Smart homes and connected vehicles drive IoT VC funding to new highs
End user spending for internet of things (IoT) technology hit an estimated $423.4 billion in 2021, including high market sizes for use cases across manufacturing, supply chain, and connected vehicles.
VC funding growth for IoT startups was muted in 2021, growing nearly 76% to $33.5 billion in 2021. In context, US software VC funding increased 130% in the past year.
Our 2021 Annual Internet of Things Report breaks down the key trends behind the maturing vertical across our comprehensive taxonomy of product segments, including hardware, networking, and connected buildings.
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