Smart Parking and the Connected Consumer

Parking is an estimated $24-25 billion industry which is highly fragmented but experiencing a growing trend towards consolidation and outsourcing of parking operations and services. Depending on widely varying estimates, there are between 100 and 800 million parking spaces in the U.S. (Jaffe, 2011) .According to ITS America estimates, roughly 20 million of these are “for-fee” spaces., somewhere between twenty to three percent of a very large aggregate U.S. parking lot. While growth in new parking construction starts (e.g. “greenfield” parking facilities) is slow, adoption of electronic payment and parking customer convenience applications in existing “brownfield” facilities show promise. It is estimated that well over 50% of for-fee facilities accept some form of non-cash payment, and the remainder intend to convert to cashless payment options shortly