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Insights into the Trends of the Parking Industry--Part I

According to the UN report, today 55% of the world population is now living in urban areas, and this proportion is expected to increase to 68% by 2050 which means higher population density in cities.


Authorities are increasingly looking to building a smart city to increase mobility. By integrate IoT, artificial intelligence, big data, and other information technologies, smart cities can make information visible to citizens and allow citizens to have an increased understanding of the condition of the city they live in.


Parking plays an essential enabling role in building a smart city. Parking issues in the urban areas have raized and traditional parking management has been ineffective to cope with the challenges of congestion, parking space optimization, time-wasting as well as emission. The core is how to make parking info visible to drivers, and how to increase revenue for parking operators. Propelled by new technologies, IoT and smartphones, the parking market is seeing a growing array of new solutions to solve parking issues.


Meanwhile, complaints that most of the applications for parking are aimed at helping drivers find and pay for parking and few holistically address operators' business needs can also be heard. At Keytop, however, we put both sides into consideration.



Make Parking Information Visibile--City-level Parking Guidance Solution


Parking status sensors update real-time space availability for drivers to make the correct decision. The backend parking guidance platform not only allows the operator to have an overall understanding of the utilization of the parking space and the failure of sensors. It supports communication with the traffic management system or digital signs. Thus, the dynamic parking information such as availability, fee is made visible to city drivers in advance. For drivers, they can make the correct parking decisions quickly instead of wasting time in searching. For operators, it enables the optimization of the assets and increases the revenue since the drivers have good knowledge of the parking vacancy.


Flawless Entry/Exit--Ticketless Parking Management


While parking sensors solve the issues inside the car park and guidance signs help drivers make decisions. Coping with the issues of congestion at the entry/exit lane caused by ticketing and payment


Keytop license plate recognition-based camera with advanced data analyzing and processing capabilities can support a 99% recognition accuracy rate. Along with Keytop flexible parking mobile application for end-users featuring payment, parking slot reservations, car-finding, Keytop offer the resolution for a flawless parking entry/exit. As a result, the average wasted waiting-time can be reduced by 2 times, compared with traditional ticket parking.


Data-driven Car Park Planning and Pricing


For operators in the private parking industry, to maximize the utilization of the parking space and increase revenue is their top priority. While constantly improve customer experience, they must be able to facilitate more dynamic and flexible pricing. For areas where parking services are widely available, competitive pricing is important, and adding value-added services can further improve its advantages and revenue opportunities.


Keytop cloud-based parking management platform enables data-driven car park planning and pricing. Operators can have easy access to comprehensive data analysis and reports of the performance of the car parks including parking duration, payment method, parking frequency, and traffic fluctuation trends. The data help enhance operators' capacity for planning and management.


Parking Management Market size is set to grow exponentially to 2024 impelled by an increasing number of automobiles. Automation and data are the keys to success in the industry.


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