IoT Market Outlook
Growth of the IoT is driven by emerging applications and business models, and supported by standardization and falling device costs. The number of IoT devices is expected to increase 21 percent (CAGR) between 2016 and 2022 to around 18 billion.
There were around 400 million IoT devices with cellular connections at the end of 2016 and that number is projected to reach 1.5 billion in 2022, or around 70 percent of wide-area IoT category. The cellular IoT growth is driven by enterprises; mainly in industrial, automotive and utility verticals.