$250 million invested in Smart Parking to help create Smart Cities

Self-driving cars may eventually make carparks a thing of the past, or least make them less important (by, for instance, enabling the cars to moonlight as taxis when their owners don’t need them), but until then one of the biggest headaches caused by urbanisation needs to be addressed if our Smart Cities are to be truly smart: parking your car.

As it stands today, parking a car in almost any major city (and many smaller cities, for that matter) is inefficient, time consuming and, quite frankly, frustrating. Digital technology has already begun to filter into almost every aspect of transportation, including the car itself, but carparks have remained stubbornly analogue.

Until now.

One million smart parking spaces

According to research by Frost & Sullivan the global car parking industry is ready to be disrupted, with leading businesses in this sector planning to collectively invest up to $250 million during the next two years in a bid to create around 1 million ‘smart parking spaces’ by the end of 2019.

But exactly what is a smart parking space? What makes it smart?

The answer, as with so many other aspects of Smart City innovation, involves the Internet of Things.

The forefront of innovation

In the carpark of the future each parking space will be fitted with an array of smart sensors, which will be linked together via a mesh network in order to detect which parking spaces are empty and which are occupied. That information will then be relayed to a driver, who will be able select their desired parking space before being guided there via a parking navigation system.

Eventually, drivers will be able to reserve parking spaces as they enter or approach a carpark, and the smart parking system will optimise the flow of vehicles through the carpark in order to minimise congestion.

Putting you in the driving seat

If your organisation is at the forefront of innovation in your field then you will be in the process of building the leadership teams you need in order to embrace everything the digital revolution has to offer. That’s where we come in.

Miramar Executive Search Consultants are globally reaching and have an impressive track record of success with high profile clients. With a global reach spanning a range of sectors from Private Equity to Industrial including automotive and energy. Our consultants and researchers are perfectly placed to broaden your search. Contact Miramar today – we have offices in the UK, the USA and Asia.


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