Automatic identification of license plates, automatic payment systems, and real-time information of unoccupied spots have all materialized in China to help solve parking problems. With new, cutting-edge technologies and investment from the three largest internet companies in the country, China’s smart parking industry has now entered into a golden age, according to Morning Post.

Statistics indicates that in 2016, China’s smart parking industry created revenue of 420 billion yuan (about $61.45 billion), and it’s estimated that by 2021, China’s smart parking market will be worth trillions.

ETCP, a leader in China’s smart parking industry, has expanded its business to 223 cities, covering more than 6,600 parking lots and over 23 million registered users, said Jin Haijun, general manager of the Beijing subsidiary of ETCP Group.

With the help of new technologies, parking lot services have become more efficient.

For example, the new automatic payment function is an important indicator for smart parking, as it can not only save time and money for consumers, but also reduces human cost and error, said Jin, adding that they will implement more automatic payment machines and self-service facilities to further improve efficiency.

The parking lot in Beijing’s Hengtai Plaza is one of ETCP’s smart parking examples, with one third of all payments now being automatic, while the ratio is expected to exceed 60 percent, said Jin.

It is expensive to transform a conventional parking lot into a smart one. Moreover, ETCP has adopted a system whereby its installation, upgrading, and maintenance services are all free of charge. Such a business model needs strong capital support.

ETCP has received 2 billion yuan in investment so far. It’s reported that China’s three largest internet companies Tencent, Alibaba, and Baidu have begun to tap into the industry.