sullivan, Strategic Analysis of Smart Parking Market in Europe and North America, has found that the market earned revenues of $7.05 billion in 2014 and estimates this to accelerate up to $43.084 billion in 2025 at a compound annual growth rate (CAGR) of 17.89%.

Smart parking is going to be more associated with the travel mode and involve multiple stakeholders from the automotive, telecommunication and infrastructure industries. Moreover, the smart parking concept will be crucial for mobility in cities and offer a dependable revenue generation model.

‘Megacities will be considered the nodes of growth before smart parking expands into other parts of these countries,’ said Frost & Sullivan automotive & transportation industry analyst, Neelam Barua. ‘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 popularise parking solutions in new territories.’

Neelam continued, ‘Real-time smart parking and navigable parking lots will proliferate into the European and North American markets and become future trends in parking, along with autonomous parking services for cars. Numerous smart multi-space and wireless parking meters will deliver real-time parking information with the help of sensors to motorists and parking operators, simplifying parking operations and business.’

New mobility business models, autonomous driving and the connected car are three of the current trends in the automotive and mobility space, which will be discussed during Frost & Sullivan’s annual industry event – ‘Intelligent Mobility: Future Business Models in Connected and Automated Mobility – taking place at the House of Lords and the Royal Garden Hotel in London on 1-2 July 2015.