Fishing for a parking space is a routine activity and it is estimated that nearly 30% of urban congestion is created by drivers cruising for parking space, according to ITS America’s Market Analysis. Also resulting in oil wastage, almost one million barrels of world’s oil every day. This ever growing traffic congestion and uncertainty in the parking availability and payment have thus enforced the need for a Smart Parking systems. A Smart parking technology that will help optimize parking space usage, improve the efficiency of the parking operations and help smoother traffic flow.
Smart Parking solutions are designed to provide drivers an ultimate solution on their journey from the beginning to end without searching for parking, cost, travel time etc. This advantage comes by paying marginal fees to the smart parking service providers.
According to ITS America's Market Analysis, the parking industry is worth $24-25 billion dollars, including parking facility management, billing and collection, enforcement, and other additional services. Almost 3000 companies are providing services to commercial parking lots and garages industry, with a combined annual revenue of more than $8 billion. However, this method comes with its own set of challenges:
Adoption of Smart Parking Technology – To change a culture which has been existing for several centuries is a humongous task. Parking has always been an at the moment affair with direct cash exchange. The inclusion of technology in this method is a change in culture which will take the time to establish.
Enabling the tools and techniques - To operate a method so vast and diverse the service providers use technology platforms such as P&E PARC and PUCRS systems. These devices comprise a hardware sensors, dynamic messaging systems and traffic control devices, wireless and wireline telecommunications systems, computer clients and servers and hardware drivers and application interfaces. Enabling all these devices from thousands of different vendors to communicate and tying them together into one platform is the greatest challenge in reducing the cost and complexity of smart parking.
Learn more about the challenges and the opportunities from our whitepaper on Smart Parking.
Read More: Need and benefits analysis of smart parking
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