Long hyped, the Internet of Things (IoT) has begun to arrive. But what is the IoT? In terms of numbers of endpoints, the Internet of Things is the next logical progression in extending the reach of the Internet to several orders of magnitude more endpoints (hundreds of billions or trillions), with a several order of magnitude lower cost per connected endpoint (a few dollars or tens of cents). These new endpoints can be embedded in everything from parking meters to water valves to clothing. We refer to the hardware and software that make up the sensors, intelligent endpoints, and gateways, as well as related security, software and cloud service offerings, as Internet of Things Infrastructure or IoTI. These elements can be packaged separately or integrated together, and combine to create the infrastructure on which IoT Applications can be deployed. Just as with consumer IoT Apps, combining real time data from intelligent endpoints with algorithmic applications has enormous benefit across a broad range of industrial applications. The adoption cycle however is longer for Industrial IoT Applications as the decision process is more complex, the required ROI evaluation is more stringent, and security concerns are greater. This report discusses historical trends, the current market and where we see it going, and also takes a look at public market valuations and recent M&A, and private placement activity.