loT and AI Synergy: Creating Seamless Parking Experiences in Digitized Urban Areas

One of the most frequently discussed subjects in the real estate sector today is digitization and AI.

These are breakthrough technologies that make existing procedures far more effective. It has never been riskier for businesses to be lax about embracing new technology than in this rapidly evolving digitally driven environment, and the real estate sector is no exception. Innovative digital solutions are now being actively explored by property and real estate developers due to their immense potential to deliver superior services and infrastructure to clients.

Let us take a closer look at how these advanced technologies are transforming the housing infrastructure industry:

Smart Parking Solutions

Fewer parking spots are available in our cities every day as a result of the rise in two- and four-wheeler ownership, which leads to severe traffic congestion. Due to this, a lot of us extend our travel times by 20 to 30 minutes in order to access parking close to our final destinations. Sadly, neighbourhoods are now experiencing this problem as well. In residential neighbourhoods, parking spaces are often arranged according to the number of residences or apartments. 

Parking space constraints in residential areas will only get more acute in the years ahead. The need of the hour is to optimise the management of existing parking spaces, rather than adding more, as the latter would be detrimental to infrastructure plans. This is now possible with the use of smart parking solutions such as apps, RFID, and IoT technology.