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Smart Parking: How IoT-Based Systems Can Help Users Save Time and Money
Here are six points to help you understand the significance of such technologies in densely populated urban areas.
3. Innovative Pricing and Integrated Payment Gateways
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.
4. Improved User Experience and Reduced Management Costs
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.
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
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.
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