Reports & Insights freshly released a new report entitled as “IoT Chip Market: Opportunity Analysis and Future Assessment 2022-2030”, in which the base year is considered for the study is 2021, estimated year is 2022, and the forecasted year is considered 2023-2030. The global IoT Chip Market in 2022 is estimated for more than US$ 395.3 Bn and expected to reach a value of US$ 665.6 Bn by 2030 with a significant CAGR of 6.7%. The report promises to offer its clients with an absolute across-the-board, premium quality primary data about the market prospects and in-depth knowledge of the trends prevailing in the market. The report further aims to provide a quantitative and qualitative synopsis of the theoretical framework and rational approach of the market expatiate using certified research methodologies and proficient expertise.
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%
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IoT Chip Introduction
The Internet of Things may be a topic in the headlines in the industry although it is not a fresh concept. The term “Internet of Things'' (IoT) has been around in the markets for quite a while now, and the scope of “smart” applications that come under this widening category is extensive and increasing. The Internet of Things serves its utility in numerous industries across the world, including industrial applications and buildings, health and biosciences, security, retail, IT and networks, not to say home and consumer segment.
The Internet of Things (IoT) allows us to start our cars, control all electric appliances, monitor our heart rate and sleep patterns as well as the overall well-being and many other things by just using our smartphones.
Fundamentally, the Internet of Things (IoT) pertains to a system of internet-connected and interrelated entities that have the capability to gather and convey data over a wireless network without any human intrusion.
Furthermore, an IoT chip is a tiny electronic instrument inserted in entities, electronic devices, and machines. It links to wireless networks and transmits and obtains data. The IoT chip often referred to as “radio chip” comprises the same data circuits and technology which are usually employed in mobile phones.
IoT Chip Market Dynamics
The technologically advancing and revolutionizing world is the primary factor that is propelling the development of internet connectivity across the world thereby driving the growth of the global IoT chip market. With the same token, the increasing internet connectivity, worldwide, is also boosting the growth of low-cost smart wireless sensor networks among consumers globally, thus further fueling the growth of the global market of IoT chips.
More importantly, there is a massive demand for automation development worldwide owing to the escalating demand of enhanced standards of living, energy-efficient solutions, as well as improved security, which is ultimately acting as another major factor that is positively accelerating the growth of the global IoT chip market in the near future.
In addition to that, the adoption of the internet of things by the majority of the giant industries in the global markets, comprising the healthcare and automotive industry is also playing a positive role in supporting the growth of the global IoT chip market in the years to come.
In the automotive space, according to a study from New York-based management consulting service Oliver Wyman, within a few years, most of the vehicles across the world will be internet-ready. The connected cars will be able to interact with manufacturers and owners for software updates and maintenance, while data accumulated on our driving habits and usage of in-car systems will help manufacturers adapt fresh models to meet dynamic needs. Such factors are expected to provide numerous growth opportunities for the global IoT chip market in the forthcoming future.
Moreover, there has been abundant funding from the governments for R&D which is anticipated to give major breakthroughs to the growth of the global IoT chip market over the coming years. However, the consequently rising concerns about the security and privacy of user data is likely to bottle up the growth of the global IoT chip market over the forecast period.
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IoT Chip Market Segmentation
The global IoT chip market is segmented on the basis of hardware, power consumption, end-use applications, and regions. On the basis of the hardware, the IoT chip market is segmented into Processors, Connectivity Integrated Circuits (ICs), Sensors, Memory devices, Logic devices. On the basis of power consumption, the market is segmented into Less than 1 W, 1–3 W, 3–5 W, 5–10 W, and More than 10 W. Further, the IoT chip market is segmented on the basis of end-use applications into Wearable Devices, Healthcare, Consumer Electronics, Automotive & Transportation, Building Automation, Manufacturing, Retail, BFSI, Oil & Gas, Agriculture, and Aerospace & Defense.
The research report classifies the global IoT Chip market based on hardware, power consumption, end-use applications, and regions.
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
- More than 10 W
By End-use Application:
- Wearable Devices
- Healthcare
- Consumer Electronics
- Automotive & Transportation
- Building Automation
- Manufacturing
- Retail
- BFSI
- Oil & Gas
- Agriculture
- Aerospace & Defense
By Region
- North America
- Latin America
- Africa
- Europe
- Asia Pacific
- Middle East
IoT Chip Market Key Players
The global IoT Chip market is dominated by 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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