The Future of Parking


If you are a driver, you were in a situation where you had to experience the issues with parking spaces. It can involve getting blocked and have problems with finding a free spot or impatient drivers. These experiences can be very annoying so a lot of people are now working on a way to solve these issues. With the new technology we have and management processes, society is on the right path. The number of vehicles is increasing so we still need to keep new innovations coming.

Autonomous vehicles will be a big part in changing the overall demand and locations of parking. New technologies are already working and looking to capitalize by meeting customer needs, optimizing supply and regulating demand. You can online the companies that are working on solving our issues like Amano and many more. The industry is gaining speed in creating new tech that will improve it even more but the cost can be very expensive. Time-saving is on top of the list for many people and having a great parking spot is a small thing that means a lot.

Parking Industry Today

When you look only at the US parking market, high numbers will come up including $30 billion in gross revenue annually. This includes all the companies that are charging people for the spots. Even hotels and large markets are included. There are companies that make these specialized parking spots for buildings that can afford it. They provide all the technology needed to make the car park secure and efficient. Many of these sites are owned and controlled by the government. They are just granting control to the operators that manage the facilities.

There are many wrong things about today’s parking like lack of availability and bad pricing and lack of transparency. This affects the consumer that on average spends 16 hours per year on parking searching. If you calculate the emissions and fuel, it is around $350 of wasted money depending on the car. When you look at the worst locations, that number goes up to $2000. Many companies can notice this because it affects their customers negatively. Bigger cities don’t make the most money on parking because the users aren’t satisfied.

Finally, parking administrators see an increasing array of technological answers, but the highest-profile is pointed at helping drivers pay and find parking, with few holistically directing operators’ industry needs. While the rental-car and airline industries have found methods to use data to inform demand-planning algorithms, parking administrators didn’t adopt standard solutions. Something that also comes up as an issue is that their assets are generally immobile, restricting the ability to redistribute capacity. There are still a lot of parking issues we have to work on.

Tech Changes

We can now see that smart infrastructures are implemented and IoT applications that are improving the parking. The equipment that is used today is sensor-based that offers administrators real-time space availability. You are able to recognize the license plates and check the pricing data very easily. The overall experience gets better and the user is reducing the search time.

Operators gain much with this new technology because they get fewer consumers that leave the lot so the revenue is increased and also the efficiency of the assets is increased. Because the customer is more likely to use the space, the price can also be modified to satisfy the user. The technology used is improving fast which means it is getting cheaper to get sensors and cameras. This allows providers to grow and adapt faster.

The problem for parking starts when we see an expansion of bike-sharing, e-scooters and autonomous vehicles. Because of these new modes of transportation, parking is going to be reshaped in the future. You can expect the expansion of private parking. When we become able to share the autonomous vehicles, finding a parking spot will be rarely needed but you can’t actually know what that will happen.

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Pricing and Payments

Dynamic pricing and seamless payments can present opportunities for both private and public operators. There are cities that launched a program that is demand-responsive which manages public parking. There are algorithms that generate optimal parking rates in real-time. With new AI technology, we will be able to generate the best rates possible which will make the best profits.

Mobile payment is widely used for many daily activities so a lot of cities are deciding to embrace it on car parks. In the beginning, this is implemented for all kiosks where users can prepay for parking, avoid unused minutes by aborting sessions and add time if needed. This information can be very useful for future updates when you can predict how long someone will use the space. Also, the prices will always vary depending on the situation which will be calculated by AI.

Space and Facilities Management

Something that we can expect and that some companies are trying to do is to match the car with the parking spot. Telematics and data analytics are working very hard to do with utilization based on demand and supply. One programming company tried to do this for Audi’s big company that has 40,000 employees. They used sensors to identify the car that enters or leaves each parking sector. The program will calculate occupancy data and provide real-time availability through digital displays which guides the driver to a free spot. Jacksonville also tried to monitor the streets and use sensors that will allow the driver to find a free parking spot through a mobile app. This is also applied on garages.

Everyone knows that autonomous vehicles will be dominant in the future where ridesharing goes in the package. This has to be used by the designers and existing facilities will have to rearrange their space to adapt to low parking space requirements. You can probably find companies that are working on solving these issues which can only be beneficial because free space will be used for a better purpose. The problem will occur for the real estate developers where they risk having an underutilized building. This can only be stopped by having more people that will use these autonomous vehicles which will increase the number of cars. Read more on this link.

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