The industrialization of the world, increase in population, slow paced city development and mismanagement of the available parking space has resulted in parking related problems. There is a dire need for a secure, intelligent, efficient and reliable system which can be used for searching the unoccupied parking facility, guidance towards the parking facility, negotiation of the parking fee, along with the proper management of the parking facility. Intelligent Parking Service is a part of Intelligent Transportation Systems (ITS). This paper reviews different Intelligent Parking Services used for parking guidance, parking facility management and gives an insight into the economic analysis of such projects. The discussed systems will be able to reduce the problems which are arising due to unavailability of a reliable, efficient and modern parking system, while the economic analysis technique will help in analyzing the projects' feasibility.