Traffic congestion caused by vehicle is an alarming problem at a global scale and it has been growing exponentially. Car parking problem is a major contributor and has been, still a major problem with increasing vehicle size in the luxurious segment and confined parking spaces in urban cities. Searching for a parking space is a routine (and often frustrating) activity for many people in cities around the world. This search burns about one million barrels of the world’s oil every day.
According to a report, Smart Parking could result in 2,20,000 gallons of fuels saving till 2030 and approx. 3,00,000 gallons of fuels saved by 2050 , if implemented successfully .
Benefits analysis of Smart Parking
- Accurately predict and sense spot/vehicle occupancy in real-time
- Guides residents and visitors to available parking.
- Optimize Parking Space Usage
- Simplifies the parking experience and adds value for parking stakeholders, such as drivers and merchants
- Help traffic in the city flow more freely leveraging IoT technology.
- Enables intelligent decisions using data, including real–time status applications and historical analytics reports
- Smart Parking enables better and real time monitoring and managing of available parking space , resulting in significant revenue generation