The increasing popularity of shopping malls and retail complexes in recent decades has made parking lot management a pressing concern. Congestion, customer irritation, and wasted space are common results of the status quo in parking management. An innovative approach, Internet of Things-Based Valet Parking, is presented in this system. Due to IoT-connected valet parking, shopping malls, and retail centers, valet parking is about to be upgraded. This advanced system combines sensor technologies, real-time data analytics, and automated valet services, all of which have significant advantages. It improves the convenience of shopping by maximizing available parking places and minimizing the time spent looking for one. The fundamentals of the IoT-connected Valet Parking system include using sensors in parking lots, data gathering and processing methods, and incorporating mobile apps for motorists' ease of access. It discusses this approach's possible environmental and economic benefits, including lower carbon emissions and more income for mall owners. The security and privacy of the customers' information is also considered. It examines the potential difficulties and restrictions to working around them. Implementing valet parking with the IoT presents several challenges, such as ensuring reliable sensors, secure data, a reliable system, and a difficult interface with current infrastructure. © 2024 Elsevier B.V., All rights reserved.