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This study proposed a sensor network technology based parking lot service model. Before developing a specific business model, target market size was estimated to grasp its potential demand. As a result, over 2 million parking lot spaces in Korea were turned out the expected market for the new service model. A survey was conducted to investigate the unmet desires for the parking lot service. Based on the results, the new sensor-network applied parking lot service model was designed. It would provide enhanced searching function more efficiently for available parking spaces. A break-even analysis was followed to verify the feasibility of the business model by applying an empirical example.