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We have advanced systems in place for most chores and daily tasks. However, parking still remains a hassle and time-consuming activity that most people hate. Isn’t it time we move on to a much more convenient parking method that could save time and effort? Data-driven parking is the answer to the parking predicament for the urban areas of the world. A market report by Allied Market Research predicts that the smart parking market will have a valuation of $11.13 billion by 2027. This is why data is the future of parking.

What is Data-Driven Parking?

Imagine having a parking spot ready even before you leave your house. And the cherry on top is you get to pay for it digitally. Well, that is certainly possible with the power of data intelligence.

Data-driven parking makes it possible for you to book a parking spot before you actually reach your destination. This is made possible by real-time data. It tells you where a vacant parking spot is available near your workplace or the shopping mall. How? The data-driven parking technology uses data to keep track of vehicles and different parking spots.

These may include the analysis of vehicles’ movement on the road, connected parking meters, sensors, cameras, and boom-barriers. Hence, it is also known as a smart parking solution. All you have to do is open the application and look for a parking space on your phone and reserve it!

Benefits of Data-driven Parking Facility

Saving 20 minutes every day by pre-booking a parking spot via a smartphone app can save a lot of your time in the longer run. However, there are some other benefits of smart parking as well.

1. Real-time monitoring: As the name suggests, the Data-driven parking system analyses data to find the vacant parking spots in real-time. It combines the power of cell phones and advanced technologies such as IoT, AI, Machine Learning, and Big Data Analytics to help you find the right spot. Also, it uses a real-time data management system to track and keep a record of vehicles.
2. Digital payment: With data-driven parking, you don’t have to look for cash every time you park your car. Smart parking apps allow you to pay for the parking space digitally through various payment modes.
3. Space optimization: We’ve all seen vacant spots in parking lots. Through a data-driven system, parking facility managers can optimize the use of their space and thus increase revenue.
4. No stress: Looking for a parking spot can become frustrating and stressful. Thus, Data-driven parking is an ideal option, as it removes the stress and uncertainty of finding a parking spot. Knowing that you have a parking spot awaiting you can help you enjoy the drive more.

Bottom Line

Data-driven parking can help you save time, as it eliminates the long process of searching for a parking spot. Hence, no more circling the parking lot looking for an empty space every day.

By using the latest technology and data science, tasks such as car parking can be made simpler. In most urban cities, road traffic is a pressing issue, and the only way to tackle it is to take the smart and data-driven route. Most global cities plan to become smart cities within the next few years. And, Smart parking initiatives will bring the Citizens of such cities closer to Smart living.