The overcrowding traffic that is caused by irregular vehicle parking is a very alarming issue in today’s world. Smart parking driven by AI can help in easing the process of finding a parking space and also help in managing the parking spaces better. As per a recent study, around 30 percent of the traffic in cities is caused by drivers and motorists that look for parking spaces.

With the rising number of vehicles and urban migration, getting a parking spot is a tiring and frustrating affair in cities. While the old parking lots continue to dominate a large part, it becomes difficult to establish any new model of secure parking. It is because the traditional methods are the reason that mismanages and maintains the vehicles with parking personnel, which can also end up being expensive.

A smart parking system utilizes cameras and sensors to collect real-time data for measuring the parking occupancy. Smart parking can effortlessly navigate the visitors to a vacant parking spot based on the data collected and stored in its system. Additionally, it helps in better management of the parking systems, resulting in improved revenues as well as time-saving methods. AI-based smart parking techniques can analyze data like vehicular traffic, vehicle type, peak hour timings, and occurrences to envisage future trends and offers a seamless parking experience with time.

Leveraging digital payment methods can help in saving time for the visitors and improve the operator in the parking space to run the area more efficiently. Apart from this, one of the significant challenges faced while implementing an AI-based smart parking system is the wide variety of software and hardware, along with the capital investment that is needed.

The scope of implementing AI in car parking systems is limitless, and businesses can only expand on technologies to offer better services, with reduced operating expenses. An entirely automated AI-based robot-driven parking system, which can use robots to park the vehicles, might be something to witness in the future. The smart parking sector is a widely open business where companies can capitalize and maximize their potential. AI-based smart parking systems can transform the industry and modify the methods of parking services.