While there are many factors driving the global parking management market, an increase of drivers on the roadways and a shortage of on-street parking remain at the top of the list. Technological advancements and the adoption of Internet of Things (IoT) and connected devices are also a driving force in the continued growth in the global parking management sector.
“In places such as Miami, street parking is becoming a thing of the past and the city is continuing to grow. Elite Parking tries to stay on the forefront by adapting the right technology to meet our clients and the areas growing needs,” said Elite’s Managing Member, Ruben Perez-Sanchez
Now more than ever, parking management has become a crucial part of a city’s planning efforts. The continued building of high rises and multi-unit dwellings will drive parking needs and the adoption of systems to effectively run them.
IoT mixed with mobile capabilities it making it easier for people to advance reserve parking, determine the availability of parking, and make mobile payments. The ease of using mobile devices to make driving and parking less hectic is fueling future growth of Big Data in parking management as well.
According to Perez-Sanchez, more cities including Miami, Jacksonville and Atlanta will see a rise in the adoption of parking management systems by commercial and residential sites, parking garages, multistoried parking facilities, and mass transit.
Unfortunately, some areas may not see advances when it comes to technology in the global parking management market. Smaller or less developed economies may lack the funding to stay of the forefront of the changing needs of parking. High installation and maintenance costs of IoT driven solutions are also major factors that hamper growth within certain markets.