The Netherlands spends over EUR 7 billion to subsidize empty parking spaces every year. At the same time, average parking search times in the center of large cities can exceed 15 minutes. The lack of transparency in the parking industry costs the cities money, and the drivers their time.
Peazy’s AI algorithm sits on top of a city’s parking data and helps enable smarter decision making. Policy makers can use the algorithm to simulate the impact of changing capacity or prices on garage occupancy. While drivers can use the predictive maps generated by the algorithm to find parking faster- be it on street or in garages.
Peazy works with cities to make parking more transparent, and puts policy planners in control of their parking assets.
The algorithm works on a city’s parking data- collected from parking meters, scan cars and payment apps- to generate a futuristic view of parking in the city. Planners can tweak parameters like capacity and price to predict the impact of policy changes before actually implementing them.
At the same time, planners can use the Peazy algorithm to generate a live parking guidance system, that can help drivers find parking faster and route traffic to on-street or off-street parking, as the preference maybe.