The Future of the Parking Meter as Technology Evolves 

• July, 2023
• Grant Furlane, Locomobi World

The parking meter has been a ubiquitous presence on city streets for decades, providing a source of revenue for municipalities and ensuring that drivers have a place to park their vehicles. However, as technology continues to advance, the future of the parking meter is being called into question. In this article, we will explore the potential changes that may be coming to the parking meter, and what these changes could mean for cities, drivers, and parking enforcement agencies.

One of the most significant changes that is already underway is the shift toward cashless payment options. Many cities have already implemented mobile payment systems that allow drivers to pay for parking using their smartphones. This not only provides a more convenient option for drivers, but it also reduces the need for parking enforcement officers to collect coins from meters and process payments manually. In addition, cashless payment systems can provide valuable data to cities about parking usage patterns, which can be used to inform future planning decisions.

Another potential change that could be coming to parking meters is the integration of sensors and other smart technologies. These sensors could be used to detect when a vehicle enters or leaves a parking space, allowing for more efficient enforcement of parking regulations. They could also be used to guide drivers to available parking spaces, reducing congestion and making it easier for drivers to find a spot.

One challenge with implementing these types of smart technologies is the cost involved. Upgrading existing parking meters with sensors and other technologies can be expensive, and many municipalities may not have the budget to do so. However, some companies are exploring alternative business models that could make these upgrades more feasible. For example, some companies are offering to install smart parking meters at no cost to cities, in exchange for a share of the revenue generated by the meters.

Another potential change that could be coming to the parking meter is the use of dynamic pricing. This would involve adjusting parking rates based on demand, with prices increasing during peak periods and decreasing during off-peak periods. This could help to reduce congestion and encourage drivers to park in less busy areas, while also generating more revenue for cities.

However, there are concerns that dynamic pricing could lead to inequities, with those who can afford to pay higher prices having an advantage over those who cannot. In addition, there are questions about how dynamic pricing would be implemented in practice, and whether it would be feasible to adjust prices in real-time based on changing demand.

“License Plate Recognition and Computer vision have created significant contributions to parking complimenting meters and sometimes replacing them”

License Plate Recognition (LPR) and Computer Vision (CV) have revolutionized the parking industry by providing efficient and accurate methods of monitoring and managing parking spaces. These technologies have not only complimented traditional parking meters but also replaced them in many cases.

LPR technology uses cameras to capture images of license plates and then uses software to read and interpret the characters on the plate. This information can then be used to determine if a vehicle is authorized to park in a particular space or if it has overstayed its allotted time. LPR technology has proven to be highly accurate and reliable, making it an ideal solution for managing parking spaces.

CV technology has also made significant contributions to the parking industry. By using cameras and advanced algorithms, CV systems can detect the presence of vehicles in parking spaces and provide real-time information on occupancy levels. This information can be used to optimize parking space usage and reduce congestion.

The combination of LPR and CV technologies has enabled parking operators to provide a seamless parking experience for customers. With these technologies, customers can easily find available parking spaces, pay for their parking, and receive alerts when their time is running out. This has reduced the need for traditional parking meters and has made the parking experience more convenient for customers.

In addition to improving the customer experience, LPR and CV technologies have also helped parking operators reduce costs and increase revenue. By automating many of the tasks associated with managing parking spaces, operators can reduce labor costs and improve efficiency. Additionally, by optimizing parking space usage, operators can increase revenue by maximizing the number of vehicles that can park in a given area.

Overall, LPR and CV technologies have made significant contributions to the parking industry by providing efficient and accurate methods of managing parking spaces. These technologies have not only complimented traditional parking meters but also replaced them in many cases, providing a more seamless and convenient parking experience for customers while reducing costs and increasing revenue for operators.

Locomobi World Inc. leads the industry in manufacturing advanced meters, mobile payment, and the most accurate License Plate System in the Industry. The “WorldStream” management system has been contracted for over 350 new locations just in the past year alone for access control, revenue control, and enforcement. All in one solution.