With the increase in automobile ownership, parking problems for Chinese residents have become increasingly prominent. Traditional parking management based on geomagnetism or manual charging has been proven unsustainable. Cutting-edge technologies such as 5G, artificial intelligence, big data, and the Internet of Things are driving the smart parking industry to further achieve technological innovation and resource integration, among which the quality of parking data is a key factor.
Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') has released the 'China Parking Information Quality Research Report'. Based on research and analysis including first-hand interviews and desk research conducted by Frost & Sullivan, it evaluates the quality of parking data provided by 21 Chinese parking data providers. It also delves into the competitive landscape, emerging trends, and future opportunities in the field of smart parking.
Frost & Sullivan's latest white paper, 2021 China Smart Parking Market Research Report, discusses how accurate and reliable parking data can be utilized to advance smart parking solutions. It presents the future trend of smart parking and compares the quality of parking data collected from 21 parking services providers in China.
Smart parking refers to an Internet-of-Things-based system that incorporates contactless payment, parking navigation, and data analysis solutions. It improves parking operations for drivers while maximizing parking revenue for owners. By employing a smart parking solution, the hassle of physically handling payment can be eliminated, wasted time in navigation can be prevented, traffic congestion can be alleviated, and thus create a more seamless in-car parking experience for drivers. According to the report, smart parking services can be divided into data providers, parking operators, and municipal smart parking service providers.
Frost & Sullivan evaluated the quality of parking data collected from 21 parking service providers in China, including data providers, parking operators, and municipal smart parking service providers. Starting in August 2021 and ending in October 2021, Frost & Sullivan collected 1,441 off-street parking location samples and 4,410 on-street parking location samples in 10 major cities in China. Areas with the highest parking pressure were selected, such as the central business district, railway station, hospital, shopping center, as examples. In general, the accuracy of dynamic and static data and coverage are the key evaluation criteria of data quality.
"The explosive growth in the number of vehicles has raised new requirements for smart parking solutions, which rely heavily on the performance of parking data," said Andy Guo, Executive Director at Frost & Sullivan. "With innovative data collection technologies, Parkopedia takes the lead in the highly fragmented market of smart parking by offering the most complete, detailed and accurate parking information and services. This also makes us competitive in the market compared to other parking data providers in China. Therefore, we can confidently announce that Parkopedia ranked first out of 10 providers in this thorough assessment."
