LG Uplus, Korea’s third-largest mobile network operator, said Monday it has developed a smart monitoring system for parking lots that deploys the company’s Long-Term Evolution technology.

The parking lot monitoring system utilizing the “narrow band LTE” technology allows long-distance communications between sensors installed in parking lots, smartphones and digital devices, with which users can check vacant spots and find their cars.
 

The mobile carrier will soon run a hands-on experience program for the smart parking solution at its 5G technology lab in Sangam, northwestern Seoul.

Many global tech firms -- both big and small -- including Google, Cisco and LG Electronics, are trying to spot business opportunities in convergences between automobiles and information and communications technology industries.

Google, for instance, has been working on developing autonomous vehicles for years, and Cisco has been developing a smart parking guidance system.

The estimated market value of the parking lot businesses in Seoul is valued at 1.5 trillion won ($1.3 billion), and 3 to 4 trillion won nationwide, according to industry reports.

By Kim Young-won (wone0102@heraldcorp.com)