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Smart Parking to Enable Intelligent Mobility in Global Mega Cities

  • August 2015
  • 11 pages
  • Frost & Sullivan
Report ID: 3186598

Summary

Table of Contents

Smart Parking to Enable Intelligent Mobility in Global Mega Cities : Smart Parking is Set to Boost Parking Revenue by an Average of 20% to 30%.

The insight analyses smart parking systems and their influence on the parking industry through technology-enabled parking solutions. It describes the ecosystem and market size for smart parking in Europe and North America, and analyzes the strategies of major parking operators, and parking app, infrastructure, and parking management companies. It also evaluates the link between parking and automotive industries, while highlighting investment and strategic partnerships. The study also discusses challenges in parking management and how the industry is working with city councils, governments, and infrastructure providers to deliver best services.

Introduction

The parking industry in Europe and North America is rapidly innovating and evolving into an industry even smarter than ever before. In addition to adoption of high-end automation solutions and software for parking reservations and payments, it is being increasingly integrated with other mobility solutions as well. The parking industry in these regions uses adapted technologies from the communications and IT industry. Trends like migration to intelligent parking systems, rapid progression of wireless technologies, 2G, 3G, 4G, and Big Data analytics, and evolution of contactless near-field communication and other payment methodologies are expected to become commonplace in the parking industry.

Parking Ecosystem is Becoming Concentrated Owing to Strong Interest from Multiple Stakeholders

As of 2014, parking is a -to- -billion-dollar industry in North America and a -billion-euro industry in Europe. It has been primarily operated and managed in a traditional manner with very little innovation and focus on smart parking. The operational value chain is simple and includes parking operators and their engagements with service providers. With a different genre of participants exploring numerous opportunities in smart parking, the new ecosystem is becoming smarter and evolving into a highly concentrated one.

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