Smart Parking Proves a Worthy Goal

This article describes how smart parking looks like a market poised to take off in the United States (US). Smart parking could bring many benefits, not just for parking facility operators and their customers but also for society as a whole. Parking is an estimated $24-25 billion industry in the US and although highly fragmented, it is experiencing a growing trend towards consolidation and outsourcing of parking operations and services. Estimates suggest there are between 100 million and 800 million parking spaces in the US and ITS America believes roughly 20 million of these are to be paid-for spaces. While growth in greenfield parking facilities is slow, adoption of electronic payment and parking customer convenience applications in existing brownfield facilities shows promise. It is estimated that well over 50% of paid-for facilities accept some form of non-cash payment, and the remainder intend to convert to cashless payment options shortly. The article discusses how the adoption of smart parking technology, especially parking customer convenience applications, appears to be at an early stage. The article discusses how parking has been an arms-length, cash-only business, with very little emphasis on using technology to improve operational efficiency or customer service.

Language

  • English

Media Info

Subject/Index Terms

Filing Info

  • Accession Number: 01482857
  • Record Type: Publication
  • Files: TRIS
  • Created Date: May 31 2013 5:22PM