A new study by Juniper Research, the foremost experts in technology markets, forecasts substantial growth of 182% in the number of smart parking spaces within cities; from 5.8 million in 2024.
Smart parking utilises a combination of sensors and real-time data to provide road users with information on closest available parking spaces and prices, through either signage, apps or dashboards. This helps reduce congestion and emissions produced by vehicles searching for suitable parking spaces.
Find out more: Global Smart Traffic Management Market 2023-2028, or download a free sample.
Dynamic Pricing Vital in Reducing City Congestion
The report urges city municipalities to seriously consider investing in and implementing smart parking initiatives within highly congested cities. The advantages surrounding dynamic pricing in smart parking can not only be used to strategically increase revenue, but also have the ability to ease ongoing congestion issues. This is achieved by lowering prices in less congested parking areas; making them more attractive to drivers.
Research Author Cara Malone commented: “With more data than ever available and the low latency that 5G provides, parking solutions have become highly responsive. In cities where on-street parking is a major issue, dynamic signage can be deployed to utilise available parking more efficiently at quieter times; significantly reducing congestion.”
Data Analytics to Optimise Transit Routes
Juniper Research recommends smart parking vendors offer data analytics services to municipalities and governments as a priority. This data is critical to analysing parking and occupancy patterns, which can be used to optimise transit routes and development; helping shift citizens to public transport and providing significant value for cities.
About the Research Suite The new market research suite offers the most comprehensive assessment of the smart traffic management market to date; providing analysis and forecasts of over 31,900 datapoints across 60 markets over five years. It includes a ‘Competitor Leaderboard’ and examination of current and future market opportunities.
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