July 26th, 2021

How IoT Is Creating a Totally New Smart Parking Concept

The Internet of Things (IoT) has definitely come of age. Today, you can install complex solutions seamlessly in urban governance and management processes and frameworks. For example, cities with accelerating rates of car ownership have parking availability challenges. 

In this scenario, you need a revolutionary idea to enable the following:

▶︎ Shorten search times

▶︎ Reduce parking-related accidents

▶︎ Decrease related greenhouse gas emissions

It's vital to address this issue right now as urban populations will continue to explode. According to the UN Department of Economic and Social Affairs, the rapidly growing global population will live in urban areas. This upsurge is expected to be as high as 68% by 2050. 

It is an increasingly pressing issue for governments and the private sector. This is because they must better accommodate staff, customers, and citizens (in increasingly cramped spaces). As such, the IoT-powered smart parking market is expecting to be worth a whopping $11.13 billion globally by 2027.

But before we get ahead of ourselves, let's define it.

What Is Smart Parking?

Smart parking describes an IoT solution that uses embedded wireless sensors. When used in combination with software, this approach helps inform drivers of vacant parking spaces in the area. In this case, sensors can detect whenever someone parks a vehicle in a specific space or not.

When a sensor detects a change in a specific parking area, it sends a message to the driver. For example, once the driver receives a notification that there is a free parking spot, the system guides the driver to that specific empty parking space.

Once the vehicle leaves the parking spot, this process repeats. Another driver receives a notification in real-time and drives up to the empty parking space with guidance.

How Does Smart Parking Work?

Smart parking solutions embed wireless sensors and microcontrollers to measure and transfer data. In our case, it sends real-time parking data to our IoT-based Vemcount tracking system or a screen installed at the parking lot entrance.

When the sensor detects a vehicle parked in a particular spot, it changes the current state from free to occupied. So, whenever these smart sensors detect free parking space, the driver receives a real-time update on the screen at the entrance. 

Then the VemPark app and screens around the parking lot go to work. They guide drivers from the entrance and straight into the closest available space.

What Are the Key Benefits of Smart Parking Systems?

As the global population grows, the demand for living and infrastructure space is higher than ever before. With the people, vehicle ownership will also grow in parallel. Parking management systems help fulfill the immediate demand of drivers. You can achieve this without compromising available real estate or infrastructure. 

Saves Money

Research suggests that searching for parking spaces contributes to a loss of productive time and money. According to USA Today, 35% of the general commute time is spent looking for a space to park. In this case, the average cost of fuel and wasted time adds up to approximately $345 per driver.

You can also combine it with automated systems to enable automatic gate opening to avoid wasting time. This approach is also far more cost-effective than employing several attendants at parking gates to do this manually.

For business owners, IoT-based parking systems help them derive the most value from each available parking space. For example, you can adjust parking meter fares based on real-time occupancy. It also leads to more revenue for the owner of the parking facility.

Less Traffic Congestion

IoT-powered smart parking enables enterprises to simplify and speed up the parking process. This approach makes this unpredictable exercise more predictable. It also eliminates the guesswork that goes into finding that (often elusive) parking space.

Combined with 3D AI-powered cameras, you can also better detect the direction of travel. So if you want to get an idea about the number of occupants inside the vehicle, you can do it. You can also compare data and achieve accuracy in high-volume traffic.

Reduced Air Emissions

IoT-based parking systems also help track the occupancy of facilities in real-time. So, you won't have to waste the driver's time by letting them drive around endlessly, adding to unhealthy greenhouse gas emissions.

More Control Equals More Safety

Smart parking awards more control for businesses, customers, and law enforcement. For example, smart parking solutions guide you through the correct path to the parking space. It also helps avoid no-parking areas and one-way traffic.

For law enforcement, smart parking makes violation monitoring more effective. For example, parking data helps better police areas with a high violation density. In addition, they can keep track of peak times for parking violations and trigger alerts in real-time when someone parks in a non-designated area.

Optimize Space and Time in Congested Urban Areas

When drivers seamlessly find and park at available spaces, the result is significantly less search traffic on the street. Whenever this happens, you mitigate traffic jams, saving potentially productive time.

Make Accurate Predictions

You can analyze traffic flows and parking routines using connected software to get valuable insights. For example, when combined with footfall counters, you can help airports, hospitals, and malls better plan for sudden surges. 

With the benefit of planning, businesses can leverage LoRaWAN (Long Range Wide Area Network) technology. This is a Low Power, Wide Area (LPWA) networking protocol used to increase the autonomous operating time of intelligent parking solutions.

As LoRaWAN doesn't demand much power and is battery operated, you can scale your operation up or down on demand cost-effectively. You can also combine smart parking with a robust analytics solution to boost the accuracy of footfall counters.

In conclusion, IoT and related technologies optimize processes at multiple levels. For example, smart parking solutions help drivers save time while staying safe. 

It also helps parking facilities optimize operations, and organizations better manage customers and visitors. In addition, smart parking positively impacts the surrounding environment, including residents and businesses in the area.

To learn more about IoT-powered smart parking solutions, send us a message with your questions or schedule a commitment-free consultation