Summary & Reader Response (Final)

In the article “IoT based Smart Parking Systems for Smart Cities”, hIOTron (2020) claims that smart parking technology will improve the overall efficiency on roads and the experience of users. Smart parking utilizes sensors installed on lots to detect lot availability, which can be used in offices and shopping malls. Occupants can book in advance the desired lot while receiving real-time accessibility. Once the sensors confirm a vacant lot, the car will be parked automatically. An IoT solution must make it easy to transfer field data to the cloud at low cost and increased return of investment (ROI). Challenges faced include real upfront costs, as in-ground sensors can incur the additional cost of two parking systems. The sensors may read data from the other parking systems and add them to the user’s lot. Smart parking authentication is done using an RFID tag and data collected is reserved in the cloud. The app would find a vacant lot and send the location to the user after registration is completed. Optimal parking is achieved with minimal time and effort while enhancing the user’s experience. While I agree to a certain extent that smart parking technology has some challenges, the benefits will outweigh those. Benefits of smart parking technology include a better flow of traffic, new revenue streams, and enhanced user experience.

Firstly, smart parking technology will improve the flow of traffic. According to Gautam.S (2018), smart parking technology is the key to reducing traffic by smoothening the process of parking for both users and lot owners. When using the Internet of Things (IoT), data collected by sensors can be synced to a cloud that transfers information to the mobile app. The app will guide a driver using GPS to the parking lot, allowing the driver to stay focus on the road and saving time and effort to look for spaces. Therefore, cars are not required to circle around the carpark to search for an empty parking lot.

Secondly, smart parking technology can lead to the growth of new revenue streams. Revenue streams are various sources which a business can use to earn money from the provision of services. Trakaid (2019) states that there are many ways to generate revenue streams. One way is using parking apps where drivers can receive parking information on their mobile phones. As users are paying a certain amount to access the information, therefore this will create revenue for lot operators. Another way is allowing drivers to pay through their mobile phones. Mobile operators will benefit the most as they can “charge users small commission” when using mobile payments. On top of that, operators can adjust the reservation fee according to the lot demands. As a result, this can lead to the growth of new revenue streams.

Lastly, smart parking technology can enhance the user experience. Gautam.S (2019) states that with this technology drivers can save both time and money, leading to a better parking experience. Users can access real-time data, have easy navigation, and do fast payments, the parking apps will be able to boost the overall efficiency of the parking process. As drivers can reserve a lot and make payment in advance, it will be a lot easier for them. Lot operators can add in some discounts to regular customers as a small token of appreciation for using the app. Thus, with these benefits, users’ experience will greatly be enhanced.

In conclusion, the use of smart parking technology brings about many benefits to users and lot owners. Drivers can be less frustrated when looking for a parking lot as there will be lesser cars, which will lead to smoother traffic. The overall parking process will be made easier and more convenient.

References:

Gautam.S. (2018). Benefits of Smart Parking: How Smart Parking Reduces Traffic. 

https://www.parking-net.com/parking-industry-blog/get-my-parking/how-smart-parking-reduces-traffic

Gautam.S. (2019). Benefits of Smart Parking Series: How Smart Parking Enhances User Experience.

https://blog.getmyparking.com/2019/01/30/benefits-of-smart-parking-series-how-smart-parking-enhances-user-experience/

hIoTron. (2020). IoT based Smart Parking Systems for Smart Cities.

https://www.hiotron.com/smart-parking/

Trakaid. (2019). How Does Smart Parking Generate New Revenue Streams?.

https://www.trakaid.com/how-does-smart-parking-generate-new-revenue-streams/

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