Smart parking utilizes 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.
Juniper Research forecasts a substantial growth of 182% in the number of smart parking spaces within cities; from 5.8 million in 2024.
Importance of dynamic pricing
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 ease ongoing congestion issues. This is achieved by lowering prices in less congested parking areas; making them more attractive to drivers.
Cara Malone
“With more data than ever available and the low latency that 5G provides, parking solutions have become highly responsive,” says Cara Malone. “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.”
Optimize transit routes using data analytics
Juniper Research recommends smart parking vendors offer data analytics services to municipalities and governments as a priority. This data is critical to analyzing parking and occupancy patterns, which can be used to optimize transit routes and development; helping shift citizens to public transport and providing significant value for cities.