INRIX in an internal study by has found out that the U.S., U.K. and Germany, drivers wasted 17, 44 and 41 hours a year searching for parking respectively, costing an estimated $72.7 billion, £23.3 billion and €40.4 billion a year. The company has thus decided to come up with a new product named INRIX Parking Path which it claims will helps automakers simplify the last mile for drivers by incorporating parking into the entire navigation experience saving customers time and frustration.
The company states it has several advantages that are stated below as,
- Parking Search Time Reduced: Enables drivers to take the fastest route to find available on-and off-street parking
- Optimized Routing: Optimizes the driving route to minimize both drive-time and walk-time.
- Parking Simplified: Gives drivers the ability to find the best parking based on price, proximity & availability.
To work, the new offering by the company combines real-time traffic, incident, and parking data with machine learning and predictive analytics, and thus efficiently guiding the drivers to open parking spots.
When drivers are approaching their destination INRIX pulls real-time data to calculate the best path to take to find parking that minimizes both drive time, walk time and the cost of parking. Drivers will also have a more accurate estimated time of arrival (ETA) that incorporates parking search time.
The company has informed that INRIX Parking Path is available immediately to automakers and app developers in select US, Germany, United Kingdom, France, Spain, The Netherlands, Russia, and Norway cities.
Source: Press Release