This week’s Smart City roundup features the latest growth numbers across various markets regarding smart cities, and a partnership that will deliver advanced connectivity in smart utilities.

Smart parking market grows at 31% CAGR to 2019

The report Global Smart Parking Market 2015-2019 from ReportsnReports.com reveals that the smart parking market is growing at a Compound Annual Growth Rate (CAGR) of 31 percent until 2019. The report stated that the growth is brought upon by the replacement of old parking meters with new smart parking meters. The new smart parking meters are seen as more reliable in vehicle detection and issuing of tickets, not to mention how they are able to send notifications regarding maintenance issues to parking providers, allowing for faster action and repair.

In a separate but related report by ReportsnReports.com, it was discussed that the rise in vehicle ownership is aggravating traffic congestion, but parking reservation systems that allow people to find available spots in real time, as well as pay for tickets online or with a mobile device, are helping solve the traffic problem. The report stated that the parking reservation systems market, with revenue of $196.2 million in 2014, is expected to reach $491.2 million by 2019 at a CAGR of 20.1 percent. The major market players are Vinci Park, Q-Park, Streetline and National Car Parks (NCP). The growth in parking reservation system is expected to add to the overall growth in the smart parking market.

IoT in retail market sees significant growth

A new report from MarketsandMarkets states that the global Internet of Things (IoT) in retail markets is expected to grow from $14,280 million in 2015 to $35,640 million by 2020 at a CAGR of 20 percent.

The growth in retail IoT is used to manage inventory, track theft and loss, mobile payments, shopper intelligence, and advertising and marketing inventory. The use of IoT in retail has helped retailers deliver an enhanced customer experience and increase their revenue. There is also an increase in demand for IoT devices in retail as the cost of components such as sensors and RFID continue to decline. The cloud and mobile apps for the retail market are also helping the cause.

Despite the significant growth in IoT for retail, there is still apprehension in using Internet-connected devices for business because of safety and security concerns.

India accelerates smart grid tech

Wi-SUN Alliance announced a partnership with the India Smart Grid Forum (ISGF), a public private partnership initiative of Ministry of Power, Govt. of India, created to accelerate the development of smart grid technologies in the Indian power sector. The partnership will entail that the two organizations work together to promote smart grid technologies in an efficient, cost-effective, innovative and scalable manner utilizing interoperable solutions based on standards.

This partnership will allow the two organizations to work together on compliance and interoperability programs, as well as promote the benefits of certified, interoperable products to the utility industry, government and regulators. Wi-SUN will also help accelerate the deployment of physical communications’ infrastructure needed in building smart grids and smart cities in India.

Photo by Vjeran Pavic