IoT Device Market Projected to Reach $413.7 Billion By 2031 | Allied Market Research

The global IoT device market size was valued at $77.8 billion in 2021, and is projected to reach $413.7 billion by 2031, growing at a CAGR of 18.6% from 2022 to 2031.

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Internet of Things devices are connected with the Internet and equipped with sensors to transmit data with other devices. The Internet of Things devices include computer devices, wireless sensors, software, actuators, and more.