How Will Technology Affect Parking Industry

We can all agree that the worst part of driving is finding a parking spot and that is always an unpleasant and frustrating moment, especially if you are living in a major city.

The future will bring us innovations when it comes to parking, and we will use apps and smart technology along the way.

It does not matter if it involves circling the block, rushing to safely find a spot, hunting for curbside opening and other drivers that are searching for the spot as well. It is something that you have to deal with as a driver.

However, technology allowed us to handle daily activities with additional convenience, which means that today you can order through app wherever you are, use hailing services through mobile devices and check real-time traffic.

The main problem is that parking was the last advancement that software makers implemented and it is still the worst element that hasn’t improved as much in the previous few decades.

Services such as Valet Software Services will provide you perfect parking experience, and that will become part of modern life. If we consider Iota or the internet of things, we have more and more appliances and gadgets that can connect with your mobile devices.

These apps will help you improve parking perception and developing overall visibility. At the same time, after autonomous vehicle enters the general population that will dramatically affect demand and type of parking locations and infrastructure.

In most cases, technology shifts when it comes to parking will provide you an ability to handle this frustrating aspect of driving with ease.

What Is Going On Nowadays

The parking market in the USA is relatively consolidated and stable. According to statistics, it generates approximately 30 billion dollars on an annual basis.

You can choose both private and public owned parking operators that will provide you the necessary technology and staff so that you can protect your vehicle wherever you are.

These locations can vary by location, real estate type, fee type, and other factors. However, even though the market is relatively stable, it still has some underlying and persistent challenges.

The main problem is the lack of transparency when it comes to pricing and availability, which creates considerable economic costs and consumer frustration.

According to other statistical data, average Americans spend 17 hours a year searching for parking, which is a significant cost when it comes to emissions, fuel and wasted time.

If you live in a significant area, the costs can skyrocket. For businesses, on the other hand, pricing rates and policies can affect the number of customers and visitors negatively.

At the same time, private parking operators can see how technological solutions are advancing, and most apps can help you pay and find parking in the area you are so that you can accommodate your business needs.

You should check here to learn everything about parking.

Technology Will Change Parking Industry

Parking is profoundly affected by numerous factors such as patterns on how goods and people are moving around.

Therefore, the analytics and experts want to create a new mobility ecosystem that will provide drivers safer, cleaner, cheaper, and faster and more efficient parking than before.

Since most vehicles nowadays especially new ones come with smart infrastructure and connectivity, you will get various possibilities when it comes to parking.

For instance, you can find vehicles that feature sensor-equipped physical assets such as street meters and garages.

It can also provide you information on real-time space availability and other information such as license plate recognition, pricing data and other systems that will improve your overall convenience.

For most people that are driving, these features will help them create an experience that is more convenient and reduce overall search time.

On the other hand, operators will be able to increase revenue and have more efficient use of assets by reducing a number of customers that will come to see that there is no space available.

That will create a more flexible and dynamic approach every single day. You should remember that sensors and cameras have become cost-effective, and since most apps can gather relevant data, providers can react to real-time changed in the environment.

Technology today can offer you a wide array of possibilities such as autonomous vehicles and the intersection of ride-hailing. You can also choose other ways of transportation as well such as e-cars, e-scooters that will reshape the parking industry in the next few years.

If you have in mind that this particular industry is based on driver-driven cars, that factor will change and by 2040 half of miles traveled will happen in autonomous vehicles that you share with others.

Even though the impact and timing of these technological trends and advancements is just a hypothesis, numerous areas will increase the demand for parking. We are talking about urban areas filled with public transit, drivers, and other mobility options.

Since the future of mobility will start to unfold, or it already started, we can create an understanding on which innovative solutions will be used for the parking industry.

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1. Value-Add Services

Most management firms and real estate agencies that feature parking faculties will have to maximize their competitiveness by implementing services that will include enhanced security features, electric-vehicle charging stations, automated parking sensors, and other bells and whistles.

2. Space Management

We can all agree that telemetric and data analytics will provide you the ability to match vehicles with parking spots based on supply and demand. For instance, Urbiotica, a Spanish company implemented automated parking solution for Audi’s factory in Germany.

It uses sensors to detect vehicles that are leaving or entering the parking sector, and the system will calculate occupancy data in real time and provide your availability and guidance to free spaces, which will reduce time consumption.

3. Flexible Facilities

If you have in mind that ridesharing is popular nowadays and autonomous vehicles are emerging, things will change completely in the next decade. Therefore, most operators will be able to convert facilities to enable repurposing and multifunctional use for the future.

The structural requirements for garages will change when we compare residential and retail space. You should remember that most parking operators and real estate developers would make a perfect choice that will allow them to stay ahead of competitors.