Parking Industry

IoT in Parking: An Overhaul in the Making3 min read

Aug 28, 2018 3 min

IoT in Parking: An Overhaul in the Making3 min read

Reading Time: 3 minutes

The buzzword of our times, IoT (Internet of Things), refers to an inter-network of devices that gather data and communicate with each other to relay this information. Among its most powerful applications is the hoisting of smart cities. Central to the vision of smart cities are efficient car parking facilities and traffic management systems. Find out how IoT in Parking can lead to time and cost savings for both drivers and parking lot operators.

Finding an available parking spot is a task in most urban cities, a problem aggravated by increasing private car ownership. Through the use of IoT, the efficiency of parking resources can be enhanced, leading to reduced search times, traffic congestion, and road accidents. With recent developments in sensor technology, modern cities are now deploying various IoT-based systems for delivering real-time information about available parking spaces to several stakeholders.

IoT in Parking

Real-Time Data Analysis 

IoT-enabled smart parking systems monitor and control available parking spaces in real time. They gather valuable information related to traffic during different hours of the day, parking spots and overall customer behavior. An analysis of such real-time data can result in significant financial benefits for drivers and parking lot owners. Parking lot owners can use this data to improve their service quality. License plate recognition cameras can collect car information, helping identify stolen or misplaced vehicles. Thus, data analysis can improve both parking revenue and safety.

Seamless Slot Booking

For consumers, the most significant benefit of a smart parking system is the decrease in the uncertainty of finding a spot. Traditional parking lots require motorists to drive around in the search of a vacant spot, leading to a waste of money and time, particularly during peak hours. An IoT-enabled system, with its three essential components: sensors, real-time monitoring, and an automated payment system – results in significant time and cost savings. It allows one to find an empty parking spot without having to physically enter the lot. By integrating payments and guiding motorists to a parking spot, it makes trips a lot easier and predictable.

Dynamic Pricing

Urban drivers today spend huge money on parking. With accurate parking information and demand-based pricing, traffic congestion can significantly come down, especially during peak times. With such innovative pricing systems, drivers can view parking rates at different locations and book a suitable spot accordingly. City officials can also change the pricing indicators easily, an especially useful feature when an event is taking place.

Improved User Experience

From empty parking spot identification to online payment, user experience is significantly enhanced through IoT. Through the use of modern payment gateways, rapid payment processing is facilitated at parking lots. The integrated payment system also reduces dependence on manual activity, thus reducing management costs and traffic congestion at the lot’s entrance.

Optimized Parking

Most drivers are unlikely to drive to the far end of a parking lot to save money and time. A smart parking system, on the other hand, can tell them how far away a spot is and even let them reserve it. The system can also send alerts on detecting parking violations and suspicious activities. Thus, owners can utilize parking spaces efficiently, thereby significantly increasing revenue.

Finding a suitable parking space is one of the greatest problems in most urban areas, be it developed or developing countries. IoT holds the solution, fast proving to be a game-changer in transportation. Ultimately, its benefits are not limited to individual users and operators but extend to the environment and society at large.