Parking in the conventional way is a very tedious and time-consuming job in the current world due to poor handling. Using Internet of Things (IoT) to ease parking management without any human interference seems to be a convenient technique. IoT is described as the network of intelligent devices such as sensors, actuators, and other technologies which can make informed decisions in accordance with the environment. This technology can be exploited to help in identifying the various empty parking slots, efficiently allocating them, and promoting sustainable urban development. To make parking systems smart, IoT integrated with various common approaches, such as real-time monitoring, predictive analytics, and blockchain models, is being used. Through a thorough analysis of existing literature, this paper highlights the potential and consequential benefits of IoT-enabled Smart Parking Systems. In conclusion, the adoption of IoT in parking management can significantly enhance efficiency, reduce human effort, and contribute to the development of sustainable urban environments.