Smart Parking is a parking strategy that combines technology and human innovation in an effort to use as few resources as possible—such as fuel, time and space—to achieve faster, easier and denser parking of vehicles for the majority of time they remain idle.
Smart parking refers to the use of sensing devices to determine occupancy at the space level or at the lot/structure level. Sensing devices can refer to cameras, counting equipment like gates at the entrance of a lot, or sensors that are embedded into the pavement of individual parking spaces, to name a few.
Traffic congestion caused by vehicles is an alarming problem at a global scale and it has been growing exponentially. Car parking problems are a major contributor. Searching for a parking space is a routine activity for many people in cities around the world. This search burns about one million barrels of the world’s oil every day.
A new survey from IBM has confirmed what city managers, travelers and commuters already know from everyday experience: finding a parking space in a big city can be a frustrating and sometimes futile chore. And the problem isn’t confined to the U.S. — it’s an issue around the world.
More than half of drivers among 8,000 commuters in 20 cities worldwide said during the past year they gave up at least once when looking for a parking space, and, one-fourth of them admitted they had argued with someone about a parking spot. New York City, Los Angeles and Chicago each were represented by 400 commuters in the survey.
Smart Parking Solution
A smart parking solution should be aware of the occupancy status of each parking space and should be able to guide the user (vehicle driver) to it. The basic components of the solutions are:
- Occupancy Sensor
- Gateway device
And the different types of services the solution could offer are:
- Parking Monitoring
- Parking Reservation
- On-Street Parking
- Off-Street Parking
- GPS Parking Directions
- Payment Methods
There are several smart parking vendors offering different types of solutions which have diverse kinds of complexities. For example: Siemens, CISCO, Streetline, WAViot, and Adlink.
Smart Parking Benefits
Some of the benefits of a Smart Parking Solutions are:
- Optimized parking
- Reduced traffic
- Reduced pollution
- Enhanced User Experience
- New Revenue Streams
- Integrated Payments and POS
- Increased Safety
- Real-Time Data and Trend Insight
- Decreased Management Costs
- Increased Service and Brand Image
Smart Parking Market
The high growth rate in the registration of new cars worldwide, with major boom from regional economies such as Asia Pacific (APAC), will open the window of opportunities for parking management business. The ongoing and upcoming smart city projects worldwide will create room for the intelligent parking management systems. The global parking management industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.4% from 2014 to 2019.
The parking management market is estimated to be at $5,025.9 million in 2014. The market is expected to grow in tandem with the growth in vehicle ownerships and parking facilities development. Need for smooth traffic flow, business benefits to the parking site operators, and decreasing hardware and connectivity costs are the key drivers for the parking management industry.
Parking is a foundation of smart cities. The implementation of a smart parking solution would surely be a great investment for any city government or company. As the global population continues to grow and urbanize, it is vital to implement a well-planned and convenience-driven parking solution that can be utilized globally.
Smart parking is an emerging industry with a myriad of solutions already adopted by numerous cities and universities across the U.S. and abroad. More recently, airports, mass transit, and corporate campuses are also turning to smart parking technology to better manage their parking assets.
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