The Role of Video Analytics in Smart Parking Solutions
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Parking has been a real issue in the urban areas as it can be difficult for many to find parking spots in public places, especially malls and retail stores. This also leads to higher fuel consumption and recurring problems with traffic congestion. However, other than those, the market for smart parking system is also driven by factors such as increased consumer preference for comfort and luxury, and increased competition between OEMs to offer driver assistance features.
According to Markets & Markets, the smart parking market is projected to grow at a CAGR of 17.94% during the forecast period, to reach a market size of USD 5.25 Billion by 2021 from USD 2.13 Billion in 2015.
Smart parking solutions use an array of low cost sensors to enable easy parking. These sensors can also be easily incorporated into the traffic infrastructure. However, apart from these sensors, video Analytics can also play a huge role in optimizing smart parking solutions.
Let’s take the example of a shopping mall or a full-fledged retail store, where finding a parking spot can be difficult during peak hours. So, it becomes important for businesses to implement a solution that ensure comfort to their customers. On the other hand, implementing video analytics can also help you gain valuable insights which will help improve the process and eliminate discrepancies. Let’s take a look at how Video Surveillance can play a vital role in smart parking.
Providing hassle-free parking can also be an encouragement for shoppers, who might want to visit your store more often because of the smooth experience from start to finish. So incorporating video analytics to Smart Parking can yield greater benefits to help your business succeed.