Smart Parking: a Quick Win for City Governments and an Opportunity for GovTech Start-ups
For city governments, smart parking represents a direct, short term revenue generating opportunity. It helps generate revenues from valuable parking space which is not monetized. In fact, it is one of a very small number of smart city applications which generates revenue, next to advertising on kiosks and other types of digital signage. Together with smart street lights and smart bins, this represents the “holy trinity” of current smart city applications.
Apart from raising (more) parking money for cities, the key benefits of smart parking solutions are linked to reduced congestion resulting in a positive impact on both the environment (better air quality; reduction of CO2 emissions due to less search traffic) and the economic development of cities (less time lost in traffic for citizens and enterprises).
Types of smart parking solutions include:
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