Reshaping parking compliance through technology
11 March 2024
In parking compliance management, efficiency and accuracy are paramount. Enter ARC, the innovative solution powered by Asura Technologies’ AI-powered object detection and smart video analytics, coupled with over two decades of hands-on experience in parking enforcement and payment recovery from Parking Revenue Recovery Services (PRRS).
The story of ARC’s rise to prominence begins in January 2022, when (GB & Partners Investment Management, along with its portfolio company) Asura Technologies, assumed majority ownership of PRRS. This strategic acquisition not only strengthened the partnership between PRRS and Asura but also injected fresh capital to drive innovation within the parking industry.
“The market size of the Parking Lots & Garages industry in the US was measured at US$9.4 billion one year ago. Our technology makes it more efficient and simpler, thereby also making this US$9.4 billion market more exploitable.” said Máté Kiss-Gy, CEO of Asura Technologies.
“In the United States, empty concrete areas next to tall skyscrapers are usually owned by real estate funds, which, until they are developed, lease them to an operator who builds a parking lot.
“There isn’t much automation currently, and they are slowly following the opportunities and trends provided by information technology in this sector. Parking fee collection is most handled with licence plate-based parking metres and ticket inspectors, but this is not very efficient.
“However, our solution does not require significant investment: we install a camera system, typically placing moderately priced cameras on poles around 3-3.5 meters high, on which our artificial intelligence-based software runs. This software synchronously monitors and analyses images captured from multiple angles, reads licence plates, tracks vehicles, and establishes the logic for decision-making. Subsequently, connected to a state vehicle database, it retrieves owner information based on this data and issues fines to those who have not paid parking fees.”
At the heart of ARC lies its priority benefits, designed to optimise parking operations. But how does ARC revolutionise parking operations with its priority benefits at the core?
- 24/7 Data Access: Uninterrupted access to comprehensive parking session data.
- Automatic Event Detection: ARC boasts a remarkable 99 percent accuracy in automatically detecting parking events.
- Automated Notice Generation: Streamlining the process of issuing notices for violations.
- Enhanced Violation Detection: Leveraging advanced technology for improved detection of parking violations.
- Integration Capabilities: Seamless integration with third-party payment and permit providers.
- Increased Revenue: ARC’s efficient enforcement mechanisms translate to boosted revenue streams.
- Searchable Data: Parking session data is automatically searchable, facilitating quick retrieval and analysis.
ARC caters to various parking operations, including service lots, garages, airport parking, retail parking, and residential parking. Its versatility and effectiveness have already made it operational in 35 states across the United States, servicing more than 700 parking locations with exceptional results.
To meet the surging demand for ARC’s capabilities, the partnership with Asura Technologies includes provisions for funding new ARC and ARC360 installations across hundreds of parking operations in North America. This expansion solidifies PRRS with ARC as the pivotal player in parking revenue collection and enforcement, setting a new standard for efficiency and effectiveness in the industry.
Businesses looking to enhance their monitoring and data processing activities can leverage Asura’s flexible parking monitoring solution, tailored specifically to their needs. With Asura’s precision AI platform continually improving, clients can achieve streamlined, adaptive end-to-end or partial process automation, ushering in a new era of efficiency and accuracy in parking compliance management.
ARC by Asura Technologies signifies a paradigm shift in parking enforcement and compliance, revolutionising the industry with its innovative technology and unparalleled expertise.
Meet Asura Technologies at Intertraffic Amsterdam 2024 (16-19 April) at booth 5.313.
