Demand for automated parking
Technavio predict developers or owners of residential buildings such as condominiums will increase investments in smart parking infrastructure and technologies to improve customer experience.
The research company says automated parking facilitates parking in a cost-effective manner hence property owners will incorporate the infrastructure and technologies in their services to reduce parking costs for their customers.
“The vendors in the market are utilizing their expertise in parking solutions to create turnkey solutions for their customers. This would require modifications to standard components along with adoption of new mechanisms. Vendors will focus on improving project management capabilities to ensure that there is efficiency in documentation and product adoption as and when the market gains traction,” added Raghav.