Internet adoption has increased rapidly over the past few years. With about five billion people using the Internet, the global internet penetration rate stands at about 63% in 2022. The number of devices connected to the Internet is expected to hit 500 billion by 2030.
The Internet industry has received a significant boost from the pandemic-driven remote lifestyles and emergence of advanced technologies, such as Internet of Things (IoT). The global IoT market is forecasted to reach $2.47 trillion by 2029, growing at a 26.4% CAGR. Furthermore, the global internet services market is expected to reach $644.87 billion by 2028, growing at a CAGR of 4.4%.
