The Need for Smart Parking Systems

The Need for Smart Parking Systems

The Need for Smart Parking Systems

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.

 

Challenges and Opportunities of Smart Parking Solutions

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Challenges and Opportunities of Smart Parking Solutions

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.

Benefits analysis of Smart Parking Technology

Benefits analysis of Smart Parking Technology

Benefits analysis of Smart Parking Technology

  • Optimized parking
  • Reduced traffic
  • Reduced pollution
  • Enhanced User Experience
  • Integrated Payments and POS
  • Increased Safety
  • Real-Time Data and Trend Insight
  • Decreased Management Costs
  • Increased Service and Brand Image

Read More: Need and benefits analysis of smart parking

 

Happiest Minds IoT Play

Happiest Minds IoT Play

Our brand commitment is to deliver a customer experience which is smart, connected and secure. With the advanced benefits of M2M technology, we focus on delivering services that would make enterprises, our environment and life smarter than in the future. Our IoT services range from designing hardware devices, cloud enablement, mobility enablement, engineering and real-time analytics, and consulting to create end-to-end solutions. Our IoT services encompass managed services via SOC/NOC that ensures smooth functioning of the M2M infrastructure for the business

Visit our Internet of Things (IoT) Services Page to know more

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