Summary
Parking vehicles in densely populated areas are often challenging, stressful, and sometimes it becomes a monotonous job for the drivers in jam‐packed areas. There are several reasons for the delay in finding parking spaces such as scarcity of parking slots, disordered or unmanaged parking of vehicles, lacking or unaware of parking information at the destination, which further leads to the wastage of time, fuel, energy and increase in environmental pollution. Literature has revealed a significant number of smart parking solutions based on the Internet of Things (IoT) and context‐awareness with the incorporation of routing strategies and vehicle detection techniques in a pervasive computing environment. With the rapid escalation of the smart and intelligent devices along with their applicability in a highly decentralized environment, real‐time traffic monitoring, and finding parking spaces have become quite trivial. Smart parking sensors and technologies assist drivers in finding vacant parking slots while they are on the way to their destination. Considering the needs, wants, and demands of metropolitan cities, in this article, we have reviewed the recently published articles, mostly from the last 5 years, on smart parking systems augmented with sensors, embedded systems, context‐awareness capability, and IoT which yields in saving time, fuel, energy, and reduces the stress of the drivers. To accomplish this, we have reviewed different models on smart parking solutions based on algorithmic formalisms, theoretical frameworks, formal models, smart device‐based prototypes as well as real‐time applications, and verifying the correctness properties of the system. The results shown may provide a base for the state of the art future research directions.