Internet adoption has grown rapidly over the recent past. The global internet penetration rate stands at about 63% in 2022, with about 5 billion people using the internet. The number of devices connected to the internet is expected to hit 500 billion by 2030.
The internet industry seemingly received a boost from the Internet of Things (IoT) market, which exhibits great potential. The market is forecasted to grow at a 26.4% CAGR between 2022 to 2029 to reach $2.47 trillion.
