How Innovative Technology is Changing the Parking Industry

How Innovative Technology is Changing the Parking Industry

How Innovative Technology is Changing the Parking Industry

When you get into your car and head out to work, the mall, etc., most times, you are concerned about whether or not you will get a good parking spot at your destination. Well, this is the duty of the parking industry. This industry consists of operators who provide parking and valet services at establishments hourly, daily or monthly.

Since parking might not seem like a glamorous industry, most people undervalue its importance. However, reports state that in 2022, the US market size of parking lots and garages is set to be $9.9 billion. The growth of the parking industry can be partly attributed to the advent of technology.

Technology plays a crucial role in improving the services provided by the parking industry. In recent times, there have been ground-breaking discoveries that have launched the parking industry into new heights. So, this article will be looking at how innovative technology is changing the parking industry.

Ways innovative technology is improving the parking industry

Due to urbanization, there has been a consistent rise in demand for parking. So, there has also been an increase in demand for restructuring the existing parking industry. However, because of technological advancements, the parking industry is capable of meeting the needs of modern consumers.

With the increase in demand for parking facilities, parking businesses can capitalize on this opportunity and adapt to the change brought by technology. This section will focus on the ways innovative technology improves the parking industry.

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1. Innovative tech allows for cloud computing

Cloud computing involves using a network of remote servers on the internet to store, manage, and process data instead of using a local server or personal computer. For example, cloud computing allows users to quickly search for nearby parking lots with vacant parking spaces before arriving at their destination.

Also, with cloud computing, users can use their smartphones to make parking reservations. This eliminates the stress of drivers arriving at a parking lot to find it full. In addition, cloud computing makes it possible for smart parking businesses and customers to access data to make their parking facilities more efficient.

Internet of Things (IoT) and cloud computing technologies are changing the infrastructure of parking organizations by solving the challenges of urban areas related to parking. For instance, Wayleadr is a parking management software that makes it easy for companies to organize parking solutions for their employees.

These cloud-based technologies use sensors and devices deployed around a smart city’s parking areas to send real-time data through computers to the central cloud servers.

2. Innovative tech offers integrated payments

Parking spaces and garages require that drivers pay for the provision of these services. With innovative technology, these businesses can easily handle their payments. In addition, new payment methods are being adopted in the retail industry, which is not different in parking. These new payment methods include contactless payments using credit or debit cards, digital smartphone wallets, and other smart wearable devices.

However, various variables determine payment transactions, unlike retail with a set process when it comes to parking. These variables include duration of stay, parking space location, electric vehicle charging, etc. So, parking establishments have had to adopt various payment methods, including paying through SMS for on-street parking, subscription models for long-term custom parking, etc.

These payment methods reduce parking operators’ transaction costs, increase security during transactions, and broaden their global reach.

3. Reduced search traffic on streets and increased safety

When it comes to innovative technology and parking, it helps to reduce the search traffic for parking spaces. Smart parking provides more space for drivers who need to park; it also allows drivers to locate those empty spaces. This will help them get off the road quickly and reduce traffic.

An improvement in parking, off-street, and on-street, can reduce the number of accidents on the road. When drivers are not concerned with locating where to park, they are less distracted and more focused on their driving. This significantly reduces the chances of road accidents taking place.

Also, with innovative technology, on-street parking is more managed. When this is the case, there is a reduction of cars narrowing the streets, and fewer accidents will occur.

4. Innovative technology makes parking cost and time-efficient

Parking organizations spend a lot of time and money managing their parking garages and lots. But with the right technology, the time and cost it takes become drastically lesser. For example, a company that manually manages its parking facilities could have spent this valuable time and money on other areas of its business.

Parking technology automates the process of managing your parking. So, while these apps and software handle your parking, your staff can focus on being productive in other aspects of your business. Also, the money your business saves can be used to improve your business operations.

5. Improves the environment

Innovative technology reduces the time it takes for drivers to locate available parking spaces and the hassles related to this. This then provides many environmental benefits such as reducing pollution, for example, CO2 emissions, noise, and other pollutants.

The parking industry can decide to combine smart parking with smart environmental policies and apps. This will allow drivers to measure air quality and check for parking space availability.

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6. Protects against theft and trespassing

In 2020 alone, about 810,000 vehicles were stolen. You can be sure that many of these cars were stolen from parking lots and garages. Naturally, this does not make the parking industry look good. But with the right technological tools, the parking industry can witness a massive turnaround regarding auto theft.

When implemented, parking management systems can prevent auto theft and trespassers. In addition, these systems ensure that entry and exits from the parking facilities are tightly controlled.

In addition to parking management systems, security cameras, bollards, informative warning signs, etc., offer additional surveillance and boost security.

Examples of innovative technology changing the parking industry

These are examples of those innovative technologies that are changing the parking industry for the better.

1. Parking applications

Nowadays, there are apps for almost everything. Thanks to technology, there are applications to help with parking. For example, an app like Parker helps drivers find available parking spots, prices, and hours for over 24,000 garages and lots.

Also, you can decide to filter these parking spots according to payment type, space, etc. These applications help to make parking and the parking industry so much better.

2. Automated valet parking robots

Imagine finding yourself in a situation where you have just minutes to spare before an important interview or meeting. Then, you have to start looking for parking spaces and maneuvering your vehicle to park appropriately, and you end up being late. With automated valet parking, such issues are eliminated.

Automatic valet parking allows your car to be left at the drop-off area of the parking garage. All you need to do is activate the app without being onboard, and it will maneuver your vehicle into the parking spot. Automated valet parking establishes digital contact with the parking garage, and then the route to the free parking spot becomes computed.

3. Robotic Parking Systems

A Robotic or Automated Parking System is a fully integrated automated parking facility capable of receiving, parking, and retrieving vehicles automatically. Also, it is a mechanical system that is designed to reduce the area and volume needed for parking cars.

With Robotic Parking Systems (RPS), all the parking operations are carried out by multiple independent machines. Computer programs with no human intervention direct these machines.

4. Pay-by-Plate payment method for parking

Pay-by-Plate is a payment method adopted by the parking industry to make it easier for parking facilities to receive payments from drivers. Pay-by-License Plate or Pay-by-Plate allows consumers to pay for their parking using any pay station or smartphone.

This tech enables drivers to purchase their parking time using their license plate number. The machine then prints out a receipt that displays the location, machine number, start time, expiration time, license plate, and driver’s amount paid. This helps the parking facilities keep track of their transactions.

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Top three parking management software

Below are three of the most efficient parking management systems that help businesses and individuals with parking needs.

1. Wayleadr

Wayleadr is a powerful parking management system that improves employee parking for smart offices. This employee parking management software solves all your possible workplace parking problems.

With Wayleadr, you can optimize parking for the benefit of your company, employees, and the environment. For instance, this software reduces the number of off-site parking spaces your business contracts, saving more money for your company.

As a business, you can also digitize your parking experience. This makes it less time-consuming and more efficient to manage your parking, which increases employee and customer satisfaction. Lastly, Wayleadr helps sync up with your hardware and software, which lets you maximize the benefit of already existing systems.

2. Parkable

With Parkable, you are guaranteed more innovative parking. This software helps workplaces and commercial properties to manage their parking with ease. This parking platform is perfect for small businesses, enterprises, and property managers.

Parkable allows you to provide parking solutions, such as future booking and park sharing, that your whole business will love. In addition, your tenants and staff will be happier when you provide them with adequate, simple, and stress-free parking.

Apart from this, you can be sure of increased efficiency as you maximize the use of your parking space. Parkable offers increased availability and accessibility in parking spaces with park sharing and integrated access control. Also, save cost by reducing the administration time. This is achieved by automating low-level tasks when it comes to parking.

3. AirGarage

AirGarage offers parking operations fit for the 21st century, and it modernizes parking assets in one streamlined service. This service covers enforcement, payment collection, maintenance, and many more. AirGarage is a full-service parking operator that handles the daily logistics of making your parking facility a huge success.

This software is operational in hundreds of parking lots and garages across the United States of America and Canada. This solution can benefit landlords, property managers, and other real estate operators. When you use AirGarage, you will be sure to lower your operational overhead cost and increase your net parking income.

Conclusion

In conclusion, technology is making big waves in various industries worldwide, and the impact of technology on the parking industry cannot be overlooked. In this article, we have addressed the numerous ways innovative technology has changed the parking industry for the better. Also, this article provided examples of these technologies that have improved parking tremendously.

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