The banking and payments industry continues to be a hotbed of innovation owing to ever-changing consumer expectations. The rapid technological developments in the areas of banking and payments that aim to offer seamless experience to consumers are now becoming even more vital for industry participants as competitors leverage new technologies such as artificial intelligence, Internet of Things, cybersecurity, and embedded finance as they compete to stay relevant and grow in the market. In the last three years alone, there have been over 129,000 patents filed and granted in the banking industry, according to GlobalData’s report on Vehicle subscription services in banking: smart parking metersBuy the report here.

According to GlobalData’s Technology Foresights, which uses over 165,000 patents to analyze innovation intensity for the banking industry, there are 30+ innovation areas that will shape the future of the industry.

Smart parking meters is a key innovation area in vehicle subscription services

Smart parking meters are modern parking management systems that use technology such as sensors, cameras, and wireless connectivity to provide drivers with real-time information on parking availability, enable online payment options, and facilitate efficient parking management for cities and parking operators.

GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 50+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of smart parking meters.

Key players in smart parking meters – a disruptive innovation in the banking industry

‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators. 

‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.

Patent volumes related to smart parking meters

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Jj Mackay Canada Ltd 39 Unlock Company Profile
IPS Group, Inc. 21 Unlock Company Profile
Zume Inc 18 Unlock Company Profile
British American Tobacco Plc 13 Unlock Company Profile
Cleveron AS 12 Unlock Company Profile
Parking Cloud Co Ltd 9 Unlock Company Profile
TomTom NV 9 Unlock Company Profile
Toyota Motor Corp 8 Unlock Company Profile
T3 Micro Inc 8 Unlock Company Profile
Municipal Parking Services 7 Unlock Company Profile
FoodPairing NV 7 Unlock Company Profile
ReviverMx Inc 7 Unlock Company Profile
Sealed Air Corp 7 Unlock Company Profile
Chargepoint Pty Ltd 6 Unlock Company Profile
Starbucks Corp 6 Unlock Company Profile
Neutron Holdings Inc 6 Unlock Company Profile
Intellectual Ventures Management LLC 6 Unlock Company Profile
PayPal Holdings Inc 6 Unlock Company Profile
Walmart Inc 5 Unlock Company Profile
Tencent Holdings Ltd 5 Unlock Company Profile
Wine Plum, Inc. 5 Unlock Company Profile
Sony Group Corp 5 Unlock Company Profile
Midea Group Co Ltd 4 Unlock Company Profile
Suzuki Motor Corp 4 Unlock Company Profile
Zhejiang Geely Holding Group Co Ltd 4 Unlock Company Profile
Microsoft Corp 4 Unlock Company Profile
Capital One Financial Corp 4 Unlock Company Profile
LOUNGE'LAB Inc. 4 Unlock Company Profile
Kura Sushi Inc 3 Unlock Company Profile
ChargePoint Holdings Inc 3 Unlock Company Profile
Ice House America, LLC 3 Unlock Company Profile
PepsiCo Inc 3 Unlock Company Profile
Saudi Arabian Oil Co 3 Unlock Company Profile
Zume Pizza Inc 3 Unlock Company Profile
Deutsche Telekom AG 2 Unlock Company Profile
International Business Machines Corp 2 Unlock Company Profile
ZTE Corp 2 Unlock Company Profile
Georama Inc 2 Unlock Company Profile
FlashParking Inc 2 Unlock Company Profile
Legend Holdings Corp 2 Unlock Company Profile
Operr Technologies Inc 2 Unlock Company Profile
General Motors Co 2 Unlock Company Profile
Parking Genius Inc 2 Unlock Company Profile
R.WEISS Verpackungstechnik GmbH & Co. KG 2 Unlock Company Profile
Scheidt & Bachmann GmbH 2 Unlock Company Profile
Halliburton Co 1 Unlock Company Profile
Uber Technologies Inc 1 Unlock Company Profile
DISH Network Corp 1 Unlock Company Profile
Cloudparc, Inc. 1 Unlock Company Profile
Meter Feeder, Inc. 1 Unlock Company Profile

Source: GlobalData Patent Analytics

J.J. MacKay Canada is the leading patent filer in the field of smart parking meters. Another leading innovator PayPal, has filed several patents related to parking guidance and parking services provided through wireless beacons. Some other key patent filers in the smart parking meters industry are IPS Group, Zume, Cleveron, and TomTom.

In terms of application diversity, CloudParc leads the pack. Ice House America and Toyota Motor stand in second and third positions, respectively. By means of geographic reach, J.J. MacKay Canada holds the top position, followed by British American Tobacco and Cleveron.

To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Banking.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article. 

GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.