Smart parking spaces to see major growth in global cities

The number of smart parking spaces in cities around the world is projected to grow by 182 per cent by 2028, according to research.

A study by Juniper Research forecasts there will be 16 million smart spaces globally, up from 5.8 million in 2024.

Smart parking sensors and data

Smart parking utilises 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.

The Global Smart Traffic Management Market 2023-2028 report urges city municipalities to seriously consider investing in and implementing smart parking initiatives within highly congested cities.

“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”

The advantages surrounding dynamic pricing in smart parking can not only be used to strategically increase revenue, but also have the ability to ease ongoing congestion issues. This is achieved by lowering prices in less congested parking areas; making them more attractive to drivers.

“With more data than ever available and the low latency that 5G provides, parking solutions have become highly responsive,” said research author Cara Malone.