The Future of Smart Parking Systems with Parking 4.0

Abstract

Parking is important for mobility, access, and the economic development of cities. Evolving technology, new business opportunities, and a growing awareness are expanding the role of smart parking in sustainable city-scale mobility. The benefits from smart parking can get amplified manyfold as part of a cohesive, collaborative ecosystem. In this article, we present our vision of Parking 4.0 as a digital reimagination of the end-to-end value parking chain as part of a collaborative eco-system. We discuss the key market drivers and barriers in smart parking; assess the current readiness levels; and outline a path to Parking 4.0 while identifying opportunities and open research challenges.