Leading parking management software provider, Parking Reservation Software, released a Parking Industry report which gathered data from U.S. Parking operators across multiple sectors.
The study revealed that in the U.S. only 49 percent of all parking operations offer customers the convenience of being able to pre-book a parking reservation and only 35 percent can process reservations on their website. As a result, for the vast majority of operators, reservations account for less than 10% of their total business. This is a dramatic difference to major European markets/airports where parking reservations can account for well above 80% of total transactions.
“The findings of our research confirm what we see happening in the industry,” says CEO Bill Plamondon. “The US Parking Industry is undergoing rapid change and adopting new technology to meet consumer demand. We see it in the number of new RFP’s looking for software systems that drive online reservations. In fact, major U.S. operators are upgrading both software and hardware to cash in on consumer demand. Those who don’t, will be left behind.”
The research was drawn from parking management companies, large public facility operators, private operators, and other parking professionals. Data from the study reveals:
- 53% believe rideshare firms have negatively impacted their parking business
- For 67% of responders, parking reservations accounted for just 5% of total parking transactions
- 49% accept reservations and 47% accept prepaid reservations
- 83% have a Parking Access Revenue Control System (PARCS) installation, like gates, point of sale (POS), automated payment, etc.
- 54% manage large operations of 5,000 or more spaces
- 43% are considering upgrading their PARCS installation
- 78% use Parking software to manage their operation
For the operator, offering parking reservations improves cash flow and operational efficiency, creates marketing opportunities, and facilitates revenue management best practices such as variable pricing structures, demand pricing, and future demand projections.
This study underscores the potential for parking reservation software to transform the U.S. Parking Industry as operators look to meet consumer demand for more parking options, convenient and simple ways to book reservations, and efficient parking processes. With the U.S. Parking Industry already in transition, the study projects even more significant changes over the next two to three years.
For more insights from the study, click here.
About Parking Reservation Software
Parking Reservation Software is a scalable parking software solution for privately owned or government entity parking operations. Built to help operations run smoothly, increase reservations through marketing services, and enhance customer experience, Parking Reservation Software is a plug-and-play, real time, comprehensive solution for any size parking operation. See more here.