How does parallel structure implementation of IIR speed up the process ? What happens in case of FIR?
As already pointed out in the comments, it's a misunderstanding that the parallel structure of IIR filters "speeds up the process". The reason for breaking up the transfer function into second-order (and first-order) blocks is to increase numerical stability, especially for fixed-point implementations. The low-order filter sections can be arranged in a cascade structure - i.e., effectively factoring the transfer function -, or in a parallel structure, which corresponds to a partial fraction expansion of the transfer function.

Note that if we don't take quantization effects into account, the direct implementation of the total transfer function, the cascade structure, and the parallel structure give exactly the same output signal. There is no difference in delay, as you seem to believe. Even though in the direct implementation you have a longer delay line, you don't need to wait till the input signal has traveled through the delay line, because the delay line is tapped. So the first non-zero input sample can directly produce a non-zero output sample.

Let's now come to your question about FIR filters. The transfer function of a causal $N^{th}$-order FIR filter with impulse response $h[n]$, $n=0,1,\ldots,N$ is given by

$$\begin{align}H(z)&amp;=\frac{h[0]z^N+h[1]z^{N-1}+\ldots +h[N]}{z^N}\\&amp;=h[0]+h[1]z^{-1}+\ldots +h[N]z^{-N}\end{align}\tag{1}$$

where the second line of Eq. $(1)$ is (trivially) a partial fraction expansion. That means that the "parallel structure" of an FIR filter simply equals a direct form implementation. In other words, there is no distinct parallel structure implementation of an FIR filter.