Nowadays, it has become a tedious task to control the traffic caused by the unplanned parking system. Many manual parking systems are used these days, which always don’t provide accuracy. There is a huge wastage of fuel and time in the manual parking system. During any kind of emergency, it is highly impossible for anyone to wait all the way to the parking lot, which may lead to any kind of danger. Manual parking systems must be fast enough and the person should be attentive all day, which is also not so effective. To avoid such circumstances, it is essential to develop an intelligent parking system that utilizes the benefits of artificial intelligence and IoT-based systems for improving the applications. This paper examines various intelligent parking systems in depth and compares their efficiency to traditional methods. From the studies, it is evident that image segmentation and compression techniques provide better accuracy and provide reliable efficiency.