Smart Parking PH: A Case Study in Leveraging Generative AI for Sustainable Parking System in Sharing Economy

• Published in: 2024 5th International Conference on Industrial Engineering and Artificial Intelligence (IEAI) pp. 66 - 70
• Main Authors: Blancaflor, Eric, Zapanta, Christopher
• Format: Conference Proceeding
• Language: English
• Published: IEEE 24.04.2024
• Subjects: Automated parking; Generative AI; generative artificial intelligence; Industrial engineering; Scalability; semantic searching; Semantics; shared parking; Sharing economy; sustainable parking system; Urban areas; vector searching
• DOI: 10.1109/IEAI62569.2024.00020

Shared parking optimizes available parking spaces by allowing private owners like in residential areas such as condominiums, hotels, apartments and private garage, to rent out their parking spots during times when they are unoccupied1. The concept of shared parking allows drivers - residents and visitors - avoid the long search for an unoccupied parking space while also allowing the space owners to earn passive income by renting out their owned spots during times when they're not using them. This allows them to monetize an underutilized asset and promotes sharing economy strategy. Especially in big cities like in Metro Manila, motorists spent 24 minutes every day searching for parking on average2, where 37% of the cars in congested traffic were cruising for parking for an average of 20 minutes. This shared parking platform aims to mitigate the challenge of long search for an unoccupied residential parking space, limited parking facilities, and time-consuming property approval and payment process, providing drivers with more accessible and affordable options while reducing the daily time spent searching for parking. This platform will enable residential parking owners to rent out their parking spaces to residents/drivers who are in need of a convenient and well-priced parking space for a couple of hours, days or longer period. This case study aims to explore the development and implementation of this platform - both web and mobile - that leverages Generative Artificial Intelligence (GenAI) and user-centric design to revolutionize the parking experience, fostering a more sustainable and streamlined approach to sharing economy. The business model focuses on a commission-based revenue approach, ensuring revenue potential and scalability.