Signal 4: IoT enables smart parking system and reduction in congestion.

In urban areas, there is an issue of congestion and a major contributing factor is parking space. It is estimated that about 30% of the cars circling a city at any given time are doing so as drivers look for parking. Aside from the frustration factor, those cars are creating traffic congestion, as being the single most significant societal change affecting the parking industry. So, we can alleviate this problem by using IoT where the user can find parking spaces easily and pay for it digitally.

We should care about this as in downtown of large cities, congestion due to parking may account for more than 10% of the local circulation as drivers can spend 20 minutes looking for a parking spot.

Smart Parking enables peoples to find spaces quickly and easily. Less time parking means less stress and happier peoples. Imagine a tool that allows you to effortlessly form a clear picture of where available parking spaces can be found and how long each space has been occupied for and convenient ‘cashless’ parking which may results in 43% lesser time would be spent in parking searches and urban cities can increase revenue up to 20–30% per annum.