As France prepares to mark the first anniversary of the Paris attacks by the group on November 13, analysts say military defeats in its strongholds in Iraq and Syria will almost certainly not make its Western targets any safer.
"Depriving ISIS of control over population centres and sanctuary to raise funds and train fighters, and breaking it up as key organisation, matters," said Anthony Cordesman of the Washington-based Center for Strategic and International Studies (CSIS), using another name for the group.
It was in June 2014 that IS leader Abu Bakr al-Baghadi proclaimed the creation of a caliphate in land the group had seized in Iraq and Syria and urged Muslims who shared the group's vision to join them.
Thousands of foreigners answered his call, among them several French and Belgian men who would go on to slaughter 130 people in a Paris concert hall and at bars and restaurants.
The bloodshed in Paris contributed to strengthening the resolve of the West to fight IS.
Yesterday, a US-backed Kurdish and Arab force said it had begun an assault on the city of Raqqa, IS's stronghold in Syria.
These military efforts have led to a sharp reduction in the number of foreigners making the trek to join IS forces in Iraq and Syria. The Pentagon says from 2,000 a month in early 2015, the figure is now just 200.
Tighter controls on the Turkish border - the main gateway to Syria - and improved surveillance by European intelligence have also helped stem the flow of foreign recruits.
The number of articles or videos posted online by the jihadists' official media outlets dropped by 70 per cent, from 700 items in August 2015 to 200 a year later, according to a report by the Combating Terrorism Center (CTC) at the elite US West Point military academy.
The author of the report, Daniel Milton, said while IS's main selling point was the creation of its self-proclaimed caliphate, it was now "struggling to maintain the appearance of a functioning state".
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