The global IoT chip market accounted for a value of USD 360.6 in 2019 and is projected to register growth at a CAGR of 5.5% during forecast period.
COVID-19 has impacted the IoT chip market. The manufacturing units have to halt its production and supply chain got disrupted due to lockdown and travel restriction. The demand for end-user is declining as the demand for electronics devices, machines and others objects is decreasing around the world. The pandemic has reduced the demand for IoT chip and the growth is slowed down due to COVID-19.
For more details, visit: Global IoT Chip Market By Hardware (Processors, Connectivity Integrated Circuits, Logic Devices, Others), By Application (Automotive & Transportation, Oil & Gas, Agriculture, Others), By Region, Forecast & Opportunities to 2026
The internet connectivity is developing in various countries which are technologically advanced. The low-cost smart wireless sensor networks are growing immensely and this increases use of IoT chip in the market. Thus, drives growth in IoT chip market during forecast period.
On the basis of hardware, the IoT chip market is segmented into logic devices, processors, sensors, memory devices and connectivity integrated circuits. The logic devices segment is estimated to be the fastest growing segment during forecast period. Logic device are need to implement IoT and it is one of the very important hardware used in IoT chip market. The logic device offer advantages such as shorter time to market and rapid prototyping. The demand for logic devices are increasing and this drives growth in logic device segment during forecast period.
On the basis of application, the IoT chip market is segmented into aerospace & defense, agriculture, BFSI, oil & gas, retail, manufacturing, building automation, automotive & transportation, healthcare, consumer electronics and wearable device. The aerospace & defense segment is estimated to dominate the market during forecast period. The IoT is widely used in aerospace & defense segment as it provides integration and connectivity and helps in equipping the manufacturer with wide range of views of their operations in aerospace & defense end-use. This segment uses sensors to capture machine data and these sensors are sued on different equipment, vehicles and machines. The use of IoT also helps in equipment monitoring and baggage handling. This drives growth in aerospace & defense segment in IoT chips market during forecast period.
North America region is estimated to hold largest market share during forecast period. This region is home for various largest multinational corporations such as Dell, Intel, and Cisco System etc. The research and development segment in IoT is increasing and the demand for new and improved technologies is increasing. The lifestyle of people is increasing around the world due to which the demand for advanced technologies is increasing. This drives growth in North America region in IoT chips market during forecast period.
The key market players in IoT chips industry are Intel Corporation, Texas Instruments Incorporated, Qualcomm Incorporated, NXP Semiconductor, MediaTek Inc., Marvell Technology group, Microchip Technology Inc., Cypress Semiconductor Corporation, Renesas Electronics Corporation, Huawei Technologies Co., NVIDIA Corporation, Samsung Electronics, Advanced Micro Devices (AMD), STMicroelectronics N.V., TE Connectivity Ltd. and Nordic Semiconductor.
- What are the expected industry trends over the next three to five years?
- Which of the IoT chip hardware is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?