IoT Chip Market Size to grow by USD 10.37 billion between 2023-2027
According to a research report “ IoT Chip Market” by Application (Smart cities, Industrial ethernet, Smart wearables, Connected vehicles, Connected homes) Type (Logic devices, Sensors, Processors, Connectivity integrated circuits, Memory devices) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 10.37 billion, at a CAGR of 13.59% during the forecast period. In today's interconnected world, smart devices have become indispensable tools that bridge the gap between the digital and physical realm. These advanced gadgets, including smartphones, wearables, home appliances, and automobiles, facilitate seamless communication through protocols such as Wi-Fi, Bluetooth, 4G, and 3G. By offering benefits like optimized decision-making, emergency handling, cost savings, remote access, enhanced living standards, time management, commercial advantages, and improved safety and security, smart devices have gained significant popularity and become an integral part of our daily lives. The increasing reliance on these devices has fueled the growth of the smart device market..
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By Application, the Smart cities segment is projected to dominate the market size in 2024
The IoT chip market caters to the demand for chipsets utilized in smart city infrastructure. These chipsets facilitate connectivity for applications such as smart parking systems, smart meters, and smart grid solutions. A smart city is an urban development initiative characterized by the integration of information and communication technologies into various city systems. Factors determining a city's smart status include the implementation of smart grid technologies, IT-enhanced traffic management, Wi-Fi availability, and a robust mobile application landscape. The integration of these components necessitates the deployment of IoT chipsets for maintaining uninterrupted connectivity.
By Type, Logic devices segment is expected to hold the largest market size for the year 2024
In the IoT chip market, logic devices, particularly field-programmable gate arrays (FPGAs), dominated in 2023 due to their advanced prototyping and reprogramming capabilities. FPGAs are increasingly preferred due to their customizability, allowing users to define the logic behind each operation. Enhanced IoT chip performance, programmability, and cost-effectiveness are additional factors fueling the adoption of logic devices. The market expansion is further driven by the growing demand for smartwatches and an escalating supply of logic devices. FPGAs offer faster processing speeds and the flexibility to adapt to new functions, making them indispensable for the global IoT chip market.
APAC is forecasted to hold the largest market size by region in 2024
The IoT chip market represents a significant growth opportunity for businesses seeking to enhance their connected product offerings. These microcontrollers and sensors are the backbone of the Internet of Things, enabling devices to collect and transmit data in real-time. Market projections indicate a robust expansion, with increasing demand from industries such as healthcare, manufacturing, and smart homes. Businesses investing in IoT chips can expect to gain a competitive edge by delivering innovative, data-driven solutions to their customers.
The IoT Chip Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The IoT chip market is experiencing significant growth as digital infrastructure continues to expand, enabling the proliferation of smart HVAC controls, energy efficiency solutions, and various other applications. Key players in this market include Texas Instruments Incorporated, Intel Corporation, and NXP Semiconductors, among others. These companies provide connectivity ICs that power vending machines, smart consumer devices, and wearables in the wearables segment. The automotive and transportation application sector is also a significant contributor to the IoT chip market. Connected cars and intelligent transportation systems require advanced logic and memory devices, as well as low-power security chips to ensure network security and protect against vulnerabilities. Moreover, the building automation applications segment is expected to grow rapidly, with networking protocols such as Zigbee, Z-Wave, and Bluetooth Low Energy (BLE) driving connectivity competence. The healthcare sector is another area where IoT devices are making a significant impact, with the need for advanced embedded technologies and memory devices to store and process health data. Overall, the IoT chip market is poised for continued growth, with applications spanning automotive, consumer electronics, healthcare, and more. As the number of IoT connections increases, the demand for advanced chips and security solutions will only continue to grow.
Market Research Overview
The IoT chip market is experiencing significant growth as digital infrastructure continues to expand, enabling the development of smart HVAC controls, energy-efficient vending machines, digital signage, and real-time advertising. Companies like Texas Instruments Incorporated, Intel Corporation, and NXP Semiconductors are leading the charge with their semiconductor products, including general-purpose MCUs and application-specific MCUs. In various sectors, IoT chips are being integrated into smart household appliances, connected cars, intelligent transportation systems, building automation applications, and medical devices. Energy efficiency is a key focus, with smart meters and energy conservation initiatives driving the demand for energy management and real-time sensors. Security is another major concern, with encryption security keys, data confidentiality, and cloud services becoming essential components of IoT systems. The market for IoT chips is vast and diverse, with applications ranging from wearables and automotive to logistics and manufacturing. The miniaturization of chips and advancements in connectivity ICs have led to the development of edge devices and wireless connectivity solutions. However, challenges such as supply chain shortages, cyberattacks, and software vulnerabilities persist, requiring low-power security chips and networking protocols with high connectivity competence. The IoT chip market is expected to grow further with the increasing penetration of the internet and the development of smart consumer devices. Key players in the market include RAIN RFID provider WiSig Networks, Cyient, and Western Digital Corporation, among others. The future of IoT is bright, with opportunities in factory efficiency, predictive maintenance, and automated processes, among others. The Economic Times reports that the IoT chip market is poised for growth, with smart cameras, warehousing, and logistics also set to benefit from the ongoing digital transformation.
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