While traffic congestion and the resulting economic cost are well known, the impact of parking, which inflicts a similar burden on drivers and the wider economy, is understudied. In fact, nearly one in three frustrated drivers abandoned their search for a parking space at least once in the past year, as drivers spend an average of nearly nine minutes in pursuit of a coveted spot. Recent research reveals that there is an information problem more than a parking problem. A problem that technology can help fix.

For urban drivers, the search for parking not only results in wasted time and fuel, clogged intersections and city streets but parking incorrectly, in a restricted zone, or running out of time can often mean an expensive parking fine. Besides the impact on the individual, circling and looking for parking also worsens air quality, as vehicles emit greenhouse gases into the environment.

Large and growing populations, vibrant economies, relatively cheap car ownership, and dense urban environments with limited land space all contribute to parking pain. When planning a journey, it's not just drive time to consider any more; now time must be allocated to finding and paying for parking as well. If drivers don't know where to find available parking, they waste time hunting for a spot, getting caught in traffic, arguing with other drivers, and potentially overpaying for the space. Drivers overpay either because they are forced to pay for longer time than they need or they want to ensure they don't get a ticket. In addition, the thought of how inconvenient it will be to park, often makes them avoid trips altogether, causing opportunity and economic losses for retail stores, restaurants, event centers and other businesses.

Over the last 20 years, in-car navigation technology has prevented drivers from getting lost; turn-by-turn GPS systems improved road safety and driver convenience. The addition of real-time traffic information allowed drivers to avoid traffic and road closures to help minimize delays. However, most drivers are still left with one key piece of the driving puzzle missing: parking. In a recent INRIX parking survey http://inrix.com/research, the top technology requests from drivers are:

The parking study also found that parking pain is costing drivers in the U.S. $95.7 billion a year. Yes, you read that correctly: billion. To help reduce these costs, automakers, cities and businesses are providing drivers with real-time parking availability. For example, the new BMW 5 Series displays on-street parking availability and new Mercedes Benz sedans include real-time off-street parking. A spot in a lot can even be reserved and paid for from within the vehicle.

Drivers' behavior is modified when they have real-time information on parking, which would reduce frustration, congestion, and time lost searching for a spot. Motorists are more likely to drive if they know that parking is available when they get to their destination. The ability to reach millions of drivers by seamlessly integrating parking information into connected cars and mobile apps increases customer satisfaction.

There is a clear demand for solutions and those solutions already exist. Real-time parking information is the key to both managing demand as well as optimizing parking space inventory. INRIX Parking is the industry-leading innovator in smart parking, launching the industry's first real-time off-street parking availability service and the first (in-car) integrated on-street parking solution. Using historical and up-to-the-minute parking data to predict the availability of parking spaces, INRIX showcased the industry's first real-time on-street parking service available in a connected car with the launch of the latest BMW 5 Series.

For drivers who prefer to use a smartphone navigation app, INRIX provides parking information to Waze to help Wazers around the world find and navigate to available lots near their destination. In addition, INRIX also provides parking information and services to other automakers, popular search engines, and our own mobile app, ParkMe. We have reservation and payment partnerships with leading payment companies to provide drivers with payment options in hundreds of cities across the US whenever they are using an INRIX-powered parking solution. So, while parking pain is very real, technology solutions exist and, for businesses, can positively impact the customer experience. More drivers, businesses and cities are realizing the benefits of seamless, end-to-end navigation and parking.