The real-time economy is an environment where all the transactions between business entities are in digital format. The transactions would be generated automatically and completed in real-time.
Since in 2014 the smart ownership rose to 58% of American adults, the parking industry has seen a complete technological transformation over the years. Drivers are now able to benefit from the integration of multiple data sets grow in parking.
Real-time describes the full potential of what information technologies could ultimately do. It was originally a term of art in data processing, meaning that data are processed the moment they enter to a cell-phone or a computer.
In real-time parking apps, if you see parking availability in your car or phone’s navigation system and you could book it right away. Most of the old parking meters installed since the late 90s have the real-time processors that we have right now, as a result, they can’t collect real-time information. Now it has changed.
However, you have to get these meters to connect to WiFi and then writing APIs to talk to them. It could be a meter, or simply an IoT device on the ground. No matter what that is, it could pass the real-time data to the cell-phones in your hands, or the computers in the government’s data centers.
This makes it possible to gather even more information from the physical world. The data collected would contribute to new business opportunities. Companies could develop software that analyzes and suggests ways to optimize the parking process.
Those companies could implement solutions like smart-phone based reservation systems, online discount for underutilized parking facilities, or vehicle count systems to support event audition, or enforce traffic efficiency.