IoT Based Smart Parking System Development: A Futuristic Business Opportunity
December 27, 2022
The increasing rate of urbanization and ownership of private vehicles resulted in parking problems worldwide. The UN, in its report, predicts that more than 68 percent of the world population will live in urban areas by 2050. This clearly indicates why finding a parking spot in the future will become a daunting task.
Developed nations like the USA and the UK and developing nations like India and Brazil are in dire need of IoT-based smart parking solutions. IoT-connected devices such as parking sensors and smartphones effectively detect empty spots and their precise location.
Users in densely populated areas can leverage IoT-based smart parking solutions to find a parking spot in real time and save fuel. IoT app development has many other advantages discussed further in the blog.
Budding entrepreneurs quickly analyze smart parking applications' full scope and future market. Therefore, they are investing in IoT-based smart parking system development to capture this billion-dollar industry.
If you are planning to launch a smart parking software, then connecting with our experts at RisingMax Inc., can be a good start. We build highly reliable and future-ready software solutions with our expertise in leading mobile and web development. Give wings to your dream with our highly qualified software development team.
The global market size of smart parking solutions is expected to grow at a CAGR of 14 percent from 2018-2023.
The global smart parking solution is expected to generate a revenue of 3.8 billion by 2023.
The North American smart parking market is expected to reach 24 billion U.S. dollars by 2025.
The Europe smart parking market is expected to reach the 19 billion U.S. dollars mark by 2025.
What Are IoT-based Smart Parking Solutions?
Integrating IoT-based devices with smart parking solutions allows users to find parking spaces with the help of sensors and IoT devices. The basic idea behind IoT-based smart parking is to build a connected ecosystem to make it easy for users to find the available parking space.
Intriguing Features of IoT-based Smart Parking Application
We have built an IoT-based smart parking application to keep the users' actual needs in mind. We have successfully developed solutions that empower users with exclusive and innovative features with a user-centric development approach.
Here’s what you will get in our smart parking application;
Advanced Booking - This feature of our smart parking application to book a parking slot in advance for a specific time duration.
Parking Navigation -The application comes with an in-built GPS that allows users to find available parking spaces and the shortest route to reach.
Parking Management - With this feature, users can see the available parking spaces in the area in real time.
Count Vehicles - This feature of our application allows users to view the total number of vehicles parked and available parking spaces in the facility.
Sensor Data Collection - With integrated sensors in our IoT-based smart parking system, data collection becomes an easy task.
Quick Check-in & Check-out - To ensure easy check-in & check-out from the parking space, our IoT-based smart parking system comes with a QR code scanner option. Users can quickly scan a QR code to pay for a parking space, making the entire process easy and hassle-free.
Multi-Payment Options - To ensure that users won’t have to worry about the payment method, our smart parking app comes with multi-payment options such as Debit cards, Credit cards, Online wallet payments, and others.
Vehicle Information - With this feature, users can update the vehicle information, which allows the application to find a parking space per requirement.
Track Revenues - This feature of our smart parking application allows the admin to keep track of the revenues generated on a single app screen.
Total Bookings - This IoT-based smart parking system feature allows the admin to track all the parking spot bookings on a single app screen.
Wallet Management - With this feature, users can efficiently manage the wallet for making payments to make easy check-in and check-out from the parking spaces.
Time Extension - This feature of our application allows users to extend their parking time due to any reason by paying an additional fee.
Booking Management - For effective parking space management, the admin can use this feature to effectively manage the bookings.
Subscription Plan - This IoT-based smart parking system feature allows users to purchase a plan and book a slot for their daily commute.
Zone Management - With this feature, the admin can manage multiple parking in a location simultaneously without any hassle.
Find the estimated development cost of your business application within minutes. Use our App Cost Calculator tool and get an estimated app budget without hassle.
Additional Features of Our IoT-based Smart Parking System
Our IoT-based smart parking system solutions come with in-built parking sensors that are effective in real-time tracking of the parking spaces. Users in the local area will be updated regularly about the available parking spaces to reduce parking hassle.
For effective parking space management, you can add sensors and tracking devices during IoT-based smart parking system development. These parking sensors ensure effective management of parking spaces and keep users updated about when a spot is occupied or not.
Our IoT-based smart parking system comes with integrated GPS and maps. This ensures that when users select a parking space on the application, they can easily reach the destination based on interactive map integration. The in-built GPS feature allows applications to suggest available parking spaces in the area.
We believe in effectively managing parking spaces with a single parking database. Our IoT-based smart parking system can be easily integrated with other smart parking systems to import data of different rental vehicles and parking spaces.
As a leading smart parking system provider, we can integrate your smart parking app with an AI voice assistant. The platform users can leverage this feature to book an available parking space with voice commands.
How Does An IoT-based Smart Parking Application Generate Money?
Smart parking applications are the need of the hour and effectively serve thousands of customers worldwide. These apps effectively manage the parking space and provide ease to the users to find a parking spot in densely populated areas. Most IoT-based smart parking apps generate revenue via four possible methods.
Revenue From Bookings
This is one of the most common revenue generation methods of IoT-based smart parking applications. A fixed commission is charged whenever a user books a parking spot using the application, and the rest is forwarded to the parking owner. The higher the booking, the higher the revenue generation from booking.
Users can opt for a subscription plan and make bookings for parking spots. With subscription plans, users need not pay a parking fee every time they book a parking spot. Smart parking apps enhance users' experience with attractive subscription plans and increase revenue with subscriptions.
This is an efficient method for maintaining a loyal customer base. The smart parking application will provide customers with loyalty points that can be redeemed later to book a parking spot and other features on the application.
Marketing and Branding
A smart parking app can generate revenue with marking and branding on the platform. On the other hand, the admin can promote a particular parking spot and list them as a priority for a fixed marketing fee.
These are the most common revenue generation methods through which a smart parking application generates money. Have a unique business model in mind, and discuss it with our expert team to test the project's feasibility.
Why Are Entrepreneurs Investing in IoT based Smart Parking System Development?
Finding parking has become arduous whether you live in the USA, Europe, Australia, or India. When visiting a shopping mall, grocery store, or other popular places, you must have found it hard to find a parking spot for your vehicle. For this very reason, the investors are partnering with IoT-based smart parking system development companies to avoid further chaos in parking.
Let’s have what issues the IoT-based smart parking system is solving, which makes them a profitable investment;
Effective Utilization of Parking Space
There is no denying the fact that there is a huge difference between the number of vehicles and parking spaces in the city. The increasing construction within and nearby areas have further widened this gap. The IoT-based smart parking system has effectively utilized parking spaces, and users can easily book & park vehicles without any hassle.
Fix Pricing System
Most people complain that they have to pay extra parking charges and there is no fixed parking system. One of the biggest reasons for this is the landowner is free to charge any tariff which means car owners end up paying a varied parking fee based on the parking location. However, smart parking solutions follow a fixed pricing system, so users will pay a specific amount irrespective of the parking location.
Minimal Street Parkings
Less parking spaces than the total number of vehicles and ineffective management are the biggest reasons for high street parking. With IoT-based smart parking system development, entrepreneurs are reducing users' parking hassle and reducing the parking on the streets. Smart parking solutions effectively reduce congestion on the streets and avoid unnecessary traffic.
Reduced Waiting Period
Due to the non-regulation of the parking spaces, people have to wait to find a parking space, thus resulting in higher parking on the streets. A higher waiting period results in unwanted fuel wastage and increased stress levels. With IoT-based smart parking system solutions, users can book their parking spot in advance thus reducing the waiting period and on-street parking.
Multiplex apartments, Shopping malls, Sports stadiums, and others are investing in smart parking solutions to help users find parking spaces without hassle. Entire construction projects are now built according to the number of vehicles to ensure effective parking space management.
IoT-based Smart Parking System Development For Various Sectors
Various sectors have shown interest in IoT-based smart parking system development for effectively managing parking spaces. These software solutions can be deployed anywhere to manage parking spaces and provide users with real-time parking solutions. Here’s a list of sectors where IoT-based smart parking systems can be deployed;
Commercial Parking Operators
Mega Retail Stores
These prominent sectors actively engage in IoT-based smart parking system development and enjoy its benefits. The smart parking app development cost might vary based on parking space and features. If you are looking for an IoT-based smart parking app development cost, the next post section is a must-read for you.
Benefits Of Smart Parking Booking Systems For Your Business
Smart parking solutions combined with IoT devices allow enterprises and startups to provide employees with seamless navigation and find an available parking space. For this very reason, businesses are investing in IoT-based smart parking system development. Let’s look at some of the benefits of our smart parking application solutions.
Admin of the platform can utilize this feature to designate parking spots and effectively manage them.
Employees can easily find parking spots before reaching the destination, thus reducing time and fuel wastage.
In-built GPS allows employees to find the shortest route to reach parking space.
No worry about the congestion, as employees know where they are going to park vehicles before reaching the designated space.
In-app data analysis allows the admin to find the peak time and other valuable data to efficiently manage the parking space.
Multi-payment methods make it easy for users to make instant payments and enjoy a seamless parking experience.
Opens up new business opportunities with IoT-based smart parking system development.
No need to hire an additional workforce as the entire management of the parking space can be done via a smart parking app.
With IoT-based smart parking systems, development businesses can reduce their carbon footprint and save nature.
Smart Parking App Development Cost
The smart parking app development cost depends upon various factors. We have listed some of the major factors that directly impact the project development cost to ease your struggle. As a business owner, you can evaluate all these factors to know how much your smart parking solution will cost.
The IoT-based smart parking system development cost depends upon:
Add-on features of a smart parking app
Location of the development company
Per hour development charges
Development method, i.e., Scratch or Whitelabel solution
Any additional services required
You can connect with a trusted, smart parking app development company like RisingMax Inc., to know the overall project development cost. Our professional team is well-versed with the leading technologies and has successfully built smart parking solutions for our customers over the years. Based on your project needs and business model, our team will suggest the best tech stack, the time needed, and the development cost after the initial project discussion.
So, why wait?
Avail of our affordable IoT-based smart parking solution development services and build solutions with new-age technologies that will remain relevant for a long time.
Smart parking app development cost - $35K-$40K Mobile App & Web Solutions for basic application. However, the development cost might vary depending upon the above-mentioned factors or any additional feature requirement.
Why Choose RisingMax Inc. For IoT Based Smart Parking System Development?
RisingMax Inc. has the privilege to work with various industries and build business solutions that help them solve current or future issues. We feel proud to develop highly secure, reliable, bug-free, and scalable business solutions for our clients worldwide. Choose us for your smart parking app development and we build an app solution that puts you on the path to success.
Unmatched app development services
Expertise in leading technologies such as AI, ML, Blockchain, and AR/VR
100% reliable and secure business solutions
The highly qualified testing team
Transparent app development costing
Affordable white label solutions
Competitively priced post-deployment services
There is a huge demand in the market for smart parking solutions, and now is the right time to invest in IoT-based smart parking system development. Don’t wait to grab this futuristic business opportunity.
Our experts are just a text or call away from turning your innovative business into reality.