This article was originally written and posted on CIOAPPLICATIONS.COM, it has been reposted on our website.
JULY – 03 – 2019
The parking management market is poised to flourish in the coming years because several developing country governments are attracting foreign direct investments (FDI) to optimize traffic congestion and enhance parking operations. According to StratisticsMRC, the global parking management market was accounted for $2.78 billion in 2018 and is expected to reach $6.17 billion by2022, growing at a CAGR of 12 percent. The limited number of parking spaces both on-street and on-street, especially among populated cities, are witnessing a growing demand for more efficient parking spaces at the major commercial hubs. The rise of smart city initiatives is driving the deployment of sensor technologies for parking to optimize the available parking space with end-users. However, integration of the parking system in society and cost sensitiveness depending on the parking site is restraining the market. There are several solutions available in today’s market, such as parking guidance systems, parking reservations, surveillance, near field communication, and smart-phone apps that allow you to find and reserve parking. In addition, the reduction in the cost of technology and services by the solution service providers is foreseen to stimulate the adoption growth of parking management market worldwide.
This edition of CIO Applications brings you the “Top 10Parking Management Solution Providers -2019.” This list gives you some of the most prominent organizations in the industry that have excelled with their services portfolio in the parking management space. This list is aimed at bridging the gap between businesses and solutions providers that are transforming business processes through their insights and technological prowess.
Intuitive Technology for Hassle-Free Parking
Americans not only invest an average of $345 each year on vehicle parking but they also spend ample amount of time finding parking stalls. Students and employees spend their high-priced time finding the right spot in parking stalls and consequently, organizations, universities, and various other government agencies fail to make them productive and achieve better performances from them. Headquartered in Texas, ParkingSense is a technology company that provides parking solutions to save organizations from encountering disruptions. Team Parking Sense consists of members who have earlier served as parking operators, and with their experience in parking management, they set out to tackle the parking inconveniences efficiently. In an interview with CIO Applications, Jake Bezzant, CEO of Parking Sense, gives insights into how their parking solution helps organizations to manage parking in their buildings effectively and remain at the cutting edge of parking guidance system.
What gave you the impetus to build the
unique parking solution?
Frictionless and cost-effective driving experience is the need of the hour in today’s continuously growing world. Due to haphazard parking systems and lack of automated assistance for the same, only 70 percent of the parking space is being utilized in the majority of buildings in America. The parking charges are too high as well. Moreover, people today have many irons in the fire—from attending important meetings to finding a swift way for food delivery. Parking management companies and government agencies need to look for an effective solution to optimize the available spaces. Smartphones undoubtedly will show the amount of time a driver would require to reach the destination, but it will not acquaint the driver with the idea as to how long it would take to find a space to park the vehicle. To that end, hassle-free parking that leads to easy transportation and mobility are on the highest of demands. Thus, the ordeal that people, communities, and organizations go through because of parking provided us with the impetus to design an effective solution to end the woes.
Could you share with us a brief description of
how your smart solution successfully mitigates the
parking challenges and how it has managed to
stand out in the crowd?
Our technology consists of three parts. At its core, it has the hardware that comprises the lights and the signs to guide people around the parking stall. Different colors of lights designate different parking stalls. No sooner the vehicle enters a building the different lights inside the building immediately navigate the driver to the available parking spaces.
We mitigate the parking challenges by reducing the circulation time to half and enabling people to find their parking space with ease and be more productive in their respective fields and organizations. Moreover, this is an age-influenced by smartphones and keeping that in mind, we designed a mobile application, ParkUp Pay, for an effortless parking payment experience. ParkUpPay provides real-time data such as the available parking space, its occupancy level, whether or not the driver can reserve a space to park her/his vehicle, and the charges required to park. When the driver returns to the parking stall, the application navigates her/him back to the place where the vehicle was parked. This makes it possible for the driver to refrain from spending valuable time searching for their parked vehicle.
Our management system captures the real-time and historical data into the cloud. The data provides our customers(airports, hospitals, universities, among others) with the insights into the identity of the person who has parked a vehicle in their parking stall, when, and for how long it will be parked. It also provides information on which parking space is available or reserved. Drivers can avoid wasting their time standing in the long queues to pay their parking charges as ParkUp Pay facilitates quick, user-friendly and easy payment. Our solution is frictionless, quick, customer-friendly, and cost-effective; certainly, a dominant technology in the current parking system market in the US.
Is there a case study which demonstrates your value
in the parking solution domain?
The LA Metro runs the far-reaching public transportation system in the LA County with 87 parking facilities in 54 stations. 2 years ago LA Metro implemented our solution because they knew they had parking space in abundance, but people had a hard time locating it. The metro required a cost-effective and scalable solution to ensure parking was used exclusively by the Metro patrons. Our solution tackled the situation efficiently and delivered ground-breaking outcomes in terms of parking.
On the academics front, University of Washington Bothell has received considerable results after implementing our solution into their facilities.
What are your future aspirations in the parking solution sector?
We are looking forward to enhancing our technology further with added features to meet the evolving requirements of our customers in the future.