Parking marketplaces get underway

By 17 December 2019Scenario

About 5,000 new cars hit the road of Beijing every day, and megacities such as Sao Paulo or Mexico City are not far behind. Although car ownership is declining in many developed economies, the idea of registering one or two vehicles is in the ascendant in most emerging countries, from China to India, from Brazil to Indonesia. With all the related congestion, air pollution, and noise issues.

Traffic jams have a financial impact too: according to transport data company INRIX, congestion cost the US economy nearly $87 billion in 2018. Since we know about 30% of overall road congestion is due to parking search, Smart Parking solutions are more than needed to reduce idle driving while looking for a free car spot, and related fuel consumption, air pollution, time waste, and stress.

As for any other smart urban application, an open, interoperable infrastructure is the bedrock for a City to implement a future proof solution to manage parking facilities and more, thus moving away from siloed, fragmented technologies to control public services one by one. Data collected from parking lots (vacant or busy, parking duration, etc.) are valuable information, and should be integrated with other data streams to design and offer new applications for Smart Cities and Smart Citizens.

Take our Tinynode solutions for example. Parking operators can seamlessly integrate our smart platform with mobile apps, variable message panels and traffic guidance systems to offer drivers additional services such as real-time parking availability information and directions, online booking and payment services, parking coupons and valet services for shops and local businesses.

More, by integrating blockchain technology, parking sensors data can be tokenized and traded to offer even more innovative Smart Parking services through secure marketplaces. What if a family wants to rent out its own parking space when this is not being used? Similarly to other sharing economy apps, this might be the spark to launch a new business.

The future of parking will most probably be gateless, ticketless, and cashless, relying on device-generated, blockchain-powered data. Are you ready for it? Mark your calendar for Intertraffic Amsterdam 2020, the largest world event for traffic professionals taking place at RAI Amsterdam from April 21 to 24, 2020… and stay tuned!

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