Adoption of Smart Parking Technology by municipalities for on-street parking to boost the Market Growth.

The smart parking technology has taken the entire process of simple parking to a new level. Increasing number of vehicles on road have led to congestion on road, because of lack of parking space management in the city.

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It is observed, municipalities have been focusing on the parking management of urban cities so as to reduce congestions on road. For that reason the municipality installed parking meters where the driver parked and the payment was done by coins of 20p 30p per hour. This technology got obsolete due to many glitches in the system. As the time passed need for smart parking systems in municipalities increased due to rapidly transforming cities and as people started earning more money more vehicles got down on road and the supply of parking space started reducing which increased the requirement for modern Infrastructure and technology that could cope up with the dynamically changing environment.

Due to lack of funding by government to the municipalities the implementation of smart parking solution solely by municipality was out of budget, therefore they collaborated with the private organizations for efficient management of parking spaces supply.

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Government in several countries is looking forward for the implementation of smart parking system. For instance, Chile has been planning to come up with new parking law that would make Chileans pay a certain amount for parking in the glitzier malls of Santiago on hourly basis. At the same time in Chicago, city officials have leased the town’s metered parking spaces to private investors for a term of Seventy Five years to attract investments to update the existing parking system and in San Francisco, local agencies are working to build a system using real-time parking data to manage congested streets and relieve a parking shortage.

Furthermore, developing smart cities worldwide are also expected to demand smart parking systems. Some cities are doing exceptionally well with their parking management. The Albany Parking Authority, New York, provides a service-oriented approach. It has installed multi-space meters that utilize a slowly increasing pricing structure that allows payment for parking for up to ten hours. The customer’s park for, on average, a 2-hour stay, so the turnover is effective, thus generating revenue, reducing enforcement expenses and keeping the customers happy. Hence, it is clear that there is much scope for municipalities to adopt and implement smart parking in the near future, as approximately 60% of the world’s population will be living in urban areas by then.

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