Forecasting Parking Lots Availability: Analysis from a Real-World Deployment

Abstract

Smart parking technologies are rapidly being deployed in cities and public/private places around the world for the sake of enabling users to know in real time the occupancy of parking lots and offer applications and services on top of that information. In this work, we detail a real-world deployment of a full-stack smart parking system based on industrial-grade components. We also propose innovative forecasting models (based on CNN-LSTM) to analyze and predict parking occupancy ahead of time. Experimental results show that our model can predict the number of available parking lots in a ±3% range with about 80% accuracy over the next 1-8 hours. Finally, we describe novel applications and services that can be developed given such forecasts and associated analysis