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Paving the Way for Smarter Cities: Trends and Markets in Smart Parking Technologies

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Cutting-Edge Research Unveils Striking Expansion of Global Smart Parking Technologies Market, with a Staggering Compound Annual Growth Rate (CAGR) of 18.1%

BOSTON, Feb. 14, 2024 /PRNewswire/ — Discover the future of parking with our exploration of Smart Parking Technologies and Global Markets. This brief journey explores the latest advancements in parking technology and their impact on global markets. From intelligent sensors to data-driven solutions, join us in uncovering the key trends and market dynamics propelling the evolution of smart parking on a global scale.

“According to the latest research study, the demand for Smart Parking Technologies and Global Markets grow from $38.7 billion in 2023 and is estimated to increase from $88.8 billion in 2028, at a compound annual growth rate (CAGR) of 18.1% from 2023 to 2028.”       

Embark on a captivating journey into the world of smart parking with this report, offering a comprehensive overview of global market trends. Anchored in the pivotal year of 2022, the analysis extends its gaze into the future, forecasting market dynamics through 2028. Delving into the nuances of hardware, software, and services, as well as diverse parking solution types, technologies, end-users, and regional landscapes, the report provides a roadmap for understanding the transformative forces at play. It’s a revealing exploration of the market’s evolution, carefully crafted to illuminate key insights and projections. Notably, while the report sheds light on revenue forecasts across various dimensions, it refrains from delving into the intricacies of hardware costs and volumes, ensuring a focused and streamlined narrative.

The surge in the number of vehicles on the roads, coupled with government initiatives like smart cities, is anticipated to drive the development of improved traffic and parking management solutions in regions such as Asia-Pacific and Oceana by 2030. The widespread adoption of artificial intelligence (AI) plays a key role, leveraging data from sensors and cameras to create intelligent parking management systems. These devices, strategically placed in and around parking lots, efficiently detect available parking spots. Looking ahead, the smart parking market is poised for significant transformation with the advent of automated vehicles (AVs). Forward-thinking cities in the industry are already testing self-parking vehicles, automated parking lots, and robotic parking valets. For instance, ParkPlus, a leading provider of automated parking systems, is actively working on deploying a fully automated parking garage, marking a notable stride in the future of smart parking.

Unlock the full insights and strategic implications of the latest research study on Smart Parking Technologies and Global Markets. Click here to Learn More.

Driving forces behind the smart parking technologies and global market’s growth comprise:

1.  Growing Demand for IoT-Based Vehicles-The rise of IoT-based vehicles signifies a surging demand for connected and smart automotive solutions. With features like real-time data exchange, predictive maintenance, and enhanced safety, these vehicles are at the forefront of transforming the driving experience. As consumers increasingly seek seamless connectivity, the demand for IoT-based vehicles is rapidly gaining momentum, shaping the future of the automotive industry.

2.  More Vehicles on the Road-The increasing number of vehicles on the road highlights a growing challenge in urban mobility and infrastructure. This surge in traffic poses implications for congestion, environmental impact, and the need for innovative solutions to ensure efficient and sustainable transportation systems.

3.  Government Policies and Regulations to Support Smart Parking-Government policies and regulations are crucial drivers for the advancement of smart parking solutions. With a focus on enhancing urban mobility and reducing traffic congestion, policymakers are increasingly supporting initiatives that promote the implementation of smart parking technologies. These regulations play a pivotal role in fostering innovation, encouraging the adoption of intelligent parking systems, and contributing to the development of more efficient and sustainable urban environments.

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Report Synopsis

Report Metrics

Details

Base year considered

2022

Forecast Period considered

2023-2028

Base year market size

$35.6 billion

Market Size Forecast

$88.8 billion

Growth Rate

CAGR of 18.1% for the forecast period of 2023-2028

Segment Covered

Offering, Parking Solution Type, Technology, End User

Regions covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Countries covered           

U.S., Canada, Mexico, U.K., Germany, France, Russia, Italy, Norway, Sweden, Finland, Poland, Denmark, Hungary, China, India, Japan, Australia, New Zealand, Taiwan, Indonesia, Thailand, Singapore, Latin America, Middle East and Africa

Key Market Drivers

•  Growing Demand for IoT-Based Vehicles

•  More Vehicles on the Road

•  Government Policies and Regulations to Support Smart Parking

The Rising Demand for Smart Parking Technologies and Global Markets:

The global demand for smart parking technologies is on the rise, shaping markets worldwide. With a focus on efficiency and overcoming parking challenges, intelligent solutions are gaining traction. From advanced sensors to data-driven management systems, the market is undergoing a transformative shift. This increasing demand not only impacts urban mobility but also drives innovation in the broader context of smart city development. The future promises a seamlessly integrated and technologically advanced approach to parking, reflecting the growing importance of intelligent solutions on a global scale.

Trends and Innovations:

Delve into the dynamic landscape of smart parking technologies with a focus on current trends and innovations shaping global markets. From state-of-the-art sensors to groundbreaking management systems, this exploration unveils the forefront of parking solutions. Discover the evolving industry as it adapts to modern urban needs, providing insights into the exciting future of smart parking technologies.

Challenges and Opportunities

Navigate the challenges and opportunities in the realm of smart parking technologies, influencing global markets. From overcoming urban congestion to capitalizing on technological advancements, this exploration sheds light on the dynamic landscape. Uncover the potential hurdles and the promising openings, offering a glimpse into the evolving world of smart parking solutions and the broader opportunities they present on a global scale.

This report on the smart parking technologies and global markets provides comprehensive insights and analysis, addressing the following key questions:

What is the market’s expected size and rate of growth?
Over the forecast period of 2023–2028, the smart parking technologies market was expected to increase at a compound annual growth rate (CAGR) of 18.1%, from $35.6 billion in 2022 to $88.8 billion in 2028.
What are the main elements propelling the market’s expansion?
Growing demand for Internet of Things (IoT)-based automobiles, the adoption of laws and regulations to facilitate smart parking, and an increase in the number of vehicles as a result of an expanding economy are the main drivers propelling the growth of the smart parking technologies market.
Which market segments are covered?
Based on components, parking solution type, technology, end-user, and geography, the global smart parking technologies market is divided into segments.
Which market sector, according to end use, will be in the lead by 2028?
The market for smart parking technologies will remain dominated by the commercial parking segment by the end of 2028. The segment is expected to maintain its dominant position through the end of 2028 due to the growth of retail centers, sports complexes, amusement parks, and recreation centers.
Which geographic area dominates the market in terms of market share?
In terms of market share, North America leads the world market for smart parking technologies. Canada and the United States both make major contributions to the worldwide market for smart parking solutions. The region’s high rates of urbanization, dense population, and robust technical infrastructures are driving demand for market expansion.

Some of the Key Market Players Are:

3MAPTIVCISCO SYSTEMS INC.CONTINENTAL AGFLASHPARKINGINRIXKAPSCH TRAFFICCOM AGNEC CORP.NEDAP N.V.ROBERT BOSCH GMBHSIEMENS AGSMART PARKINGTKH GROUPVALEO

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For further information or to make a purchase, please get in touch with info@bccresearch.com.  

About BCC Research

BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

Contact Us

Corporate HQ: BCC Research LLC, 49 Walnut Park, Building 2, Wellesley, MA 02481, USA
Email: info@bccresearch.com,
Phone: +1 781-489-7301
For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

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11:11 Systems Announces Strategic Partnership with Cato Networks to Deliver SASE Solution for Distributed Enterprises

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New Managed Secure Access Service Edge (SASE) solution combines SD-WAN, cloud-native networking and security capabilities with 11:11’s connectivity, cyber resilience and cloud expertise

SYDNEY, July 22, 2026 /PRNewswire/ — 11:11 Systems, a leading managed infrastructure solutions provider, today announced the global availability of its 11:11 Managed Secure Access Service Edge (SASE) solution and a new strategic partnership with Cato Networks.

11:11 Managed SASE is a fully managed secure connectivity solution leveraging Cato Networks AI-native network security platform. This solution brings together intelligent SD-WAN, cloud-delivered security and global connectivity into a single offering. It enables organisations to simplify and secure access across branch offices, data centres, users and cloud environments, reducing complexity without sacrificing performance or control.

Built on the Cato Networks cloud-native SASE platform, 11:11 Managed SASE combines zero trust network access (ZTNA), firewall as a service (FWaaS), secure web gateway (SWG), cloud access security broker (CASB), advanced threat protection and centralised visibility into a unified managed experience. 11:11 also delivers 24x7x365 monitoring and support, incident management integration and operational accountability to help customers limit vendor sprawl, increase agility and free internal teams to focus on higher-value priorities.

The offering is backed by 11:11’s broader networking, cloud and cyber resilience capabilities. Through its global backbone, carrier-agnostic connectivity options and integrated portfolio spanning cloud, backup, disaster recovery and security services, 11:11 gives customers a practical path to modernise network and security architecture while strengthening resilience across the business.

“Enterprises are under pressure to support users, applications and locations that are more distributed than ever, while limiting complexity and improving security,” said Justin Giardina, CTO, 11:11 Systems. “Our Managed SASE solution provides customers with a unified approach to modernising networking and security, along with the visibility, support and flexibility they need to thrive in a rapidly changing environment.”

According to Karl Soderlund, global channel chief, Cato Networks, “As enterprises move beyond fragmented legacy networking and security stacks, they need a simpler way to gain visibility, context and control across hybrid work environments and reduce the operational burden on IT. Through our partnership, we can address these challenges head on and deliver end-to-end visibility and protection in a single service built for the reality of modern work.”

The joint offering is well suited for distributed enterprises, multi-site organisations, hybrid workforce initiatives, SD-WAN refreshes, security modernisation efforts and businesses with limited IT resources. 11:11 meets customers where they are by supporting existing environments, simplifying multi-vendor operations and serving as a single provider accountable for network, security, cloud and data integration.

This partnership expands 11:11’s Network as a Service portfolio and follows Forrester’s inclusion of 11:11 Systems in its report, “The Secure Access Service Edge Services Landscape, Q1 2026.”

About 11:11 Systems

11:11 Systems is a managed infrastructure solutions provider that empowers customers to modernise, protect and manage mission-critical applications and data, leveraging 11:11’s resilient cloud platform. Learn more at www.1111Systems.com and follow 11:11 on LinkedIn.

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SOURCE 11:11 Systems

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Crowell & Moring Expands Financial Services Group with Former UBS Bank USA General Counsel Cristina Diaz

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NEW YORK, July 21, 2026 /PRNewswire/ — Crowell & Moring has added Cristina Diaz, former executive director and general counsel of UBS Bank USA, and most recently head of legal for UBS’s U.S. Remediation Management Office, to the firm’s Financial Services Group as senior counsel in New York. Diaz brings more than two decades of in-house counsel and law firm experience in bank regulation, compliance, and risk management.

At Crowell, Diaz will counsel banks, fintechs, and digital assets companies on a broad range of bank regulatory matters, including charters and licensing, permissible activities, capital requirements, regulatory enforcement, M&A, and corporate governance. She will also counsel clients navigating the intersection of traditional banking and emerging financial services, including digital assets companies seeking to acquire or establish national banks, and banks exploring partnerships with fintechs and digital assets firms.

At UBS, Diaz advised on the firm’s most pressing regulatory matters, including most recently UBS Bank USA’s charter conversion from a Utah industrial bank to an OCC national bank and key compliance remediations. This work gave Diaz extensive experience navigating relationships with state and federal financial regulators. Earlier in her career, Diaz spent eight years at Davis Polk & Wardwell advising U.S. and foreign banks on bank regulatory matters, M&A, and capital markets transactions.

“Cristina is a highly experienced, solution-oriented attorney who brings deep knowledge in the bank regulatory space. She will be an enormous asset to the firm’s growing regulatory and transactional offerings to banks, digital assets businesses, and fintechs,” said Carlton Greene, Co-Chair of Crowell’s Financial Services Group.

“I am delighted to join Crowell & Moring and integrate my bank regulatory experience with the firm’s nationally-recognized digital assets practice. As traditional banking and emerging financial technologies continue to evolve, clients need actionable and sophisticated legal counsel. Crowell offers the collaborative platform to help institutions successfully execute their growth and compliance strategies,” said Diaz.

Diaz received her J.D. from New York University School of Law, where she was a member of the New York University Law Review, and received her B.A., summa cum laude, from New York University. She is fluent in Spanish.

About Crowell & Moring LLP
Crowell & Moring is an international law firm with operations in the United States, Europe, and MENA. Drawing on significant government, business, industry, and legal experience, the firm helps clients capitalize on opportunities and provides creative solutions to complex regulatory and policy, litigation, transactional, and intellectual property issues. The firm is consistently recognized for its commitment to pro bono service, as well as its comprehensive programs and initiatives to advance the professional and personal development of all members of the Crowell community.

Media Contact:
Email: prteam@crowell.com

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Quantinuum and SoftBank Corp. Publish Joint White Paper on Scaling Practical Quantum Computing Use Cases Toward the Fault-Tolerant Era

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The companies have published a joint white paper mapping commercially relevant quantum computing use cases in quantum chemistry and graph analytics to Quantinuum’s hardware roadmap.The paper provides a framework for assessing how advances in quantum hardware and algorithms, could affect when practical industrial applications become feasible.SoftBank Corp. and Quantinuum will use the roadmap to inform their exploration of future quantum AI data center services and related business models.

TOKYO and BROOMFIELD, Colo., July 22, 2026 /PRNewswire/ — Quantinuum (NASDAQ: QNT) and SoftBank Corp. (“SoftBank”) today announced the publication of “Quantum Computing Frontiers,” a joint white paper that maps two commercially-relevant quantum computing application areas against Quantinuum’s hardware roadmap. The analysis examines how advances in quantum hardware and algorithms could affect when these applications become practical for industrial use.

The paper focuses on two representative application domains that SoftBank is actively using Quantinuum’s systems to research: quantum chemistry for new materials discovery and energy research, and topological data analysis for large-scale graph analytics, including for telecommunications fraud detection. The authors anchor their assessment of the scalability of these two application areas against Quantinuum’s published hardware roadmap, examining how projected advances in hardware capabilities and algorithms may enable the commercial readiness of future industrial applications.

Building on this use-case roadmap, the paper also examines how quantum computing, AI, and high-performance computing could be integrated into future computing infrastructure. It considers how progress across successive hardware generations could inform future quantum AI data center services and related business models, a key focus of the Quantinuum and SoftBank partnership announced last year.

“The key takeaway of this study is that organizations do not need to wait for large-scale, fault-tolerant systems to explore where quantum computing can begin creating value,” said Duncan Jones, General Manager, Applications Group at Quantinuum. “By using today’s systems to develop, benchmark and refine applications in areas such as quantum chemistry and graph analytics, enterprises can build the technical and operational readiness needed for the next era of quantum-enabled computing.”

“The question is no longer whether quantum computing may deliver value, but rather which problem classes become executable at which stage of hardware maturity,” said Ryuji Wakikawa, Senior Vice President & CTO at SoftBank Corp. “However, we believe progress in hardware must be complemented by equally strong developments in quantum algorithms and the integration of quantum systems with AI and high-performance computing.”

The white paper discusses illustrative scenarios describing how representative applications, technology maturity, and potential market opportunities may evolve over time under stated assumptions. The analysis provided in the paper is intended to provide a conceptual framework for understanding potential market evolution and does not represent financial guidance or forecasts. These analyses are intended to support discussion of future technology development and should not be interpreted as commitments regarding commercialization, infrastructure investment, products, services, or financial performance.

The full white paper is available to download on the SoftBank and Quantinuum websites.

About SoftBank Corp.

Guided by the SoftBank Group’s corporate philosophy, “Information Revolution – Happiness for everyone,” SoftBank Corp. (TOKYO: 9434) operates telecommunications and IT businesses in Japan and globally. Building on its strong business foundation, SoftBank Corp. is aiming to activate the potential of AI across its businesses and drive implementation in line with its “Activate AI for Society” growth strategy. While further growing its telecom business, SoftBank is expanding its AI computing infrastructure and AI and Cloud service businesses with the aim of becoming a provider of Next-generation Social Infrastructure. To learn more, please visit https://www.softbank.jp/en/corp/

About Quantinuum

Quantinuum (NASDAQ: QNT) is a leading quantum computing company offering a full-stack platform designed to make quantum computing deployable in real-world environments. The company has commercially deployed multiple generations of quantum systems built on the well-established QCCD architecture, which it has implemented with novel designs and capabilities to achieve the industry’s highest accuracy levels based on average two-qubit gate fidelity.[1] Quantinuum has active engagements with market leaders across pharmaceuticals, material science, financial services, and government and industrial markets. The company has a global workforce of approximately 700 employees, including top scientists and researchers. Over 70% of its technology team holds PhDs or Master’s degrees. Quantinuum’s headquarters is in Broomfield, Colorado, with additional facilities across the United States, United Kingdom, Germany, Japan, Qatar, and Singapore.

For more information, please visit www.quantinuum.com.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. The words “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” the negative version of these words, or similar terms and phrases are intended to identify forward-looking statements. Such statements are based on certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. New factors emerge from time to time, and it is not possible for Quantinuum to predict all such factors. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Quantinuum does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 

[1] As of December 31, 2025.

SOURCE Quantinuum

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