Finding a parking space close to the final destination is a vital element in any journey by car. However, with the increased number of vehicles on public roads and restrictions on parking in specific areas, the task of finding a parking space is becoming a source of increasing frustration for drivers. Beyond the burden of inconvenience for individual consumers, the congestion caused by widespread circulation of traffic moving at low speed has significant economic and environmental impact.
Within this context, it makes it all the more extraordinary that parking lot owners and operators regularly cite underutilization and excess capacity, and therefore, lost revenue, as one of their chief concerns.
Therefore, a broad spectrum of vendors in cloud, smart cities and location intelligence have developed solutions to monitor parking space availability, allocating consumers to parking spaces more efficiently, with the potential to reduce parking-related congestion by over a fifth during peak hours.