11% of parking spaces are smart

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According to an iOT Analytics report data collection will be a key feature in the future of parking

11% of public parking spaces are now smart but this figure will reach 16% in 2023, according to an IoT Analytics report. This figure represents a compound annual growth rate of 14% until overcoming 3,8 billion dollars in 2023.

In this report IoT Analytics has studied the presence of public on-street and off-street parking indoor and outdoor facilities. Besides, this report is a part of a the IoT Analytics Smart City Report Series, this kind of city will gain importance in a world that’s urbanizing quickly. The people living in urban areas globally is expected to reach 60% by 2050, up from 55% in 2018. This is the reason why technology and data that lead to a more intelligent management of the city will be more important each day.

Smart parking will be a key issue to manage the mobility in the city, with a bigger vehicle concentration and the rising of traffic an CO2 levels. Smart parking is a wide concept that includes different levels intelligent solutions, but it is based on a parking spaces that has vehicle detection sensors and cameras with automated vehicle license recognition, for example, that collect data to help users find a free parking space more quickly, as well as smart meters or smart payment.

Of all these features included in smart parking, IoT Analytics points that parking data combined with data from other stakeholders is key for innovation in Smart Cities. For example, they help to understand traffic patterns and traffic flow allowing city planners design citizen-centred and data-driven policies that increase occupancy rate or whether there is a need of more parking facilities. 

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