Parking made smarter with IoT

As an ultimate solution for drivers in search of parking spaces, smart parking systems are redefining what’s possible with a parking lot when integrated with the IoT technology.

Driving on increasingly congested roads is not easy. And what’s even worse is finding a parking space. No wonder, both government and private developers are focusing on making the most of the ‘smart’ parking technology, which is also a notable feature of all upcoming smart city projects. In this blog post, we have tried and summarized all that you need to know about an intelligent parking system as answers to these three questions.

Why is parking a challenge?

So way back, in the year 2010 itself, the global number of cars had crossed the 1 billion mark; yes, that’s billion with a ‘B’ there. And estimates now have it that this number will soon rise to a whopping 1.7 billion by 2035. Would you still ask why parking is such a challenge? Parking is an ever-growing problem with towns and cities across the world. Certain localities have ample parking spaces, but drivers are unaware of them and end up overcrowding the few known parking lots. On the other hand, there are localities that have insufficient public parking; private parking spaces are disorganized and expensive. This mismatch between the routinely high demand for parking spaces and its low availability leads to traffic congestion, wastage of fuel, loss of time, and mental fatigue.

What’s a ‘smart’ parking system?

‘Smart’ parking system – definitely sounds exciting- but what is it? Smart parking is the result of blending parking structures with the realm of IoT. This involves the use of sensing devices to determine occupancy in a parking space at a particular structure level. Now, these sensing devices could refer to quite a few different devices, such as cameras, counting equipment at the entrance of a parking lot, or sensors embedded into the pavement of individual parking spaces, etc.

A more robust version of these ‘smart’ parking systems can not just determine the occupancy in a parking space, but also analyze and transmit such information to various channels, such as web applications, mobile applications, and dynamic signage.

How does ‘smart’ parking system go beyond parking?

With ‘smart’ parking systems, it’s possible to capture a variety of real-time data. This, when combined with historical and benchmarked datasets, presents actionable insights for adopters to truly optimize their parking real estate. While improved accessibility, reduced congestion, better utilization of resources, and improved safety are some of the more obvious benefits, ‘smart’ parking systems have much more in store for you. The key lies in partnering with technology vendors, plunging into the powerful world of data and analytics, understanding what the data is saying, and using the insights in a never-tried-before fashion. For instance, by recording a car’s color, you could get an understanding of the car owner’s taste and preferences and could then target ads, products, or services for him or her accordingly.

‘Smart’ parking systems will be an indispensable part of any smart city project. Depending on your needs, you can use these parking lots for accumulating information that can boost your business objectives in unthinkable ways.