Smart Parking Systems Market – The Opportunities and Areas to Work On

The staggering amount of vehicles that are coming on to roads around the world calls for better and advanced methods for parking. There has been a rise in the traffic and parking problems and people are finding lesser space for either of them. This is creating high levels of emissions, fuel wastage, and high level of discomfort. Urban and city parking has therefore become a major issue for both emerging and developed nations, thereby forming the primary driver that has been leading most entities towards seeking a better and smarter parking system solutions.

Smart parking system provides real-time information about the availability of parking space in a particular location, thereby enabling hassle-free vehicle parking while saving on time, cost, and fuel. It consists of low-cost sensors, real-time data collection and analytics, and automated payment systems that allow people to find parking in desired locations and pay for it in advance.

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Once deployed, the smart parking system helps in reducing exhaust emissions from cars in urban cities by reducing the needless circling of city blocks in the search of parking space. It also efficiently manages the availability of parking space for cities and controls illegal parking. The rapid growth in the number of vehicles worldwide is increasing the scarcity of parking space, which is further magnifying the need for smart and innovative parking systems.

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Whether at airports or shopping centers, parking issues are a regular occurrence, in turn hurting the local business and affecting the quality of life of the city residents. These intelligent parking management systems provide high levels of convenience to the drivers while simplifying and automating the parking site operations.

Deploying smart parking systems in cities requires data collection and management, integration with mobile phones, and various software and hardware innovations. Furthermore, there is a need for cooperation among various parking stakeholders such as off and on-street parking operators, transport authorities, municipalities, as well as customers.