Transportation and Logistics
Smart Parking: An Innovative Solution
Finding a parking spot in a city is becoming chaotic for locals and tourists nowadays. Parking poses a major challenge in every city which needs to be properly addressed. As a result of which, the global smart parking market is expected to witness a major growth in the near future. According to the UN, around 55% of the global population currently lives in urban areas while this figure is expected to reach around 68% by 2050. Clearly, the challenges of parking will only get worse if cities do not implement a new strategy. In almost every major city in the world, parking is expensive and limited which is pushing the parking systems to meet the demand for parking through innovative ways, such as smart parking. Smart parking helps drivers in locating the nearest parking spot available; they can book the parking space by simply pressing a button that provides them the way out easily without any difficulty.
Moreover, this technology does not only help in reducing pollution and congestion but is also expected to have the potential of escalating the revenue of the city by around 30%. Additionally, smart parking technology can also generate new revenue streams such as, parking companies can charge on a tiered basis depending on the parking space location. Smart parking uses low-cost sensors, real-time data, and mobile applications to help people to track the available parking spots. The goal of smart parking is to introduce automation and reduce the time manually spent in finding the suitable parking floor, spot and lot. Some solutions include a complete suite of services for very large lots, such as pre-booking, online payment, notifications of parking time and even car search features.
Moreover, city parking lots such as shopping centers, airports, universities, and offices have significant advantages of automated parking technology because they have a chance to earn money in vacant time. This will be only possible with IoT and its ability to connect, analyze, and automate data collected from the devices. Such advancements are estimated to support the growth of the global smart parking market. For instance, a smart parking sensor namely PlacePodTM was developed by PNI sensor corp. which help in providing real-time parking data. It helps to provide accurate vehicle detection in parking spaces and is stable over temperature fluctuations even in harsh environments. The in-ground sensor uses a magnetic field to detect whether there is parking space or not.
The smart parking industry, IoT and mobility companies are able to generate a new revenue stream by providing intelligent parking devices such as cameras, license plate readers, sensors, radio-frequency identifications (RFIDs), assisted driving, mobile payments, and many more to make parking a smooth experience. For wide area coverage, mobile IoT is crucial for transmitting sensor information to a centralized database. This offers an opportunity for older sensors and cameras not only for new parking lots but also for retrofitting. In the world of transportation, integrating smart parking will improve the quality of life for urban citizens. Moreover, other automated technologies will maximize the value of available resources in the global smart parking market.
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Anurag Tiwari
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