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The global smart cities market is projected to reach $3,107.05 billion by 2030, at a CAGR of 25.8% from 2023 to 2030. The growth of the smart cities market is driven by government initiatives to manage the needs of the rising urban population and the growing need for resource management and sustainable development. The integration of artificial intelligence and the increasing use and widening applications of IoT technology are expected to create growth opportunities for the players operating in this market. However, the risk of data abuse by large corporations, the reluctance to adopt new technologies, and the rising cases of data theft are major challenges to market growth.
