Parking lot management solutions utilize IoT-enabled occupancy sensors and smart parking meters to automate the management of paid parking, lowering costs, and providing users a more frictionless parking experience.
According to a 2017 report by Inrix, Americans waste approximately 17 hours per year looking for a parking spot, at a cost of about $345 per driver in wasted time, fuel, and emissions. This frustration isn’t felt solely by consumers, either, with 34 percent of Americans admitting that they had abandoned a trip because of the stress of parking and 63 percent saying that they avoid specific shopping and leisure centers due to parking difficulty and businesses feel that lost revenue as well.
While parking lot management solutions can’t create more parking spots, they can drastically decrease that frustration users experience while looking for parking, all while providing parking lot managers greater insight into peak traffic hours, user behavior, and revenue trends.
IoT-enabled parking lot management solutions utilize magnetic or motion-sensing occupancy sensors to monitor individual parking spots. By monitoring occupancy by-spot, parking lots can implement solutions like guided parking, spot reservation, and remote meter management.