Artificial intelligence will be the driving force soon

The normalized yearly cost for 2720 spaces’ configuration and operation with modern technologies may stand at $1,267,254. Meter and PARCS costs are being replaced with infrastructure costs of new development. Other relevant new technology costs are included. With 20% profitability, your expected yearly normalized revenues must be over $1,520,705 or $559 per space per year which is lower than the two previous models combined together. With this universal framework, one can be innovative enough to optimize revenue generations and tradeoff analysis. This configuration gets rid of the limitations of the previous two models. Major advantages of the new autonomous parking business model are: Spaces can be added or deleted with a simple software code, and decreased cost per space gets decreased as spaces are added to the original configuration reversing the current trend.

Basic elements of the RWPP development will be a departure from the traditional hardware model. These elements are mostly software and database oriented with enough flexibilities of reconfiguration at short notice.

• Parking Database (PD) – Department of motor vehicle (DMV) tracks owners primarily by databases of vehicle identification number (VIN), and license plate (LP). Similarly, PD with attributes of space number, street location, city, state, owner of the facility, on-street/off-street characteristics, occupied or empty, etc. is proposed for parking space automation.
• Object Oriented Programming – A software programming tool where attributes of different databases act as useful information to write instant applications for new services and new revenues – is proposed. Integration of all parking options on a mobile Internet platform with different APIs must be done.
• Correlation of Automation Attributes – Attributes of online parking automation are: online finding of parking spaces, knowing the parking rate, the proximity, notification of illegal parking, marketing/promoting services, auto billing, knowing about the owner when parked, correlation of trucks and weighing stations for route selection, highway regulations, and mitigating commuter and truck driving with well-designed truck parking along highway corridors.
• Photovoltaic (PV) Cells as Renewable Energy and Sustainability – Charging of electric vehicles while parked will add one more dimension of the new business model. All energy needed for ITS and electric vehicles could be sourced from PVs covering lot spaces.
• Drone technology for Parking Enforcement and Traffic Management – These are two promising applications. Drone is one common technology unique for both traffic and parking management for integrated ITS and parking operations.
• Vehicle Connectivity for Traffic and Parking Updates – Connected car to be equipped with internet access via wireless network or other smart devices inside or outside the vehicle – vehicle to vehicle (V2V) and vehicle to infrastructure (V2I). Both will improve the safety, security and traffic congestion of driving and parking.
• A suburban Parking District (SPD) – SPD acts as city’s transportation hub away from the city’s central business center (CBC) with frequent virtual transportation between them. A similarity can be drawn for the Truck Parking District (TPD) along interstate highway corridors to coordinate weighing station resources to combat commuter traffic on highways during peak office hours.
• Virtualization of Future Services – Voice over Internet (VOIP) contains the cost of long distance telephone calls but also adds multi-media capabilities thus establishing a precedence for Vonage, and Skype entrepreneurship. Parking virtualization may also initiate similar entrepreneurship.
• Autonomous Client Identification Database (ACID) – ACID is a new database with many attributes to identify both modern transportation service clients as well as parking service clients or integrated clients for automated and instant invoice generation.

Thus, an example has been worked out to disprove the general belief that digital technologies are expensive. That is not true because overall benefits outweigh the costs. Digital technologies open up new revenue scopes. Hence, Autonomous vehicles (cars or trucks) will require autonomous parking and integrated transportation systems.