Strategic Insights on Future Smart Parking Systems

Strategic Insights on Future Smart Parking Systems

This study offers strategic insights into the technologies and trends affecting the smart parking market. Digital technologies, such as IoT, 5G, and blockchain, have helped consumers locate parking lots through cell phones and vehicle infotainment systems. Image processing, RFID, and ground sensors have simplified the parking monitoring process with less labor dependency.

Frost & Sullivan provides insights on strategies for different types of smart parking systems and their working methods. The research team conducted case studies on market participants, highlighting technology trends. The study also provides information on the advantages of different smart parking systems and how parking operators will benefit by implementing effective smart systems in their lots. The study is global and includes North America; Latin America; Europe; and Asia-Pacific (APAC), excluding China.

By providing an industry overview from multiple angles, this research service seeks to achieve the following objectives:
• Provide insights onto the evolution of smart parking and highlight different companies’ strategies
• Elucidate image processing technologies, ground sensors, and RFID systems used in smart parking systems for effective monitoring
• Discuss the types of value-added services parking operators can access to increase revenue (e.g., EV charging stations, demand-based vehicle cleaning, vehicle service, valet parking)
• Highlight the implementation of automated parking systems and associated investment costs
• Identify mobility trends (e.g., shift from vehicle ownership to usership) and challenges for parking lot operators)
• Identify challenges associated with autonomous vehicles (e.g., no need for parking lots near destinations)
• Analyze the potential for different EV charging facilities in smart parking lots and their benefits
• Profile smart parking system providers of both hardware and software, including their best practices
• Analyze the potential for collaborative smart city planning with smart parking service providers and the digitization of parking ticket enforcement