Role of Cutting-Edge Technology in Transformation of the Parking Industry

The world of parking is changing in significant ways, driven largely by the adoption of new technologies. New apps and digital services are making it easier for people to find and pay for parking, while connected car features are helping cities monitor where spaces are most needed.

Emerging innovations like artificial intelligence, virtual reality, and blockchain are also set to have a transformative effect on the industry. This article explores how cutting-edge technologies like artificial intelligence, virtual reality, and blockchain are transforming the parking industry and what that means for you as a driver.

What is the state of parking?

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Parking is a huge problem for cities. Many drivers are forced to circle the block for up to an hour, hoping to find a spot, while others abandon their cars on the roadside, blocking emergency vehicles and even storm drains.

Parking congestion is estimated to cost the U.S. economy about $89 billion a year. But these problems may soon be a thing of the past thanks to a new generation of parking tech. Parking apps make it easier than ever to find and pay for parking. Drivers use their smartphones to locate available parking spots near their destination, reserve the spot, and then pay automatically with a mobile wallet like Apple Pay or Google Pay. Apps are also used to organize carpooling or ride-sharing, making parking easier and more efficient for everyone.

Cutting-edge technology is transforming the parking industry

Technology is improving our daily lives day in and day out. There are many resources such as flashparking, parkingtoday, Wayleadr’s guide on parking policy samples available to read in addition with the below technological advancements that have transformed the parking industry.

Virtual reality for parking

VR technology is also being used to transform the parking experience. Drivers visualize the parking spot they’re aiming for before they even arrive, making parallel parking a breeze. VR apps simulate different parking scenarios to help drivers learn the ropes.

Using VR makes it entertaining for drivers to park in the spot they want. Many commuters with backpacks or large bags are eager to park in the free spots available. Parking apps like Uber and Lyft allow users to “park” their ride in a nearby space for a small fee.

The challenge for VR parking is that it is difficult to use when you’re not sitting in the car. But as drivers become more mobile, they will be able to use VR parking apps without having to leave their vehicle.

For example, you might use VR to practice parking in a tight space or navigate a tricky road. VR is also being used to create realistic driving experiences in training simulations for car manufacturers and fleet owners.

Blockchain and the future of payments

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Blockchain is a distributed ledger technology that is used for a wide variety of applications, including currency and payments. Many parking companies are now exploring how blockchain is used to streamline payments and optimize parking operations.

For example, blockchain-based parking apps automatically detect where drivers are parked and run reports for facility managers. Some parking companies are also exploring how blockchain could be used to create a decentralized, peer-to-peer parking marketplace where drivers rent out their own private parking spots to others who need them.

Blockchain technology has huge potential to transform the parking industry, but widespread adoption is still years away.

Autonomous vehicles and smart parking

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Autonomous vehicles have the potential to transform parking in many ways. For example, they are programmed to drop off passengers and then park themselves, significantly reducing congestion.

Autonomous vehicles are also used to deliver people and goods, reducing the need for parking spaces in busy urban areas. In addition, autonomous vehicles collect data that is used to optimize parking, making today’s systems look like a buggy-whip shop.

Autonomous vehicles are already being tested in cities across the globe, including Las Vegas, Miami, Pittsburgh, and London.

Smart walls and electronic labels

The rise of smart cities has also seen the advent of smart parking. Newer parking meters are equipped with sensors that detect if a vehicle has been parked for too long and will issue a fine.

Some parking meters also have digital displays that are used for social media promotions and public service messages. Many parking meters are also able to display real-time occupancy information, making it easier for drivers to find a spot.

Smart parking walls use sensors to detect when a car has pulled up to the curb and is waiting to park. They then used to display information about parking availability, opening hours, and rates.

Automatic vehicle identification (AVI) and electronic license plate readers are another smart parking technology that uses sensors to detect the presence of vehicles. AVI readers manage traffic flow and parking in real time, as well as monitor vehicle movements and detect fraudulent use of disabled parking passes.

AI and machine learning in parking management

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Artificial intelligence and machine learning are set to revolutionize parking management. New AI and machine learning-based parking apps learn your driving habits, recommend places to park, and offer personalized suggestions for driving routes.

AI is also used to sift through data to predict future parking demand and identify areas that need additional parking. AI is used to identify parking violations, and is also programmed to respond to complaints from residents.

Parking apps are already being used to collect data from drivers and to issue parking citations. For example, drivers take a photo of their parking receipt with their smartphone and use facial recognition technology to identify any violations.

Pay-by-plate technology

Pay-by-plate technology uses license plate recognition systems, combined with data on parking rates, to detect parked vehicles and run reports for city officials. This type of technology is often used in parking garages, where drivers use a smartphone app or digital device to pay by license plate.

This makes it easy to spot and report violations. This type of technology is not always used in parking garages, but it can be used to detect illegal parking and report it to the city. Parking meters and other meters are used by many municipalities to collect revenue for maintenance, repair and improvements of their parking facilities.

Pay-by-plate systems are also used to collect parking fines, although many drivers prefer to pay the penalties online or over the phone to avoid the hassle of driving to a payment center.

Cloud computing

Cloud computing is another technology that is transforming the parking industry. Cloud-based parking management systems are used to monitor and manage multiple parking facilities remotely, provide real-time insights, and integrate with other business systems.

These systems are used to collect and analyze parking data, provide parking guidance, and help optimize city operations. Cloud-based parking management systems are also used to collect parking payments, generate revenue, and analyze parking data with advanced analytics tools.

Some of these systems even used to automate and optimize parking operations. This is done by enabling vehicle sensors with the ability to transmit data and interact with other IoT devices in real time through edge computing.

Data analytics

Another exciting aspect of parking technology is data analytics, which is used to analyze parking data to make smart decisions about parking facilities, rates, and policies. There is a lot of information that you get from data analytics such as:

Parking analytics

Parking analytics are not limited to parking management systems, but is also be applied to a wide range of other industries. For example, automated parking control systems are used to regulate traffic, monitor and analyze collisions and injuries, and provide dynamic pricing.

Automated parking control systems are also used to help manage city-owned facilities such as roads and schools. These systems help collect data on the location of vehicles in the city while they are parked or when they leave the facility.

In addition, these systems are used to help monitor traffic conditions during busy times such as rush hour and during other times when parking may not be in a safe position. These systems also allow for real-time data analysis with the ability to get a better sense of traffic conditions than an automated parking control system.

Parking analytics are also used for traffic monitoring and enforcement. Automatic parking control systems monitor vehicles in the city, and to enforce parking regulations, such as parking zones and enforcement of parking requirements.

The same data is used to monitor the condition of roads or any other place where a vehicle is parked, such as schools or parks. For example, data analytics is used to identify the most frequently used parking spaces in a city, and it predicts where parking infractions are likely to occur.

Data analytics is also used to predict future parking demand, helping cities to plan for the construction of new facilities.

Bottom line

Parking is a fundamental part of the daily commute for many people, and the experience is often stressful and frustrating. New technology offers a real opportunity to improve the experience for drivers, making parking easier and more efficient. Artificial intelligence, machine learning, and other innovative technologies will make parking easier, cheaper, and more efficient than ever before