Parking management indicates the free parking spots available at the parking site in real-time. The parking management system constitutes access control, security system, and statistical information. In the last few years, the adoption of the internet of things (IoT) in parking management and the development of smart city projects have become a prominent trend in the parking management market. Internet of things (IoT) enabled parking management provides Internet-connected meters, gates, and handhelds.

Parking Management Market in Europe is growing due to factors like rising concern about safety and security and increasing focus on seamless traffic flow. Countries like France, the UK, Germany, and Italy are playing a significant role in the parking management system. Major key players of Europe are likely to continue expanding as they have a market share of less than 50% in their domestic markets