IoT enabling the dream of Smart Parking Systems and further driving the growth of this market
Smart Parking technology is one of the rapidly emerging technologies and is thus expected to be adopted by many of the significant cities globally in order to increase throughput.
Smart Parking systems deliver a solution which helps to reduce traffic congestion and improve city livability. Parking being a perplexing issue, predominantly in urban areas where most of the traffic congestion is significantly triggered by customers struggling to find a parking space. Also, limited data availability in order to guide driver’s decision making is leading to more time consumption and subsequently consumption of petrol too. Also, it leads to formation of damaging environmental effects, like the increase in CO2 emissions and sound pollution. The local businesses and shops income is also significantly affected by non-availability of proper parking for customers.
Thus, smart parking systems report these issues through the advent of sensors and video-support parking management. A real time information about the traffic is provided to the user in smart parking systems. The consequent result is less traffic congestion. Less traffic congestion hand in hand with the development of smart parking system furls the growth of this market. Additionally, the parking vendors working on revenue sharing models can add value to their customers and hence endure future customer relationships. Bundling two or more services together can bring revenues for all the parties involved and get the customer advantage of all things under one roof.
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The awareness about IoT and growth of the technology is enabling the growth of Smart Parking systems market. With the problem of parking consuming a lot of time of the daily commuters and an observed increase in the pollution levels due to inefficient parking systems there was a need for effective parking system. Smart Parking systems were a solution to these problems to a great extent. Smart Parking systems have been possible with the proliferation of the IoT market. IoT that is a subset of Machine-to-Machine communication enables devices to communicate with each other and update the status to its user. Sensors are connected and status updates are sent on any access device.
Smart Parking technology is one of the rapidly emerging technologies and is thus expected to be adopted by many of the significant cities globally in order to increase throughput. The transportation segment has the highest adoption of Smart Parking systems. Also, parking generally ranks as the second or third highest source of revenue for cities, so investing in smart parking is expected to prove highly beneficial.
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