IoT Chips Market to Cross USD 708.81 Billion by 2030 on Account of Rising Demand for Wearable Devices and Advancements in Connectivity Technologies
Research Reports
Oct 19, 2023
IoT Chips Market Scope & Overview
The IoT Chips Market, valued at USD 441.37 billion in 2022, is projected to grow at a CAGR of 6.1% during the forecast period from 2023 to 2030, reaching USD 708.81 billion by the end of this period, as per the SNS Insider report.
An IoT chip, also known as a microcontroller unit (MCU) or system-on-chip (SoC), is a compact electronic device designed to process and transmit data in IoT-enabled devices. These chips integrate components like processors, memory, sensors, and communication interfaces, providing the necessary computing power for IoT applications. IoT chips power wearable devices that monitor vital signs, enabling remote patient monitoring and timely intervention. These chips facilitate the seamless exchange of medical data between devices and healthcare professionals, revolutionizing patient care. In smart homes, IoT chips are embedded in devices like thermostats, lights, and security cameras. They enable homeowners to control and monitor these devices remotely, enhancing convenience, energy efficiency, and security.
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Key Players Covered in IoT Chips market report are:
Intel Corporation
Qualcomm Incorporated
Mediatek
Samsung Electronics
Microchip Technology
Silicon Laboratories
Telit Communications
STMicroelectronics
Texas Instruments Incorporated
Nordic Semiconductor.
Market Analysis
The proliferation of IoT-enabled devices across various sectors, including healthcare, automotive, smart homes, and industrial automation, is a primary driver for the growth of the IoT chips market. As businesses integrate IoT technology into their operations, the demand for efficient, high-performance chips that can handle complex tasks and data processing intensifies. The evolution of connectivity technologies, particularly the widespread adoption of 5G networks, is fueling the demand for IoT chips. 5G technology provides faster and more reliable connections, enabling IoT devices to transmit and receive data in real-time. This increased connectivity enhances the functionality of IoT applications, driving the need for advanced chips that can handle high-speed data processing and seamless communication. The growing popularity of wearable devices such as smartwatches, fitness trackers, and healthcare monitors is a significant growth driver for the market. These devices rely on IoT chips to gather and process data, enabling users to monitor their health, track physical activities, and stay connected on the go.
IoT Chips Market Segmentation as Follows:
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
Segmented by Region/Country:
North America
Europe
China
Japan
Asia Other
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Impact of Recession
While the ongoing recession has undeniably presented challenges for the IoT chips market, it has also spurred resilience, innovation, and adaptability within the industry. By focusing on technological advancements, diversifying supply chains, aligning with shifting consumer preferences, and fostering collaborations, market players can not only weather the storm but also emerge stronger and more agile. The market, driven by the spirit of innovation and collaboration, is poised to navigate the challenges of the recession and pave the way for a brighter, connected future.
Impact of Russia-Ukraine War
The conflict in Russia and Ukraine has disrupted the supply chains of numerous industries, including IoT chips. Ukraine, a significant player in the IoT chips market, has experienced challenges in production and distribution due to the conflict. To mitigate the impact of the conflict, companies in the IoT industry are exploring diversification strategies. This includes identifying alternative suppliers and regions for manufacturing, reducing dependency on a single source of raw materials, and investing in research and development to create more resilient and cost-effective IoT chips. These efforts aim to enhance the industry’s ability to adapt to changing geopolitical scenarios.
Key Regional Development
North America stands as a frontrunner in the IoT chips market, propelled by a robust technological infrastructure and early adoption of IoT solutions. The presence of major tech giants and a proactive approach to innovation has created a conducive environment for IoT chip manufacturers. Europe embraces IoT technology in various sectors, with an emphasis on sustainable solutions and smart city initiatives. The European market is characterized by stringent regulations, promoting the development of energy-efficient IoT chips. The Asia-Pacific region showcases remarkable growth potential, driven by rapid urbanization, increasing disposable income, and government initiatives supporting IoT adoption. Countries like China, Japan, and South Korea are witnessing a surge in demand for IoT chips, primarily in manufacturing and consumer electronics sectors.
Key Takeaway from IoT Chips Market Study
– The processors segment stands as the cornerstone of IoT, empowering a multitude of connected devices with computational capabilities. The processors segment is witnessing remarkable advancements, including the integration of Artificial Intelligence (AI) and Machine Learning (ML) capabilities. These innovations are instrumental in enhancing IoT devices’ processing speed, efficiency, and overall performance.
– The wearable devices segment is at the forefront of the market. Innovations in wearable technology, such as flexible displays, biometric sensors, and augmented reality features, are propelling market growth. These advancements are not only enhancing user engagement but also opening avenues for new applications, including virtual healthcare consultations and immersive augmented reality experiences.
Recent Developments Related to IoT Chips Market
– Renesas Electronics Corporation has announced its acquisition of Sequans Communications, a leading player in the Cellular IoT semiconductor solutions industry. Renesas’ extensive experience in semiconductor manufacturing, coupled with Sequans’ proficiency in Cellular IoT technology, creates a synergy that holds immense potential.
– Trident IoT, a pioneering player in the realm of Internet of Things (IoT) technology, has made significant waves in the industry with its recent launch as a leading source for Z-Wave Chips and Modules. Under the umbrella of Trident IoT, cutting-edge Z-Wave Chips and Modules are now readily available, promising a seamless integration of smart devices into the IoT ecosystem.
Table of Content – Analysis of Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. IoT Chips Market Segmentation, By Hardware
9. IoT Chips Market Segmentation, By End User
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Conclusion
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