A study by Juniper Research predicts a surge in smart parking spaces globally, reaching 16 million by 2028 from 5.8 million in 2024. Among these, smart parking spaces are expected to grow by 182%, enhancing urban mobility and reducing congestion.

Additional points:

  • Utilising sensors and real-time data, smart parking systems inform drivers of available spaces and prices, reducing congestion and emissions.
  • Dynamic pricing strategies, facilitated by smart parking, optimise revenue and ease congestion by adjusting prices based on demand.
  • With abundant data and 5G technology, parking solutions are becoming more responsive, deploying dynamic signage to efficiently use available parking spaces.
  • Juniper Research suggests smart parking vendors offer data analytics to municipalities, enabling them to analyse parking patterns and optimise transit routes, promoting public transport usage and urban development.

Global Smart Traffic Management Market 2023-2028 report.

Source of information: https://www.smartcitiesworld.net/road-travel/smart-parking-spaces-to-see-major-growth-in-global-cities-9868 (Published 07 February 2024).