BOULDER, Colo.--(BUSINESS WIRE)--A recent 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.
The parking industry is being revolutionized by new technologies that enable cities to reduce levels of traffic congestion, conserve fuel, and lessen air and noise pollution levels. Sensor networks that can detect vehicle occupancy are enabling smart parking systems, which give drivers real-time availability information that makes it easier to find a parking space. Click to tweet: According to a recent report from Navigant Research, global revenue for smart parking systems is expected to total $1.5 billion from 2015 to 2024.
“The market for smart parking is still in its early stages, but large-scale adoptions have already taken place in many cities across North America and Europe,” says Ryan Citron, research analyst with Navigant Research. “Overly congested cities in the rest of the world—particularly in Latin America— are also showing increasing interest in the technology.”
Reducing urban traffic congestion is one of the most important drivers for the smart parking system market, according to the report. Congestion leads to increased greenhouse gas emissions, lost economic opportunity, and a general detriment to the quality of life in a city—it has been estimated that congestion costs the United States $100 billion each year in wasted time and fuel.
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 Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
*The information contained in this press release concerning the report, Smart Parking Systems, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
