Latest News- Internet Of Things (IoT) Chip Market: Smart cities is expected to lead the Application segment during 2024-2028
The Internet Of Things (IoT) Chip Market is being driven by Increasing number of smart devices and applications
The Internet Of Things (IoT) Chip Market is expected to grow at a CAGR of 15.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 19510.8 million. The IoT chip market has experienced significant growth with the emergence of NB-IoT technology. This long-range, low-power wireless technology operates on licensed narrow bandwidth networks, enabling small form factor devices and sensors to connect and transfer data at higher rates. NB-IoT's deployment on a wide area network offers increased power efficiency, eliminates the need for a gateway, and provides cost savings, reliability, and the ability to connect to a wide range of frequencies. These factors are driving the adoption of NB-IoT in the IoT market, making it a major trend that could positively impact the industry.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on 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).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Internet Of Things (IoT) Chip Market Research Report
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The Integrated circuit market for Internet of Things (IoT) chips is experiencing significant growth due to the proliferation of interconnected devices. Key components include processors, sensors, connectivity ICs, memory devices, and logic devices. Applications span from smart homes and industrial automation to connected cars, wearables, and agriculture. Technologies like 5G networks, Wi-Fi, Bluetooth, RFID, and cellular networks facilitate connectivity. Edge computing, generative AI, and digital assistants enhance functionality. Embedded technologies such as microcontroller units and application processors power these devices. IoT sensors, smart gateways, and sensors for industries and agriculture are integral parts of this ecosystem.
The Internet of Things (IoT) chip market is a significant segment of the global technology hardware, storage, and peripherals market, encompassing manufacturers of integrated circuits, processors, sensors, connectivity ICs, and memory devices. Technavio, a leading technology research firm, categorizes this market within the larger global technology hardware, storage, and peripherals market. This market includes manufacturers of cellular phones, personal computers, servers, and peripherals, as well as data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other hardware. The global technology hardware, storage, and peripherals market size is determined by the revenue generated from sales of these hardware devices, equipment, and components. Key growth drivers for this market include the increasing volume, velocity, veracity, and variety (4Vs) of data, necessitating advanced data storage solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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