Quoting the recent Research and Markets store:

“Internet of Things Technology Market by Node Component (Processor, Sensor, Connectivity IC, Memory Device, and Logic Device), Network Infrastructure, Software Solution, Platform, Service, End-use Application and Geography – Global Forecast to 2022”

https://www.researchandmarkets.com/research/hld477/internet_of

“IoT technology market expected to grow at a CAGR of 25.1% during the forecast period”

“The IoT technology market is expected to be valued at USD 639.74 billion by 2022, growing at a CAGR of 25.1% from 2017 to 2022. The growth of the IoT technology market can be attributed to the growing market of connected devices and increasing investments in the IoT industry. However, the lack of common communication protocols and communication standards across platforms, and high-power consumption by connected devices are hindering the growth of the IoT technology market.”