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 5,000 patents filed and granted in the banking industry, according to GlobalData’s report on Vehicle subscription services in banking: smart parking meters. Buy the report here.
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According to GlobalData’s Technology Foresights, which uses over 176,000 patents to analyze innovation intensity for the banking industry, there are 35+ 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 60+ 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, British American Tobacco, and Cleveron.
In terms of application diversity, Ice House America leads the pack. British American Tobacco and Cleveron 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.
