Smart Parking

W ith a rapidly progressing wave of smart city concept, Parking lots and its management is an inevitable step to implement the fully automated Urban City Management System. With Dynamic Pricing, one can automate parking space and pricing with intelligent systems that are rapidly updating based on run-time data. Dynamic pricing or Real-time pricing is a concept of setting rate for a product or a service that is highly flexible. It enables the parking operators to adjust rates of parking services on the fly, in response to the market demands. Dynamic pricing can be contradicted with Fixed pricing, a concept of setting rate for a product or service that does not fluctuated and is fixed however the conditions. With the real-time information gathered by the intelligent online information systems developed to work on big data, changes in rates can be controlled by pricing tools based on the processed information about the frequency of use and availability of space. Rates altered ...