The future of parking is in creating smart parking systems with parking 4.0 that is creating smart mobility networks.
Vehicular parking lies at the intersection of urban space and mobility management. The first generation, or Parking 1.0, barely offered any services apart from providing a simple space-renting model that was managed manually.
Parking 2.0 offered electronic services like parking meters that partially automated the fee collection and auditing systems. Presently, Parking 3.0 provides basic automation and allows the users to independently navigate the complete parking cycle that knowing the parking occupancy status, ticketing, parking with directions, and fee payments.
Parking is convenient and a necessity. The parking industry has witnessed immense growth, and the global market size is more than $2 billion. 17% of growth is estimated in the parking industry. Of which software and service will contribute 65%. Owing to the current urbanization and motorization, the above statistics have been ascertained.
Urbanization and motorization are leading to increased demand for car parking lots. The parking space is getting crowded and is a huge problem. To give this problem, a solution, Parking 4.0 is the solution.
What is Parking 4.0?
The premise of Parking 4.0 brings the best of Industry 4.0 and Business 4.0. it uses advanced analytics, experience engineering, and business models to give the best and the most user-friendly parking experience. Parking 4.0 increases the efficiency of the complete parking cycle with an urban optimization strategy encompassing both space and mobility dimensions.
Parking status is collected by last-mile data collection systems that have sensors and access technologies. It counts from standard vehicles counting to specific details regarding the occupancy status of the parking spot. The system takes care of the end-end operational for the service duration is a recurring overhead.