IoT Chips Market

Report Scope & Overview:

The IoT Chips Market Size was valued at USD 441.37 billion in 2022, and is expected to reach USD 708.81 billion by 2030 and grow at a CAGR of 6.1% over the forecast period 2023-2030.

The Internet of Things (IoT) is an electronic device embedded with objects or machines that exchanges data via wireless networks. It is known as radio chips, and it collects, sends, or acts on data using an embedded processor, hardware, and sensors. It is a network of physical and virtual objects that communicate with one another via cloud technology. IoT technology is in high demand in many industries, including electronics, automotive, thermostats, vending machines, speaker systems, and security systems, because it allows for real-time monitoring and easy access to information and communication. People are familiar with various communication technologies as a result of smart phones, tablets, TVs, and other electronic appliances that are widely used on a daily basis. WI-FI, Bluetooth, ZigBee, 2G/3G/4G, and cellular technology are examples of such technologies. However, a few new technologies have emerged and have been integrated with IoT, such as Thread for home automation appliances and Whitespace TV technologies for a larger area in major cities. For example, in smart phones, the IoT chip enables phones to communicate with all other devices and sensors via any technology.

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MARKET DYNAMICS:

KEY DRIVERS:

• Low-cost smart wireless sensor networks are expanding.

• An increasing proclivity to use AI and 5G technologies.

• Increasing the number of application-specific MCUs and flexible SoC-type designs.

RESTRAINTS:

• Concerns about user data security and privacy.

OPPORTUNITIES:

• Collaborations across domains.

• Government funding for IoT innovation and R&D.

CHALLENGES: 

• The connected devices consume a lot of power.

• Lack of platform-specific protocols and communication standards.

IMPACT OF COVID-19:

COVID-19 has had a severe impact on the global economy as well as all industries. To stop the plague from spreading, governments in several countries have established borders. The initial phase of the epidemic's global shutdown in many countries has had a significant influence on people's lives and quality of life. Supply chain disruptions and decreased demand for industrial products as a result of poor economic conditions in several countries have hampered the growth of IoT connections. Consumer electronics production has slowed, and logistics disruptions have hampered industrial unit growth. Furthermore, IoT contracts were cancelled and postponed as several businesses reduced their expenses and adopted new business strategies.

Based on end user, the IoT Chips market is segmented into Wearable Devices, Consumer Electronics, Retail, Healthcare, Manufacturing, Building Automation, Oil & Gas, Aerospace & Defense, Automotive & Transportation, BFSI and Agriculture.

The demand for energy-efficient solutions, improved security, increased venture capital funding, and the ongoing need to improve living standards have all contributed to the growth of the building automation market. Building automation has progressed from wired to wireless technology, with technologies such as ZigBee, Z-wave, EnOcean, Wi-Fi, and Bluetooth Smart revolutionising the market. Furthermore, rising energy conservation awareness, stringent legislation and building directives, the promotion of numerous smart grid technology, and the availability of a number of open protocols are propelling the building automation market forward.

IoT provides connectivity and integration, as well as broad views of the manufacturer's operations in the aerospace and defence segment in the industrial application. Sensors are used in the aerospace and defence end-use application to collect comprehensive machine data. These sensors are suitable for use on critical equipment, machines, and vehicles. The Internet of Things provides numerous opportunities for airlines to improve baggage handling and equipment monitoring.

Based on hardware, the IoT Chips market is segmented into Processors, Logic devices, Connectivity Integrated Circuits (ICs), Sensors, Memory devices and Others.

MARKET SEGMENTATION:

BY HARDWARE

• Processors

• Logic devices

• Connectivity Integrated Circuits (ICs)

• Sensors

• Memory devices

• Others

BY END-USE

• Wearable Devices

• Consumer Electronics

• Retail

• Healthcare

• Manufacturing

• Building Automation

• Oil & Gas

• Aerospace & Defense  

• Automotive & Transportation

• BFSI

• Agriculture

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REGIONAL ANALYSIS:

North America is an important market because it is home to some of the most powerful multinational corporations in the IoT ecosystem. Increased R&D in the field of IoT in terms of new and improved technologies, as well as the growing demand for better lifestyles, are the two key factors driving the growth of the North American IoT chip market. Increasing R&D at both the academic and industrial levels is broadening the application areas of IoT in various industries, including consumer electronics, retail, automotive and transportation, and healthcare, particularly in the United States. This is the primary driver of IoT application growth in North America.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

COMPETITIVE LANDSCAPE:

The key players in the IoT Chips market are Intel Corporation, Qualcomm Incorporated, Mediatek, Samsung Electronics, Microchip Technology, Silicon Laboratories, Telit Communications, STMicroelectronics, Texas Instruments Incorporated, Nordic Semiconductor & Other Players