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Parking’s Technology Revolution: A wide array of new parking equipment has made parking more manageable and profitable for owners

by Bill Smith

In recent years the parking industry has been transformed by the introduction of many new technologies that improve customer service and make parking assets more manageable and profitable. The industry is also in the midst of a wave of groundbreaking new technologies designed to integrate parking assets into “smart cities,” self-driving vehicles, and other innovations that will change the way we live. 

“A revolution in technology during the past decade has transformed the industry in many exciting ways,” explains Shawn Conrad, CEO of the International Parking Institute, an association of parking professionals. “Most significant is having real-time data to drive smart decisions, the ability to make parking a great deal more customer-service oriented, and the newfound ways we can contribute to the bigger transportation and mobility picture.”

These same technologies can provide valuable opportunities to investors. For those s

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