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 92,000 patents filed and granted in the banking industry, according to GlobalData’s report on Internet of Things in Banking: smart parking meters. Buy the report here.

According to GlobalData’s Technology Foresights, which uses over 195,000 patents to analyse innovation intensity for the banking industry, there are 60+ innovation areas that will shape the future of the industry.

Smart parking meters is a key innovation area in Internet of Things

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 10+ 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 different applications identified for each relevant patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.

‘Geographic reach’ refers to the number of different countries each relevant 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 37 Unlock Company Profile
IPS Group 20 Unlock Company Profile
Zume 18 Unlock Company Profile
British American Tobacco 12 Unlock Company Profile
TomTom 9 Unlock Company Profile
Cleveron 8 Unlock Company Profile
Parking Cloud 7 Unlock Company Profile
ReviverMx 7 Unlock Company Profile
Sealed Air 7 Unlock Company Profile
FoodPairing 7 Unlock Company Profile
Starbucks 6 Unlock Company Profile
Chargepoint 6 Unlock Company Profile
PayPal Holdings 6 Unlock Company Profile
Intellectual Ventures Management 6 Unlock Company Profile
Tencent Holdings 5 Unlock Company Profile
Wine Plum 5 Unlock Company Profile

Source: GlobalData Patent Analytics

TomTom is a key patent filer in the field of smart parking meters. The company has filed several patents related to estimation of the occupancy of parking lots, methods and systems for using real-time data to predict parking availability, providing parking information on map displays, and providing information about parking in a parking area. Some other key patent filers in the smart parking meters industry are Intellectual Ventures Management and PayPal.

In terms of application diversity, Tencent leads the pack. Cleveron and Jj Mackay Canada stood in the second and third positions, respectively. By means of geographic reach, Chargepoint holds the top position, followed by Cleveron and TomTom.

To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Internet of Things (IoT) in 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.