Parking in the smart city

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Parking lots have largely been ignored when it comes to technological innovations and ideas. However, with the increasing number of cars on the street, along with the time taken to park them, the problem must now be effectively addressed. Devavrat Kulkarni, Senior Business Analyst at Maven Systems Pvt. Ltd., shares his insight on it as part of various smart cities initiatives.

Simply put, it’s inefficient, frustrating and time-consuming. Driving around after arriving at a mall or a multiplex is annoying, while searching for a spot in a hospital lot is nerve-wracking. The issue at hand is simple: parking lots have been ignored while automobiles have been making huge strides. However, that’s about to change. Frost & Sullivan report that the current global $100 billion industry is looking at investments to the tune of $200-$250 million through 2019. Navigant Research believes that by 2020, we could be looking at around a million smart spaces worldwide.

So what makes off-street parking lots so difficult to work with? For starters, they are huge; they are multi-layered; and frankly, people have almost accepted trying to find a free space as part and parcel of life. However, there have been smart parking pilots and experimental setups, and the results, while in their infancy, are promising.