What is the total revenue generated by the IoT business in 2021-Q1 
ing kind of the leader in IoT going forward?
Tyson Tuttle -- President and Chief Executive Officer
Yeah, certainly we look at a lot of the other technologies in cellular. But I think when you, when you think about strategy and one of the things that we're accomplishing with the sale of our I&A Group is to obtain focus, to be able to focus on this massive opportunity in IoT. And I think even within IoT, it's very important that we focus on the most important things and that we don't get spread too thin. And one of the -- you look at the standards that we are addressing from WiFi, Bluetooth all the mesh networking, Z Wave, ZigBee, Thread and then all of the industrial proprietary protocols that we can also run those onto our chip, there is a massive opportunity for that. And if we focus and execute on our vision and continue to push that with -- into the next process technology nodes and to really build up our WiFi business and our Bluetooth business. We have a long runway of growth without having to necessarily add another protocol. And in fact, adding another protocol especially going after cellular could be seen as a distraction from the success in these other large area. So, it's something that we're keeping our eyes on, but also being very careful to make sure that we maintain that focus on what the really big prizes which is the standards that we're on is a massive growing market and we've got to make sure that we ensure success in that.
Rajvindra S. Gill -- Needham and Company -- Analyst
Appreciate it. Thank you.
Operator
Our next question will come from Matt Ramsay with Cowen. Please go ahead.
Matthew D. Ramsay -- Cowen Inc. -- Analyst
Thank you very much guys. Good morning. John, I wanted to ask a little bit about the -- after the I&A sale. The pro forma business and the concentration for the IoT business on distribution is that materially different than the combined company has been? I think my observation would be probably yes. And then secondly with the supply constraints, I imagine you're on books inventory and your inventory in the channel are below levels right now in the IoT franchise that you'd like to run that business at in a steady state basis. If you could talk a little bit about where the IoT business is from an inventory perspective versus what inventory might be, need to be rebuilt as we get back the supply demand parity at some point here? Thanks.
John Hollister -- Senior Vice President and Chief Financial Officer
Yeah, certainly on the first question, IoT is a relatively distribution heavy business with a broad base of customers, outstanding support from our distribution network. So, we expect that to be on the high distribution side of how we operate. And on the inventory question, you're right, channel inventory is lean and we'd like to see some build in the channel inventory levels and the IoT business would normally operate with a relatively higher level of inventory inside than the company average. You tend to see, faster turns on more vertically oriented businesses. With a broad-based business like IoT it makes more sense to carry a bit more inventory, and we're not there right now.
Matthew D. Ramsay -- Cowen Inc. -- Analyst
Got it. Thank you. Tyson and just a bigger picture question. And just -- I guess a reflection of some investor feedback I've gotten in the last week or so since the deal was announced. You look at the IoT franchise 20% growth going forward as you've outlined a $15 billion IoT TAM. I don't know, I would imagine you guys would agree that we're in the early innings of this IoT market phenomenon. And then you get $2 billion in the door that you've earmarked to give back to shareholders, I wonder what the debate has been within the management team and the board feedback from shareholders as to use of that proceeds. My observation is a bit of a scarcity value of high growth, quality and your market cap range in public companies. And I wonder if investors might ask the question what other uses of that cash could there be to grow the business further versus just returning it to 
ing kind of the leader in IoT going forward?
Tyson Tuttle -- President and Chief Executive Officer
Yeah, certainly we look at a lot of the other technologies in cellular. But I think when you, when you think about strategy and one of the things that we're accomplishing with the sale of our I&A Group is to obtain focus, to be able to focus on this massive opportunity in IoT. And I think even within IoT, it's very important that we focus on the most important things and that we don't get spread too thin. And one of the -- you look at the standards that we are addressing from WiFi, Bluetooth all the mesh networking, Z Wave, ZigBee, Thread and then all of the industrial proprietary protocols that we can also run those onto our chip, there is a massive opportunity for that. And if we focus and execute on our vision and continue to push that with -- into the next process technology nodes and to really build up our WiFi business and our Bluetooth business. We have a long runway of growth without having to necessarily add another protocol. And in fact, adding another protocol especially going after cellular could be seen as a distraction from the success in these other large area. So, it's something that we're keeping our eyes on, but also being very careful to make sure that we maintain that focus on what the really big prizes which is the standards that we're on is a massive growing market and we've got to make sure that we ensure success in that.
Rajvindra S. Gill -- Needham and Company -- Analyst
Appreciate it. Thank you.
Operator
Our next question will come from Matt Ramsay with Cowen. Please go ahead.
Matthew D. Ramsay -- Cowen Inc. -- Analyst
Thank you very much guys. Good morning. John, I wanted to ask a little bit about the -- after the I&A sale. The pro forma business and the concentration for the IoT business on distribution is that materially different than the combined company has been? I think my observation would be probably yes. And then secondly with the supply constraints, I imagine you're on books inventory and your inventory in the channel are below levels right now in the IoT franchise that you'd like to run that business at in a steady state basis. If you could talk a little bit about where the IoT business is from an inventory perspective versus what inventory might be, need to be rebuilt as we get back the supply demand parity at some point here? Thanks.
 John Hollister -- Senior Vice President and Chief Financial Officer
Yeah, certainly on the first question, IoT is a relatively distribution heavy business with a broad base of customers, outstanding support from our distribution network. So, we expect that to be on the high distribution side of how we operate. And on the inventory question, you're right, channel inventory is lean and we'd like to see some build in the channel inventory levels and the IoT business would normally operate with a relatively higher level of inventory inside than the company average. You tend to see, faster turns on more vertically oriented businesses. With a broad-based business like IoT it makes more sense to carry a bit more inventory, and we're not there right now.
Matthew D. Ramsay -- Cowen Inc. -- Analyst
Got it. Thank you. Tyson and just a bigger picture question. And just -- I guess a reflection of some investor feedback I've gotten in the last week or so since the deal was announced. You look at the IoT franchise 20% growth going forward as you've outlined a $15 billion IoT TAM. I don't know, I would imagine you guys would agree that we're in the early innings of this IoT market phenomenon. And then you get $2 billion in the door that you've earmarked to give back to shareholders, I wonder what the debate has been within the management team and the board feedback from shareholders as to use of that proceeds. My observation is a bit of a scarcity value of high growth, quality and your market cap range in public companies. And I wonder if investors might ask the question what other uses of that cash could there be to grow the business further versus just returning it to 