CURRENT GLOBAL TRENDS AND FORECASTS FOR THE PARKING MANAGEMENT INDUSTRY The State of the Parking Industry and Where the Road Leads in the Future https://parkingbadge.com/blog/current-global-trends-and-forecasts-for-the-parking-management-industry/

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CURRENT GLOBAL TRENDS
AND FORECASTS FOR THE
PARKING MANAGEMENT
INDUSTRY
J u n e 2 1 , 2 0 2 2 P a r kin g B a d g e
The State of the Parking
Industry and Where the Road
Leads in the Future
The past few years have been one of the most difficult for all involved, as we
make significant changes to our everyday lives and routines. Now that the
world has headed to some form of normalcy, lives have started going back to
a normal state, however, some routines and changes from the pandemic are
here to stay. The parking industry is no exception as the industry has several
key trends and growth areas that have motivated change in the industry.
The Market of Parking Management
When surveyed in 2020, the parking management market had a market value
of a staggering $3527.6 million US dollars. This is projected to increase
significantly by the year 2026 with an estimate worth $6481.6 million US
dollars. One of the changes being seen in the market is the use of cloud
based parking management solutions in part to demands brought about by
the COVID-19 pandemic. This allows for all parking management facilities no
matter the location, size, and growth the ability to scale up and provide for a
growing market and demands through an entire infrastructure built on a
cloud database. This also allows for access to more advanced technologies
and the ability to grow with a more technologically advanced and dependent
society. Many of these models are a pay as you-go model, as well as others
being reservation such as residential parking for condos, apartments, and
other urban based parking areas for housing areas.
There has also been a marked increase in off-street parking charges brought
about also by the COVID-19 pandemic. When asked, the Victoria Transport
Policy Institute responded to the increase of new off street charges as a
necessity as, “ a typical [vehicle] remains parked for 23 hours a day and
takes up several parking spaces each week.” The increased use of these
areas has a need to control the parking areas in some way to not only
generate income to keep with upkeep and maintenance, but also as a way to
ensure fair parking practices. Parking convenience has also had an impact
on the ease of reaching a destination and does impact overall accessibility.
With the use of ​
digital parking software and cloud-based technology, the
control over rising prices of parking resources can be mitigated, as well as a
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2. way to help with the strain being placed on residential areas for parking as
urban populations rise. Digital parking software also offers a solution in
decreasing the amount of time spent searching for a parking space in heavily
populated areas, reducing carbon footprints, emissions, and saving drivers
time and money. In New York, drivers were found to be spending a
substantial amount of time searching for parking spaces equating to an
approximate combined total 4.3 billion dollars in 2019 alone.
Significant Rise in Revenue of Parking Areas
According to the US Census Bureau, the growth in the parking management
industry can be seen as the years progress. When charting the data points
from the Parking industry with the parking garage and facility revenue
streams, there is a positive trend in the data. In 2015, the market value of the
parking garage industry was 9033 billion US dollars. The value in 2022 is
estimated to be 9823.9 billion US dollars. This shows a positive growth in the
industry that is also not ran by a few large corporations or businesses.
Instead, the market is one that has not only the room for growth, but also the
opportunities for everyone to expand and grow with the market.
*Data from US Census Bureau
**2022 is an estimated value
A Noted Rise in Digital Technology in Parking Management
There is a marked rise in the use and integration of technology in parking
and parking management. Technology enhancement with connectivity and
communication is expected to make it more affordable and a wanted
solution for parking facilities and areas. With app support for parking
estimated to grow with high mobile use. Vendors and companies that have
integrated digital equipment and technology are expected to gain more
traction and are strategically marked to be more competitive in the parking
industry market. This technology includes the use of a cloud based
application platform for the operation of parking areas great and small.
These systems use a wide variety of technology ranging from camera,
sensors, apps, signage, lighting, and more.
Interested in finding out more information about the growing opportunities in
smart, digital parking through ParkingBadge’s innovative free parking
management software and parking enforcement software? Please visit-
https://parkingbadge.com/request-demo/
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Established in 2019, Parking Badge was created by an
innovative team with vast knowledge of property
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vendor industries. Our goal was to fill the need of providing a parking
enforcement platform that is beneficial to the parking manager, as well as

3.
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