Parking management indicates the free parking spots available at parking site in a real time. The parking management system constitutes the access control, security system and statistical information. In the last few years, adoption of internet of things (IoT) in parking management and development of smart city projects has become a prominent trend in the parking management market. Internet of things (IoT) enabled parking management provides Internet connected meters, gates, and handhelds.
Global parking management market size was valued at USD 3030 million in 2017 and expected to grow at CAGR 8.6% over the forecast period 2019–2026
