Automotive, automation, ITS and telecom industries are showing great interest in the smart parking market as part of a broader smart city and the Internet of Things (IoT) strategy.

You will soon be able to pre-book your parking slot for your Saturday evening shows a week in advance. Digital payment options will open smart parking and electric vehicle (EV) charging gates with a single click.

As per a Research & Markets report, the global smart parking market is going to increase from 4.9 billion dollars in 2018 to 11.6 billion dollars in 2024. 

The parking industry is expected to grow as a smart and green industry with the commoditization of new technologies 7 (especially, in the IoT/M2M/V2X space). 

As the larger parking ecosystem matures into an integrated landscape, many of the routine operations are expected to migrate into in-car systems with parking apps, thereby alleviating the burden of deploying parking systems. It consists of the following features:
Stress-free parking for everyone

By reserving a park in advance, people can plan their commute knowing they have a spot. They’ll arrive on time, stress-free, and ready to work. Plus, people with an allocated parking spot can share it with others when they don’t need it, so more people can park easily on-site.

  • Fair and inclusive access to parking
  • Easy to book and share
  • Visibility of available spots
Reduce parking management admin
Parking operators save valuable administrative time and are empowered to make informed decisions with a platform that automatically:
  • Resolves parking issues
  • Simplifies management of multiple locations/groups
  • Provides real-time occupancy tracking
  • Generates comprehensive usage reports
  • Integrates with access control and other hardware
  • Reports usage so you can reduce your Fringe Benefits Tax
Flexible to suit your car park

With a car park management system that’s flexible, you can easily manage all kinds of parking. Plus, as your organisation changes, so can your car park.

Parkable facilitates:

  • Casual (first in first served) parking
  • Individually allocated parking
  • Visitor parking
  • Electric vehicle charging
  • Carpooling policies
  • Public parking
A channel to generate revenue

For organisations wishing to charge for parking, Parking management software can facilitate easy payments, and automatic revenue payments are sent monthly.

This enables:

  • Recouping of costs
  • A new revenue stream
  • A charity donation fund (optional)
Final Thoughts
The future seems to be quite promising for smart parking systems. Technologies lying behind this solution are IoT, Artificial Intelligence, Machine Learning, Augmented Reality–the same ones that are driving digital transformation for businesses under the “Industry 4.0” term. Leveraging these innovations, Parking 4.0 will increase parking systems efficiency by solving urbanization challenges.
Do you want to develop an application for your business and looking for the best development team? Our process of “Simplify. Align. Enable.” can turn your complex, high-maintenance IT products into IT assets that are simple to manage, aligned with your business goals, and enables you to stay ahead in the competition.
Book a brainstorming call to see if we’re the right app developer for you. 

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