The Future of Parking: How Technology is Changing the Parking Industry
If you look back 50 or 100 years, people predicted we would all have personal flying cars by now – and if you believe the Jetsons, the cars would compact themselves down to briefcase size when not in use.
We have yet to reach the point of cars that transform into compact bags, but technological advances have changed how people park at big events, at work, and even in their own neighborhoods.
The first wave of parking technology came in the form of automated ticketing systems and gates for parking. Next came payment kiosks, mobile phone payments, and technology to manage parking inventory, followed by the pandemic push for true contactless parking.
Parking technology has improved the experience for customers, increased revenue for parking operators, and streamlined parking operations. Today’s innovations integrate all these devices, tools, and technology with data and business intelligence to optimize operations for the benefit of customers and parking operators.
Innovations also have other benefits. By decreasing the time that customers spend idling and cruising for spots, parking technology has made streets and parking lots safer and reduced the environmental impact of vehicles.
Let’s take a closer look at 3 key ways parking technology has changed how we pay and park our vehicles.
Ticketless Parking Garages
The parking garage experience has changed significantly since public garages emerged in the early 1930s. In the mid-20th century, new technologies emerged that allowed patrons to take a “ticket” from a machine for parking.
Today, cameras may well replace the ticket-and-read license plate process that identifies people who have prepaid for their parking. Similarly, cameras can help operators know when a deck is full and warn potential parkers before they even pull into the parking garage.
Mobile Payments
The potential to prepay for parking is one of the many benefits that come with mobile parking payment solutions. Mobile payments – whether on a smartphone or a point-of-sale device – have changed how we park at events, in garages, on streets, and in surface lots.
In large event settings – like concerts, sporting events, or fairs – handheld devices allow operators to take any form of payment, including mobile payments. Point-of-sale systems can be easily integrated with ticketing and prepaid parking systems.
Parking technology also has changed the world of transient parking transactions. Customers can download an app or scan a QR code and pay for their parking via mobile phone – with e-wallets or by credit card.
Business Intelligence
The parking industry generates a lot of data with each transaction. Smart operators use this data to inform their operations. A good business intelligence tool provides a one-stop dashboard for viewing current data.
Strong analytical tools allow operators to view data and transactions as they happen. Users can filter data across multiple locations and events while tracking revenue, occupancy, and attendant performance. Business intelligence tools can be combined with applications that track operational details like your VIP guest list and the devices used during an event.
Yield management is an exciting parking technology that depends on real-time data. With yield management solutions, operators can update parking rates throughout the day and predict demand for a location. Lowering rates when demand is low and increasing rates during peak hours increases revenue and manages occupancy levels.
City planners can track historical data and create a similar process for setting parking rates in their communities. By optimizing rates, cities can reduce parking congestion in busy areas and reduce the number of people cruising in search of a spot.
Looking to the Future
As we look farther into the future, it’s hard to know which trends will have the greatest impact. Likely, we will see the impact of electric vehicles and the increasing need for charging stations. Autonomous vehicles may also force parking operators to rethink some of their operations.
As demand for real estate continues in high density areas, some cities are experimenting with new ways to store parked cars. Some properties in New York have robotic parking systems designed to minimize the amount of parking space that vehicles require by placing them in vertical cubes. Regardless of what the future brings, today’s advancements in parking payments and business analysis have already revolutionized parking operations. To learn more about how ParkHub is changing the world of parking and can be your go to resource on all things parking operations, talk to an expert today!