Parking Management Market to be Worth $12.3 Billion by 2031

The rising adoption of AI-based services has resulted in a remarkable growth of the parking management market in recent years. This growth is primarily attributed to the increasing use of AI in parking technology for detecting the availability of parking space in a given image using a video feed in real time. AI analyzes the real-time data from sensors, cameras, and other sources to provide drivers with information on available parking spots, reducing the time spent searching for parking.