The IoT market size was valued at more than US$ 700 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of more than 10% during 2021-2026. The increasing demand for mobile data connectivity at higher speeds, mainly driven by mobile video consumption, ultra-low latency communication services (e.g., gaming, AR, and VR), and the development of the mobile 5G, will support the adoption of IoT.

https://www.globaldata.com/store/report/iot-market-analysis/