Mumbai based information IT services company L&T Technology Services and chipmaker Intel have collaborated to develop an artificial intelligence (AI) based parking guidance system which will help drivers locate parking spaces nearby.
The solution has been built using the neural network platform OpenVINO (Open Visual Inference and Neural network Optimization) toolkit on Xeon processors, which are proprietary Intel products.
The product will include capabilities on the edge and will consist of four key components. The four components include an operator portal that hosts user information, a mobile application for the end-user, a digital signage module for security and a digital camera. The four components will be connected to the AWS cloud.
An October 2020 research by market research firm marketsandmarkets showed that the market for global parking management is expected to grow from $3.8 billion in 2020 to $5.4 billion by 2025, at a compounded annual growth rate (CAGR) of 7.4%.
“With the density of urban environments resulting in wastage of fuel that runs into the thousands of liters every day, such an intelligent solution can help overcome a myriad of issues faced by industry,” said Amit Chadha, CEO and managing director, L&T Technology Services.
The company said that the solution will not utilise IoT or sensors. Instead, it will have features such as reservation of parking spots, real-time occupancy tracking and parking insights through AI enabled surveillance of operators through video analytics.
The company will target airports, stadiums, shopping malls and office campuses with the solution.
“This latest edge AI based parking innovation is a natural extension of LTTS’s product portfolio leveraging Intel technologies,” said Jonathan Wood, senior director, Next Generation and Standards, Intel Corporation.
It is to be noted that Bosch and ParkingRhino are some of the companies who have already developed solutions addressing parking woes of drivers.