Global IoT Chip Market, By hardware (Processors, Connectivity Integrated Circuits (ICs), Sensors, Memory devices, Logic devices), By Power Consumption (Less than 1 W, 1–3 W, 3–5 W, 5–10 W, and More than 10 W), By End-use (Wearable Devices, Healthcare, Consumer Electronics, Automotive & Transportation, Building Automation, Manufacturing, Retail, BFSI, Oil & Gas, Agriculture, and Aerospace & Defense), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global IoT chip market is estimated to reach at a value of US$ 395.3 Bn by the end of 2020 and expected to reach at a value of US$ 665.6 Bn by 2028 with a significant CAGR of 6.7%.
The last couple of years have witnessed a swift elevation in the mobile computing devices such as smart watches, smartphones, and smart home devices. These smart devices linked together through wireless networks permit pervasive computing and as a whole build the Internet of Things (IoT).
The advanced IoT systems are likely to find applications in various vertices across the world, including smart manufacturing, home automation, health monitoring and many others. The IoT system based on chips includes several types of processors, sensors, ASICs, interface IP, in cloud for packaging, and many more. These are aimed for safety and security concerns which come beneath in the application of consumer electronics, medical devices, automotive and transportation, and wearable devices.
The speedy growth of the automotive and healthcare industry in the past few years is majorly boosting the growth of the global IoT chip market. In addition to that, the growing demand of consumer electronic devices and connected devices across the world is another factor that is expected to positively fuel the growth in the demand of IoT chips in the global market in the years to come. Attributing to which, the global IoT chip market is projected to observe substantial growth over the forthcoming years.
By the same token, the increasing progress in the demand for wireless sensor networks is further stating an optimistic outlook on the growth of the global IoT chip market. Owing to which, the global IoT chip market is estimated to rise exponentially in the near future.
However, the concerns with regard to data safety and security are estimated to hinder the market growth of the global IoT chip market in the coming years. Nevertheless, some of the other leading factors that are expected to elevate the market growth of IoT chips globally is its potential to function, operate and manage an immense amount of data which is developed by the gadgets or devices.
MMC Study identifies some of the key participating players in the IoT chip market globally are Intel Corporation, Texas Instruments Incorporated, Qualcomm Incorporated, NXP Semiconductors N.V., MediaTek Inc., Marvell Technology Group Ltd., Microchip Technology Inc., Cypress Semiconductor Corporation, Renesas Electronics Corporation, Huawei Technologies Co., Ltd., NVIDIA Corporation, Samsung Electronics, and Advanced Micro Devices, among others.
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