TimeTec Smart Parking 11/12: Cashless, Touchless to Automation

“In the third article of the TimeTec Smart Parking series (3 of 12) on Malaysiakini, we’ve discussed the Past, Present & Future of parking system, where we foresee the possible demise of parking system in the next twenty to thirty years when the roads were mostly taken over by autonomous cars and e-hailing services.” Teh Hon Seng, TimeTec Group CEO, explains the future of the parking industry.

“Even when the prediction is correct, the incessant technology advancement will still keep on improving, renewing and refining the parking system before that.”

 

“Undoubtedly, the growth of e-hailing companies such as Uber, Lyft, Didi, Grab, etc., will largely impact the parking industry because users will not require any parking space at the intended destination, besides the options of other public transport systems. But statistics still show that in America alone, there are 500 million parking spaces for 326 million citizens spread across 3.5 million square miles of parking infrastructure. More parking spaces than the population are not because some car owners own more than one car, but mainly because cars require more parking spaces when transporting people from one place to another.” 

An estimated 30 percent of traffic congestion each year is contributed by drivers searching for one of these parking spots. According to Boston Consulting Group (BCG) research, people in Kuala Lumpur spend 25 minutes every day searching for parking. Another problem is, for a city where people and vehicles congregated, the land is expensive. It seems like the carpark is still that necessary evil that would be stretched for another one to two decades.Teh Hon Seng said, “Parking technology is transforming the ticket and cash system to ticketless, cashless and touchless system. The future development inevitably will focus on reducing the time to look for parking spots and efficiently managing the parking sites to optimize utilization. In short, towards an automated smart parking direction. As one of the pioneers in developing the smart parking system, TimeTec will continue the efforts towards the same direction.”

Imagine a future that combines an automated valet parking system where you can step out of your car in front of a shopping mall with a single App, communicate the car with the parking site and the digital building system to allow your car to quickly find a parking space, via the easiest route and park on its own. Research in 2018 by University of Toronto researchers found that automated technology could increase the capacity of parking sites by 62 percent. Mercedes-Benz and Bosch even have a trial smart parking program in the works in Stuttgart, Germany. Here is the full demo for the automated valet parking video:

 

The digital transformation for parking solutions is an ongoing process to establish more connectivity, better efficiency and smarter sustainability. For parking owners, it’s time to think beyond the parking system.

Please contact Kelvin Lim, Sales Manager, at kelvin.lim@timeteccloud.com or 012-6891180 for product presentation and demonstration appointments. You may also call 03-80709933 general line or write to info@timeteccloud.com for more information.  Stay tuned for the 12/12 series next Wednesday on Malaysiakini for TimeTec Smart Parking announcement. For the previous article, click this link:

English version: TimeTec Smart Parking 10/12: Cashless Valet Parking
Malay version: TimeTec Smart Parking 10/12: Parkir Valet Tanpa Tunai
Chinese version: TimeTec智慧停车系统10/12：无现金代客泊车