Whether you drive into the city on a regular basis or just on weekends, finding a roadside or public parking spot near your destination is a challenge. However, parking is not just a problem limited to drivers—several others, including city officials, business owners and traffic police also bear the brunt of this problem. Unfortunately, the issue is going to become worse in the coming years as the global number of private vehicles is increasing rapidly.
According to a recent study, most U.S. motorists spend an average of 17 hours and about $97 per year searching for places to park. When it comes to parking, New York remains the hardest hit area in the United States, as drivers spend, on average, 107 hours a year looking for vacant parking spots.
One cost-effective solution to this seemingly unmanageable problem is a smart parking system based on the Internet of Things (IoT). Such a system can not only make parking hassle-free, but also reduce environmental pollution.
Here are six ways in which smart parking can help both drivers and parking lot operators save time and money.
1. Real-Time Slot Booking
Perhaps the most significant benefit of a smart parking system is its ability to reduce the uncertainty of a trip to the nearest parking lot. When it comes to traditional parking systems, you would have to drive around a parking lot looking for a vacant spot. In other words, you would be wasting your money and time, since the chances of finding an empty spot are quite slim, particularly during peak hours.
Usually, a smart parking system includes three essential components: sensors, real-time monitoring and an automated payment system. The real-time monitoring system allows you to find an empty parking spot before entering the lot itself. Furthermore, the system can integrate other factors as well, including paying parking charges, sending pictures of available parking spaces to you and guiding you to a parking spot, making your trip a lot easier and predictable. Thus, you can drive to the nearest parking lot only if there is a vacancy, saving you both money and time.
2. Decreased Fuel Cost
Chances are, rising fuel prices are already burning a hole in your pocket. Unfortunately, this scenario is likely to get worse as prices continue to rise in the coming future. Though smart parking cannot curb rising prices, it can certainly reduce fossil fuel consumption by a mile, as you no longer need to drive in circles to find a vacant spot.
According to a 2014 report, smart parking could result in 220,000 gallons of fuel-saving by 2030 and approximately 300,000 gallons of fuel-saving by 2050, if implemented successfully. However, this also means reduced traffic congestion and decreased carbon dioxide emissions. Thus, smart parking will ultimately help to reduce the global air pollution as well.
3. Innovative Pricing and Integrated Payment Gateways
As mentioned before, most urban drivers spend a considerable amount of money on parking. Accurate parking information and innovative pricing can reduce traffic congestion in densely populated urban areas. In fact, several public parking systems have already begun implementing demand-responsive pricing to reduce traffic congestion during peak hours.
For example, Clement Street, in San Francisco’s Richmond District, has already started implementing demand-responsive pricing for parking meters. Earlier, it was charging a fixed rate of $2.25 per hour during all hours of the day. However, now the charge will go up $0.25, making it $2.50 per hour during times of 80 percent or more occupancy. When occupancy falls below 60 percent, the rates will decrease by $0.25 to only $2.00 per hour. In short, if you want to park near your destination, you may have to pay more—but if you want to pay less, you would need to park further away.
Still, you will have to drive in search of an empty parking spot. However, with a smart parking system in the place, drivers will be able to view the parking rates at different locations and book a suitable spot accordingly, without leaving the comfort of their car. City officials can also change the dynamic-pricing indicators with just a single click, especially if an event is taking place. In other words, smart parking makes demand-responsive pricing management a lot easier and more efficient.
4. Improved User Experience and Reduced Management Costs
From empty parking spot identification to online payment, drivers will be able to perform all of these actions on the go once a smart parking solution is in place. Such a system will also improve safety regulations. In addition, parking lot owners can offer discounts to recurring customers during festive seasons and holidays. As a result, the overall user experience will improve, resulting in increased revenue for parking lot owners.
The system also uses various modern payment gateways, such as online payment, payment via mobile apps, and credit card payments at the point of sale. In fact, Lintech and other companies have developed credit card readers specifically designed to facilitate rapid payment processing at parking lots. The integrated payment system also reduces dependence on manual activity, reducing management costs—which, in turn, reduces traffic congestion at a parking lot’s entrance.
5. Optimized Parking
With the help of a smart parking system, you can fill up a parking lot to its fullest efficiency. Most drivers are unlikely to drive to the far end of a parking lot in search of a vacant spot, because they don’t want to waste money and time. However, a smart parking system can tell them how far away a spot is, and even let them reserve it without leaving their car. The system will also send an alert if it detects parking violations and suspicious activities. Thus, commercial and private lot owners can utilize parking spaces efficiently, thereby significantly increasing revenue.
6. Real-Time Data Analysis
Smart parking uses real-time monitoring and control of available parking spaces. Real-time data analysis can result in huge financial benefits to drivers and parking lot owners alike, as it improves parking in the long run. The system can gather valuable information, including the amount of traffic during different hours of the day, preferred parking spots and overall customer behavior. Parking lot owners can use this data to improve their brand image and service quality. License plate recognition cameras can collect information about a car owner, helping you to identify stolen or misplaced vehicles. Thus, it will not only increase a parking lot owner’s revenue, but also improve safety measures.
Finding a suitable parking space is one of the fastest-growing problems in most urban areas, in both developed and developing countries. The ever-increasing number of private vehicles on the streets will only worsen the situation in the years to come. Smart parking systems, however, can prove to be a game-changer in this regard. Such systems, in fact, can save both money and time, while reducing air pollution significantly. Hopefully, going through these six points will help you understand the significance of smart parking systems in densely populated urban areas.