ParkHub + Smarking: A Powerhouse Combination
ParkHub + Smarking: A Powerhouse Combination
ParkHub recently acquired Smarking, a leading provider of real-time business intelligence for the parking industry, creating an ideal marriage of parking management solutions.
Joining Forces For Good
ParkHub has positioned itself as a leader in the software and payment side of parking. Smarking brings capabilities that will positively impact ParkHub’s business model and strategies, ranging from in-depth analytics and dynamic parking rates to flexible parking passes and integrations.
With the acquisition of Smarking, the future for ParkHub has never looked brighter.
The State of the Parking Industry
Prior to, but especially since the pandemic, there has been a marked acceleration in the adoption of digital technologies for the parking industry. More and more, the parking lot is viewed as only a piece of the entire parking asset.
Because of this change in mindset, the parking industry is also currently experiencing widespread and large-scale vertical integration. Parking operators and companies are consolidating different business strategies and products under one umbrella.
As the car parking market has an anticipated 10 percent annual growth rate from 2022 to 2027, efficient and sustainable parking solutions will become critical. Cities, parking operators, businesses, and drivers will need to make informed decisions in this ever-evolving sector.
Overall, the parking industry is undergoing a fundamental shift toward digitalization and customer-centric services, with technology playing a central role in shaping its future. Key trends include a notable increase in online sales channels for parking and shifts in mobility preferences, such as an increased reliance on driving.
The industry’s transformation includes consolidation, increased capital investments, and a growing focus on technology adoption. Other expected developments in the parking industry in 2023 include greater integration of sustainable practices and changes in the urban development landscape.
Parking has always been a consumer-focused customer service industry. Even so, parking operators are increasingly considering how best to provide customers with an easy, seamless experience and remove friction from everyday parking hassles.
To stay competitive in the current fast-paced, ever-changing parking landscape, companies must focus on their consumers and how to best use modern technology to make their lives easier.
What Smarking Brings to the Table
Smarking is a leading provider of business intelligence solutions for parking, already in use in 2,000 locations across North America. Smarking has three principal products:
With these powerful tools, operators can view, modify, and use data from their parking assets. Smarking is a behind-the-scenes powerhouse that can easily and efficiently integrate with over 450 different technologies, ease budgeting, and increase revenue for its users.
Why ParkHub and Smarking Are a Great Fit
ParkHub’s focus has traditionally been on the use and operation of physical parking spaces and parking assets as a whole. Although ParkHub has developed technologies for backend asset management, prepaid parking passes, mobile point of sale, and other parking-related issues, Smarking has greater depth in these technologies.
Previously, ParkHub has focused on the sports and entertainment sector, particularly stadium and venue parking. With the acquisition of Smarking, ParkHub has increased its scope, adding many more specialized services for a particular audience or parking niche.
These verticals include further expansion of parking in the sports and entertainment sectors, expansion in the commercial real estate sector, and in municipal markets. Smarking’s assistance and experience in these niches have made this growth possible.
ParkHub and Smarking: A Bright Future Together
The partnership between ParkHub and Smarking promises a bright future driven by shared values, culture, and a common vision. ParkHub’s track record, particularly in the sports and entertainment sector, aligns seamlessly with Smarking’s commitment to open standards and data sharing across the industry.
Together, they bring years of technological expertise to augment existing infrastructure, enhance operational efficiency, and boost profitability. This collaboration fosters strong client relationships while expanding the range of products and services available.
The combined forces of ParkHub and Smarking overall have a team of 100 talented people, a diversified client base, and a collection of seven world-class parking software solutions. The acquisition of Smarking will usher in a new era of growth for ParkHub as a whole, allowing for innovation and expansion into new parking sectors.
Experience the Power of ParkHub
The powerhouse combination of ParkHub and Smarking together creates an exciting opportunity for innovation in the parking industry. The capabilities and offerings of both companies will prove to be more than either company could offer on its own.
To speak to a parking expert about your parking asset and software needs, you can book a free demo and experience the ParkHub and Smarking differences firsthand.