According to a recent report published by Allied Market Research, titled, “Smart Cities Market by Component and Functional Area: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global smart cities market size was valued at $648.36 billion in 2020, and is projected to reach $6,061.00 billion by 2030, growing at a CAGR of 25.2% from 2021 to 2030.