How To Tap The True Potential of Your Parking Area And Make It More Profitable!

Finding a spot to park in might be one of the most frustrating aspects of driving. Every year, irritated drivers spend endless hours scouring the cities of India for a parking spot that meets their requirements. Because there are currently at more cars on the road than there have ever been in the past, the demand for parking spaces is currently at an all-time high. In addition, as the pandemic continues to weaken, an increasing number of individuals are once again venturing out into the city to take pleasure in its offerings. Through 2024, it is anticipated that the global parking lot and garage business would experience robust expansion.
If you wanted to establish your own parking lot business, there has never been a better moment than now. Not only would you be providing a valuable service, but you would also be generating a lot of money. However, before you get started, it is essential to have a solid grounding in the principles of running a business. The step-by-step instructions in this tutorial will assist you in laying the groundwork for success as an entrepreneur in the parking lot industry.

The Parking Lot Business

The Global parking lots and garages industry is expected to grow at the rate of 4.8% annually through 2024. As we know that the new and emerging technologies have made the gateless entry and exit into parking lots very easy. This has not only cut down the amount that used to get spent on putting security guards and attendants at the parking lot but has also made parking more convenient for the customers. Parking apps like Curopark are on the rise. These apps have completely change the dynamics of the parking business by adding features like finding the parking, reserving the parking lot and securing the parking lot. All this is done in quickly and easily for the customers.
he essential requirements to optimize the parking lot are:

Parking Space
Attendants
Website
Parking Lot management software

Advance Parking Management System

The Smart car parking management system is one of the most well-known and rapidly expanding types of smart city systems in the whole wide world. Airports, Universities, Shopping malls, Business centers, and public garages are some of the types of establishments that have started to recognize the usefulness of automated parking systems.
Users are able to monitor available and unavailable parking places with the use of low-cost sensors, real-time data, and applications provided by smart parking systems. The process is going to be automated in order to cut down on the amount of time that is spent manually looking for the best parking level, spot, or even lot. Some systems, such as Curopark , will provide an entire suite of services, including the ability to make online payments, receive parking time notifications, and even search capabilities for vehicles in parking lots that are very large. The user and the owner of the parking lot both stand to gain significantly from the implementation of an automated parking solution.

But What Exactly is Smart Parking Management System?

A parking system known as “Smart Parking” may have in-ground sensors, cameras, or counting sensors. Smart Parking may also include other types of sensors. These sensors are often installed either directly into the parking slots themselves or in close proximity to them, and their purpose is to determine whether or not the parking spaces are currently occupied. This is made possible through the collecting of data in real time. After that, the data is sent to a smart parking website or mobile application, which subsequently notifies its users of the availability of parking spaces. Some businesses additionally provide additional in-app information, such as parking costs and locations, within their mobile applications. You now have the opportunity to investigate each and every parking choice that is open to you as a result of this.
“Smart Parking” and the Smart Parking Sensors are the key component of “Smart Cities.” Cities are referred to as “smart cities,” which are powered by an information technology (IT) infrastructure. By utilizing this infrastructure, cities are able to improve the residents’ quality of life as well as their economic development. Transforming a city into a smart city can be an efficient and effective approach to gather data from the past in a way that is not overly complicated. When cities collect this information, they are able to conduct analyses to see how systems such as parking might be improved.
People who are looking for a parking spot will be able to locate it in the most effective manner possible as a result of Smart Parking, and businesses or governments will be able to maximize the use of their parking areas as a result of the same. Additionally, it makes cities more livable, safer, and less congested, all of which are positive outcomes.

How Smart Parking Is Beneficial for All the Stake Holders?

For every facility in an urban or rural area, there are mainly three key stakeholders, Government authority, Users and the Owner of that facility. By implementing Smart Parking, all three have to work in tandem and the benefits reaches to all of them. How, let me explain:

Optimized Parking : Users are able to find the optimal location, which helps them save time, resources, and effort. The parking lot is used to its capacity in a timely manner, allowing commercial and corporate enterprises to make effective use of the area.
Reduced Traffic on Roads : The number of cars that need to drive about in search of a parking spot is reduced, which results in an increase in the flow of traffic.
Reduction in Carbon Emission : Trying to find parking uses almost one million barrels of oil every single day. A parking solution that is ideal will drastically cut down on the amount of time spent travelling, which will in turn reduce the amount of daily car emissions and, eventually, the environmental footprint that humans leave on the planet.
Enhanced User Experience : An intelligent parking system will consolidate the entirety of the user’s interaction into a single, streamlined motion. The payment of the driver, the identification of the site, the search for the location, and the notification of the time all become part of the process of arriving at the destination.
Integrated Payments : The daily, manual cash payments that returning users are required to make can be replaced with account invoicing and application payments made from their phone. In addition to this, customer loyalty program and helpful user feedback might be made possible.
Enhanced Safety & Security: The employees and security guards of a parking lot have access to real-time data about the lot, which can be used to assist deter parking violations and suspicious activities. Cameras that can recognise licence plates can also record relevant footage. Additionally, a reduction in the amount of traffic on the streets generated by people looking for parking spots can help cut down on the number of accidents that are brought on by the distraction of doing so.
More Revenue Verticals: The implementation of intelligent parking technology opens the door to numerous new revenue streams. For instance, parking lot owners can provide tiered payment choices that vary according to the location of parking spaces. In addition, reward programmes can be incorporated into the models that are already in place in order to attract return consumers.
Real-Time Data Insight: A smart parking solution can, over the course of time, provide data that, when analysed, reveals correlations and patterns about users and lots. These patterns may prove to be extremely helpful to lot owners in terms of figuring out how to make adjustments and enhancements to drivers.

Conclusion

So, going by the above points, it is very evident that that the true potential of a parking area can only be tapped when we switch to Advance parking management system. Curopark is the leading technical solution provider company in the area of Smart parking management . Their customized and tailor made parking solutions have transformed many parking areas into profitable revenue generating stream. Curopark has its presence all over India and is catering to the largest land developers of our country. If you have any query related to implementing parking system, you may visit their website www.curopark.com.