Traffic congestion caused by vehicle is an alarming
problem at a global scale 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. As the global population continues to urbanize,without a
well-planned, convenience-driven retreat from the car these problems will
worsen.
Smart Parking systems typically obtains information
about available parking spaces in a particular geographic area
and process is real-time to place vehicles at available positions .It
involves using low-cost sensors, real-time data collection, and
mobile-phone-enabled automated payment systems that allow people to
reserve parking in advance or very
accurately predict where they will likely find a spot.
When deployed as a system, smart parking thus reduces car emissions in urban
centers by reducing the need for people to needlessly circle city
blocks searching for parking.
It also permits cities to carefully manage their parking supply Smart parking helps one of the biggest problems on
driving in urban areas; finding empty parking spaces and
controlling illegal parking.
- Smart Parking would enable the following
- 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 plays a major role in creating
better urban environment by reducing the emission of CO2 and other pollutants
- Smart Parking enables better and real time
monitoring and managing of available parking space resulting
in significant revenue generation
- Provides
tools to optimize workforce management
Smart Parking Work Flow Structure
Below is the structure of the process of
operating and managing the smart parking infrastructure.
Potential market Landscape
The rapid growth in
the number of vehicles worldwide is intensifying the problem of the scarcity of parking space. Again
according to industry data, 30% of traffic congestion occurs due to
vehicle drivers struggling to find parking space.
These in turn are magnifying the necessity of smart and efficient parking systems.
Today’s intelligent parking management
systems are capable of providing extreme level of convenience to the
drivers, as well as simplifying and automating the business operation and
administrative functions of the parking site
owners.
The high growth rate
in the registration of new cars worldwide, with major boom from regional
economies such as Asia Pacific (APACE), will open the window of
opportunities for parking management
business. The ongoing and upcoming smart city projects
worldwide will create room for the intelligent
parking management systems. The global parking management
industry is expected to grow at a Compound Annual Growth Rate (CAGR)
of 11.4% from 2014 to 2019.
The parking management
market is estimated to be at $5,025.9 million in 2014. The market is expected
to grow in tandem with the growth in vehicle ownership and parking facilities
development. Need for smooth traffic flow, business benefits to the parking site
operators, and decreasing hardware and connectivity costs are the key drivers
for the parking management
industry.
Challenges and major
pain points
The major challenge in Parking Systems is of
system integration due to wide variety of hardware and software platforms
involved and hence possess a great threat or concern to the
system scale ability. The technology platform comprises of a
myriad of hardware sensors, dynamic messaging systems and traffic control
devices, wireless and wire line telecommunications systems, computer clients
and servers and hardware drivers and application interfaces.
Enabling all these
devices from thousands of different vendors to communicate and tying them
together into one platform is the greatest challenge in reducing the cost and
complexity of smart parking. The variety of infrastructure hardware and software systems
that need to intent grated is enormous and add Smart Parking in India to
it the conventional older hardware making investment in Smart Parking solution
highly risky and fragmented.
Another major
challenge is to face the electronic payment vendors. These payment processors
provide permit based electronic payment, typically for a convenience fee. The
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