Global Iot Chips Market Analysis (2023 - 2030)
As per our research report, the global Iot Chips Market size is estimated to be growing at a CAGR of 14.7% from 2023 to 2030.
Both the good and negative effects of the COVID-19 epidemic were seen in the market for IoT chips. On the one hand, the market expansion was fuelled by the spike in the adoption of IoT solutions as a result of the rising need for remote monitoring and control of devices. However, the pandemic's impact on the worldwide supply chain and the subsequent economic crisis hampered market expansion. The rising demand for linked devices across several industries, including healthcare, automotive, and manufacturing, is one of the key market drivers for IoT chips. These devices can gather, process, and transfer data thanks to IoT chips, which boost productivity and automates processes. The demand for IoT chips is also being fuelled by the rising need for energy management, asset tracking, and predictive maintenance. The market for IoT chips is anticipated to have considerable growth in the upcoming years due to the widespread adoption of 5G technology and rising cloud computing usage.
The adoption of edge computing is a significant trend and opportunity in the market for IoT chips. With the help of edge computing, data processing can take place nearer to the data's origin, reducing latency and allowing for real-time analysis and decision-making. IoT device data generation is on the rise, which can put pressure on cloud-based systems and cause them to respond slowly. Edge computing enables more effective and economic data processing, analysis, and storage, which produces superior findings and results. The advent of edge computing is also giving IoT chip makers the chance to design customized chips for edge devices like sensors and gateways that can effectively complete particular functions. The use of edge computing is anticipated to accelerate as the demand for real-time insights and decision-making grows, opening up considerable prospects for the IoT chips market.
KEY MARKET INSIGHTS:
- The market for IoT chips has experienced a growth in demand for alternatives to Wi-Fi, Bluetooth, and ZigBee due to the increased use of IoT devices. These wireless protocols enable real-time data sharing and brisk device connectivity, making IoT chips that support them quite popular. IoT chip manufacturers will have additional opportunities to build chips that support a range of wireless protocols as wireless connectivity becomes more widely used. The expanding use of IoT devices across a range of industries is projected to cause the market for IoT chips to develop quickly over the next years. There is an opportunity for growth and innovation as a result of predicted market advances in wireless communication technology.
- The IoT industry's use of AI and machine learning is driving the demand for specialized IoT chips that can support these applications. Due to these technology’s capacity to enable more advanced and efficient data processing and analysis, IoT chips made for AI and machine learning applications are in high demand. As these technologies are adopted more broadly across a range of industries, it is projected that demand for IoT chips will rise quickly, driving the market for these chips to grow. IoT chip sales are expected to increase as a result of predicted market developments in artificial intelligence (AI) and machine learning.
- The demand for energy-efficient IoT CPUs is being propelled by the arising desire for devices that can operate for extended periods without requiring a charge or replacement. Energy-efficient CPUs are being developed by Internet of Things chip producers for low-power gadgets like wearables and sensors. Energy-efficient processors should persist to be popular as more people utilize IoT gadgets and applications. It is projected that the market for IoT chips will grow quickly as more IoT devices are deployed in a range of industries during the next years. Market analysts predict that the development of more energy-efficient technologies will create new prospects for innovation and market expansion in the IoT chips industry.
- The need for IoT chips with inbuilt security features, such as encryption and authentication, is rising as worries over data security and privacy in the IoT space grow. IoT chip manufacturers are developing chips with robust security features to guarantee that the data produced by IoT devices are protected from unauthorized access. It is anticipated that the market for IoT chips would grow as a consequence of the increased utilization of IoT devices across numerous sectors and the trend toward stressing data security and privacy more. It is anticipated that security technology will advance, creating new opportunities for IoT chip development and economic expansion.
MARKET SEGMENTATION:
Global Iot Chips Market Segmentation By Product
- Processor
- Sensor
- Connectivity IC
- Memory Device
- Logic Device
- Other Products
Global Iot Chips Market Segmentation By Power Consumption
- Less than 1 W
- 1 – 3 W
- 3 – 5 W
- 5 – 10 W
- More than 10 W
Global Iot Chips Market Segmentation By End-user
- Healthcare
- Consumer Electronics
- Industrial
- Automotive
- BFSI
- Retail
- Building Automation
- Other End-users
Global Iot Chips Market Segmentation By Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
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