NOVI, Mich., June 3, 2015 /PRNewswire/ -- Telematics Automotive 2015 -- Everyone who has ever been frustrated circling the block in search of parking has wished for a solution that could quickly lead them to that elusive spot. INRIX is launching a new service that addresses this problem for millions of drivers helping them quickly find on-street parking. Continuing their successful collaboration, INRIX announced BMW will be the first automaker to include the breakthrough service into its ConnectedDrive cars.
INRIX On-Street Parking answers key questions for drivers including:
- Where can I park? With availability updated hourly, quickly identify streets with the best chances of finding a parking spot.
- How much will parking cost? Information on pricing, parking/permit restrictions, policy rules (free vs. paid times/days).
- Is there a garage or lot nearby? When on-street parking is unavailable, drivers can be directed to one of more than 80,000 off-street parking locations in Europe and North America. The service provides pricing and availability information, ability to compare locations by distance and price as well as locate the nearest entrance.
BMW and INRIX demonstrated INRIX On-Street Parking in a BMW i3 at the Telematics Automotive 2015 conference showing how location, local rules and pricing, real-time traffic, transactions and mobile data can be analyzed through the INRIX platform to show which streets have available parking.
"As we continue to connect cars to smarter cities, INRIX On-Street Parking fills a critical gap that addresses the growing challenge of traffic and parking in our cities worldwide," said Bryan Mistele, President and CEO, INRIX, Inc. "And looking ahead to a time when autonomous cars are a reality, this service enables vehicles that drive themselves to park themselves now as well."
Initially available in Seattle, Vancouver BC, San Francisco, Amsterdam, Cologne, and Copenhagen, the service will expand to cover 23 cities by the end of the year.
Experts estimate up to 30 percent of traffic in congested urban areas where street parking is in high demand results from drivers looking for parking.1 A global survey of commuters in 20 international cities found that nearly 6 out of 10 drivers have abandoned their search for a parking space at least once and drivers often spend an average of nearly 20 minutes in pursuit of a coveted spot.2 Further, an analysis by Frost & Sullivan found that drivers waste an average of 55 hours per year searching for parking costing consumers and local economies nearly $600M in wasted time and fuel.3
Smart Cities Need Smarter Parking Information
With over half of the world's population living in our largest cities, transportation agencies are increasingly turning to intelligent parking solutions to better manage parking inventory and improve urban mobility. INRIX On-Street Parking provides cities with a scalable, cost-effective and immediate way to manage parking inventory as well as improve traffic in urban areas. Key benefits of INRIX On-Street Parking to cities include:
- Real-time Information. Goes beyond one-time snapshots of parking availability allowing cities to see how parking inventory changes based on time of day, day of week, price, and during special events or holidays.
- Less reliance on road-side counters and costly sensors. Offers a faster, more cost-effective way for cities to manage parking. The service goes beyond current smart parking technologies because it also works on roads without smart meters or sensors and outside of hours requiring payment.
- Better insight for urban planning. With a comprehensive understanding of parking inventory usage citywide, urban planners can gain insights that help them improve parking conditions and locations, and better locate special purpose lanes for bicycles and public transit on city streets.
- Calibrate demand pricing models. Provides insight into how pricing fluctuations impact demand in real-time, cities can optimize pricing to maximize use of available inventory citywide.
Parking is considered the second largest source of revenue in most cities and expert estimates show deployment of smart parking technologies reduces traffic congestion while increasing compliance and revenue through better inventory utilization.4
Automakers, mobile app providers and public sector agencies interested in learning more can register for a Webinar scheduled for Wednesday, June 17, 2015 at 8 a.m. EDT where INRIX will outline use cases, technical specifications and benefits in greater detail.
INRIX is one of the fastest growing big data technology companies in the world. The company leverages big data analytics to reduce the individual, economic and environmental toll of traffic congestion. Through cutting-edge data intelligence and predictive traffic technologies, INRIX helps leading automakers, fleets, governments and news organizations make it easier for drivers to navigate their world. Our vision is simple – to solve traffic, empower drivers, inform planning and enhance commerce.
Whether through an in-car or smartphone navigation application, a local newscast or our INRIX Traffic app, our up-to-the-minute traffic information and other driver services help millions of drivers save time, fuel and frustration. INRIX delivers traffic and driving-related insight, as well as sophisticated analytical tools and services across six industries covering nearly five million miles (7.9 million km) of road in 41 countries. For more information visit us at INRIX.com or download our INRIX XD Traffic App for iOS and Android.
1 Donald Shoup, The High Cost of Free Parking, Chicago: Planners Press, 2005 and 2011.
2 IBM Commuter Pain Survey http://www-03.ibm.com/press/us/en/pressrelease/35514.wss
3 Frost & Sullivan, 2015, Analysis of parking in London, Berlin, Paris, New York, Chicago, San Francisco, Amsterdam, Washington D.C.
4 Frost & Sullivan, 2015, Strategic Analysis of Smart Parking Market in Europe and North America