8 Themes Impacting the Parking and Mobility Industry in 2024
4 min read
Author: Dr. Emmanuel Lereno, Ph.D., Chief Digital Transformation Officer, Precise ParkLink
Over the past several years, numerous innovative tools and solutions have surfaced in the parking and mobility industry. As we approach 2024, it's crucial for parking operators to stay abreast of these developments. Below are eight key themes that are set to shape the parking landscape, incorporating cutting-edge technologies and novel strategies.
1. Incorporating License Plate Recognition (LPR) technology to capture and utilize Vehicle Signatures for a customized service offering.
A vehicle signature acts as a unique vehicle identifier digitally capturing a vehicle’s make, model, and colour. Widely deployed in the parking and mobility sector, License Plate Recognition (LRP) uses camera technology to capture license plate numbers, converting it into text for verification. Incorporating digital vehicle signatures enables the detection and customization of services for returning or frequent visitors.
2. Applying Generative AI to optimize parking management and improve operational efficiency.
Generative AI holds diverse applications in parking, such as automating customer support with systems able to simulate a human-based interaction, improving traffic flow trends explanations and strategies, optimizing parking operations management insights, therefore improving overall efficiency. By leveraging data collected from sensors, cameras and other sources, AI tools can use algorithms to forecast your parking demand, assist in finding available parking spaces, and improve traffic congestion. Generative AI can also help identify and prevent potential security incidents using alerts in a natural language fashion, thus improving overall safety.
3. Enhancing the way parking operations deliver customer support with Conversational AI.
Within the customer service realm, Conversational AI proves invaluable for addressing customer inquiries, whether it be regarding availability, pricing, or payment processes. Conversational AI can also assist with lot navigation, aiding customers in finding available spaces and locating their parked vehicles.
4. Electrifying parking facilities with electric vehicle (EV) charging stations.
The integration of an Electric Vehicle (EV) charging infrastructure can greatly improve your lot's desirability and revenue. With the Canadian government mandating all passenger vehicles and light trucks to be electric zero-emission vehicles by 2035, embracing electrification aligns with future automotive trends.
5. Integrating Servitization by offering value-added services beyond parking.
Servitization within the parking industry involves offering value-added services beyond just parking. These additional services, such as valet parking, car wash, and car maintenance, not only improve the customer experience but also create additional revenue streams, differentiating parking facilities from competitors.
6. Implementing Mobility-as-a-service (MaaS) by introducing various transportation service options.
Mobility as a Service (MaaS) aims to provide seamless and integrated transportation experiences via a unified platform. Parking facility managers can enhance the customer experience by incorporating public ridesharing services with designated parking spaces, thereby reducing congestion within the facility.
7. Ensuring financial compliance and revenue processing procedures are up-to-date.
Financial compliance is critical as mandates and payment processing procedures evolve annually. Parking facility managers must proactively engage with their technology provider to ensure compliance and make necessary upgrades to meet the latest standards.
8. Utilizing parking automation to improve efficiency and revenue.
Modern technology solutions are driving parking automation, offering benefits such as increased efficiency, reduced costs, and improved customer satisfaction. Automating your parking operation will allow you to allocate resources where they’re needed most. The above tools can be used to aid in the parking automation process.
These eight emerging parking and mobility themes are poised to reshape the industry and potentially redefine operational practices for generations to come. Stay ahead by embracing these trends and leveraging technology for a future-ready parking operation.
References
Tilliette, M. (2021, May 13). Servitization as a product strategy. Accenture. https://www.accenture.com/us-en/blogs/industry-digitization/servitization-as-a-product-strategy
Canada, T. (2021, June 29). Building a green economy: Government of canada to require 100% of car and passenger truck sales be zero-emission by 2035 in Canada. Canada.ca. https://www.canada.ca/en/transport-canada/news/2021/06/building-a-green-economy-government-of-canada-to-require-100-of-car-and-passenger-truck-sales-be-zero-emission-by-2035-in-canada.html
Canada, T. (2021, June 29). Building a green economy: Government of canada to require 100% of car and passenger truck sales be zero-emission by 2035 in Canada. Canada.ca. https://www.canada.ca/en/transport-canada/news/2021/06/building-a-green-economy-government-of-canada-to-require-100-of-car-and-passenger-truck-sales-be-zero-emission-by-2035-in-canada.html
ParkLink, P. (2023a, September 15). How artificial intelligence influences smart parking management. Parking Industry. https://www.parkingindustry.ca/parking-technology/how-artificial-intelligence-influences-smart-parking-management
ParkLink, P. (2023, October 10). Setting your parking operation up for Success: Upcoming Financial Compliance Mandates for 2024. Parking Industry. https://www.parkingindustry.ca/parking-revenue/setting-your-parking-operation-up-for-success-upcoming-financial-compliance-mandates-for-2024