The development of smart cities for every country in the modern conditions of globalization has become imperative. The introduction of advanced IT technologies in the context of improving the infrastructure of cities, modernization and improving the quality of life brings a new business model according to which existing cities can function better. In smart city architecture, information and communication technologies are used to improve living standards and manage them by citizens and the Government. Most researchers have divided this structure into six main components: smart people, smart government, smart environment, smart transportation, smart economy, and smart life. Due to the connection between smart cities and the challenges arising from their implementation, and especially their integration, the optimal solution for the concept of an integrated smart city has not been developed at the moment. By implementing the business model of integrated smart cities, the exploitation of its resources and infrastructure can be optimized and local economic development can be improved. In addition, the orientation towards sustainability and security of such cities has significant positive impacts on the environment of smart cities as it results in less pollution and energy savings. All these characteristics make business models of smart cities desirable options to which all cities should be directed in order to achieve successful future development.