Smart parking has become a niche sector in which people and organizations are now investing substantially. Today, car parking facilities are changing the transport and automobile industry in a big way. Studies have shown that the parking business has grown so much and that it has huge growth potential because of the growing urban population and ever-increasing vehicle ownership. Advancements in technology, especially machine-to-machine communication and the proliferation of the internet have been viewed as the most powerful enablers of the niche. What this means is that the parking business and its growth will largely depend on the adoption of the type of Parking System Chicago.

What is Smart Parking?

It is where devices will communicate over the internet and share important information with an aim of facilitating efficient operations of a parking facility. This post will through some light into some of the trending parking solutions and technologies that cities around the world are adopting and which are driving the niche a notch higher. Today, more than 40 percent of road space is utilized for parking instead of easing traffic. Instead, this problem has been escalated because of encroachment of vehicle owners on roads. With more and more people now owning cars because of new and affordable cars being launched in the market, it is becoming increasingly difficult for cities to accommodate the numbers. With every middle-class family affording a car, the total number of vehicles plying roads in cities is likely to overwhelm the current parking resources.

This is the reason the current demand for parking space is more than double the available parking spaces. The resulting shortage of parking space has affected the free flow of traffic, increased accidents, and made it difficult for vehicle users to do their business. What’s more, it has increased air pollution, has worsened traffic snarls, and increased driver frustrations. Here are some of the parking problems include:

• Low parking prices
• Lack of a strict regulatory framework guiding parking
• A rising number of vehicles
• Poorly constructed or maintained footpaths, which discourage car owners from parking their vehicles away from where they do their work or business
• Car owners are unwilling to pay parking fees hence prefer parking alongside streets and road. This has been construed to mean that building of Parking System Chicago is a waste of money, space and time.

But because of these challenges, some forward-looking investors have turned to efficient and smart parking to not only resolve the problems but also reap big from the current situation.